Singapore Taxation

9 Tips to Reduce your Personal Singapore Income Tax

In the majority of the countries, individuals and businesses need to pay some portion of their earnings as Income Tax to the government. These taxes along with others are collected for smoothly running the country as well as for developing it. In this article, we would be sharing some tips on how you can save…

4 Tips to Avoid Common GST Errors

Are you a Singapore business looking to file Goods and Services Tax (GST) returns? If you are not sure how to file GST returns without any mistakes, you are at the right place. In this blog, you will learn about some of the most common GST errors companies make when filing their GST returns. GST…

What is IR8A?

Employers in Singapore are required to report their employee earnings to the IRAS through the IR8A form. It is mandatory that they submit the form to IRAS along with all related documents by March 1 every year. In this blog article, you can learn all about Form IR8A, on how to submit it, who needs…

Taxable and Non-Taxable Dividends in Singapore

Since 1 January 2008, Singapore shareholders have not been taxed on dividends paid by a local company in Singapore under the one-tier corporate taxation system. Dividends can be defined as profits that are received from your portion of the ownership share in a company. These dividends can be paid out in 2 different ways –…

Capital Gains Tax in Singapore

According to the general definition, capital gains tax is a tax that is levied on profit generated from the sales of asset in which the price is higher than its original purchase price. Note the clear difference between the asset’s sale price and its original purchase price. 📚 Start with the basic. Read our guide…

The Difference between Tax Avoidance and Tax Evasion

Tax avoidance and tax evasion are 2 different terms. While they may sound to be the same, their concepts are actually quite different from one another. Basically, while tax avoidance is legal, tax evasion is not. 📚 Start with the basic. Read the overview of Singapore taxation. Tax avoidance arrangements typically involve arrangements that are…

All You Need to Know about Foreign Tax Credit (FTC)

Singapore residents who pay tax can be subjected to tax on foreign income that is received in the country unless the foreign income meets all the requirements to qualify for tax exemption. If that income is also subjected to tax in the foreign tax jurisdiction in which it is derived, a Foreign Tax Credit (FTC)…

Partnership and Limited Liability Partnership (LLP) Taxation

Taxation of Partnership A partnership can be defined as a legal relationship between 2 or more individuals who have agreed to carry out business with the purpose of making a profit together, and then sharing that same profit. Since a partnership is not recognized as an entity in law, it is not obligated to pay…

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…