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Goods and Services Tax (GST) is a consumption tax levied on supplies of goods and services within Singapore as well as import of goods. Many other countries refer to GST as Value Added Tax (VAT). Presently, the GST rate in Singapore is 7%. GST Registration All companies in Singapore must register for GST if…
According to the Income Tax Act, Singapore-based partnership and sole proprietorship businesses are taxed based on the owners’ personal income tax rate. Under Section 10(1)(a), the individual partners and owners are expected to pay tax based on profits earned from their shares. Click here to learn more on the overview of Singapore taxation. Singapore’s personal…
In one way or another, businesses of all nature will have to pay taxes. The best way to remain compliant with tax policies is to have a clear understanding of Singapore tax regulations and reliefs. By identifying specific opportunities for tax savings and by employing appropriate tax planning, you can optimize the amount of income…
There are many perks to having a Singapore-based business, and its lucrative tax incentives are definitely atop the list. Thanks to the country’s Income Tax Act, your business might be granted an industry-specific tax incentive. For a fee, Timcole can not only assist you with company incorporation but also with accounting and taxation to help…
Taxation of International Executives in Singapore Taxation is an integral part of any state’s economy. It brings in revenue for the government to manage the budget, expenses, utilities, and much more. Every state has taxation proceedings according to its requirements, rules, and laws. It helps them to keep things in order. The taxation procedure can…
Overview of Singapore Taxation To get the overview of Singapore Taxation, here is the complete guide for you. If the business’s incomes are derived from or transmitted to Singapore, then income tax must be paid. Depending on your business type, there are a few other taxes, i.e., stamp duty, withholding, etc. The most important taxes…
