Singapore Taxation

All You Need to Know about Document Identification Number (DIN)

Are you familiar with IRAS’s Document Identification Number, commonly known as DIN? IRAS assigns this number to companies to make the identification of income tax returns easier. The DIN will be provided in Form C-S/C for each Year of Assessment period (YA). The DIN is unique for every company and one company’s DIN should never…

Penalty of Late Submission for GST Returns

Did you file your GST returns yet? If not, file your GST returns as soon as possible.   GST-registered Companies in Singapore All GST-registered companies must file their GST returns. Otherwise, a strict penalty may be imposed on them. In Singapore, GST-registered businesses are required to submit their GST returns and pay the due amount…

GST on Customer Accounting for Prescribed Goods

Starting from 1 January 2019, customer accounting for prescribed goods has been implemented in Singapore. The intention behind this GST update was to prevent fraud schemes where sellers mishandle the GST collected even though other businesses in the supply chain claim the input tax. Prescribed goods include items such as off-the-shelf software, mobile phones, and…

Filing Corporate Taxes: A Guide for Form C and Form C-S

Filing corporate taxes in Singapore involves submitting tax return forms C or C-S. The forms must be completed and submitted to the IRAS within a timeframe. (Find out other IRAS compliance here.) Before you delve into details of how to fill-up each type of form, it is important to understand what each one is.  …

Singapore Custom Duty Rate & Dutiable Goods

Over the years, Singapore has earned a reputation for its favourable regulatory environment for import-export businesses. The country’s business-friendly nature and strategic location have facilitated a business-friendly environment for the growth of trading companies. For international investors who wish to import or export products to and from Singapore, has no better place to be than…

Singapore Taxation on Foreign-Sourced Income

Singapore is a bustling business hub in Asia, and for all the right reasons. Thanks to globalization, a significant portion of the country’s income is derived from overseas. Most of this foreign-sourced income, as well as all income earned in Singapore, are subject to corporate tax. Oftentimes, foreign income will not only be taxable in…

Singapore Corporate Tax Guide

Just like many other countries, Singapore uses its own corporate tax system, and all companies in the country have Singapore company tax number. Singapore uses the one-tier corporate tax system so that stakeholders won’t pay tax twice. The rate of corporate income tax has remained at a flat rate of 17% since 2010. Tax is…

Singapore Corporate Income Tax Rate

Singapore’s booming economy and excellent financial hub are part of the reasons why the residents of the country enjoy some special privileges. When it comes to privileges in business, the effective Singapore company tax rates can’t be overlooked. The various tax incentives and corporate income tax rates are part of the reasons why foreign investors…

Singapore Personal Income Tax Guide 2020/2021

Singapore Personal Income Tax The tax system of Singapore includes both corporate income tax and personal income tax. One of the reasons why Singapore is a very attractive business location is that it has one of the lowest personal income tax rate in the world today. The taxable income amount and tax residency are the…

Should I Register GST for My Sole-Proprietorship Business in Singapore?

Every business needs to consider some practical issues regarding Goods and Services Tax (GST) and IRAS filing compliance. As a business owner, one of the most important steps you should take is to determine whether your business qualifies for GST registration. If your taxable supplies for the previous accounting year is greater than S$1 million or…