Taxation Services in Singapore
Ensure your company stays compliant and maximizes profitability with IMC’s expert tax advisory services in Singapore.
Contact us today to simplify tax obligations and reduce liabilities for your business.
Introduction of Taxes in Singapore
Singapore is one of the best places to conduct business as it has a very beneficial taxing system. Singapore follows a highly planned method of taxation in the areas of the personal and corporate world. There are different types of corporate taxes such as:
- Singapore Corporate Tax
- Submission of Estimate Chargeable Income with IRAS
- Submission of Corporate Tax – Form C/CS with IRAS
- Goods and Service Tax (GST) with IRAS
- Singapore Goods and Service Tax
- Partnership and personal filing tax etc.
Why Outsource Taxation Services in Singapore to IMC
IMC offers world class taxation services in Singapore. Inland Revenue Authority of Singapore(IRAS) has drafted a certain framework for filing corporate and income tax in Singapore. Failure in payment or improper filing attracts hefty fines. IMC provides your business comprehensive corporate tax services in Singapore. We significantly lower your burden and make sure you are eligible for the tax benefits. In the area of income tax in Singapore, we provide for every customer in all tax brackets. IMC ensures that the income tax you pay is accurate and you are reaping all the benefits of the tax paid. Outsourcing your taxation services to us help your business to stay compliant. We ensure that your tax returns are filed before the due date. We will also represent you in any case of notice received from the IRAS regarding your income or corporate tax. In the fast changing world of tax, the corporate world is becoming more aware of its tax responsibility, and the ramifications of them can impact the business and its liquidity. We at IMC act as a guide to the corporate and the personal client to swim through the sea of tax compliance and regulations.
Our services
Singapore Corporate Tax Filing Services
According to Singapore financial statement rules, the year-end financials must be produced. Depending on your situation, you may be required to submit these documents and your yearly return to ACRA. XBRL formatted financial statements must be submitted.
Personal Income Tax Filing Services
Singapore requires annual personal tax returns to be filed by April 15th (paper) or April 18th (electronic), with progressive rates based on income. Our IMC’s expert tax consultants in Singapore will assist with all tax filing needs.
Good and Service Tax Services
Singapore’s GST will rise to 9% for most goods and services from January 1, 2024. Businesses must file GST returns electronically, with payments due within a month after their accounting period ends.
Estimated Chargeable Income
Estimated Chargeable Income (ECI) is the projected taxable income that companies must submit to the Inland Revenue Authority of Singapore (IRAS) within three months after their financial year ends.
Withholding Tax Services
Withholding tax in Singapore applies to payments made to non-resident companies, ranging from 10% to 17%, covering interest, royalties, and service fees to ensure compliance with cross-border tax regulations.
Transfer Pricing
Transfer pricing involves pricing transactions between related parties. All taxpayers are required to maintain documentation to show that these transactions comply with the arm’s length principle.
Tax Compliance and Filing Services
We provide comprehensive support to ensure your business meets all tax filing obligations in Singapore. We manage tax returns, monitor deadlines, and handle applications efficiently. Our taxation services in Singapore include assistance with Form C and C-S filings, tax clearance, and withholding tax services, ensuring compliance with local regulations while minimising your tax liabilities.
Singapore Tax Advisory Services
Our tax advisory experts provide tailored tax advice to optimise your business’s tax structure. We address investments, business restructuring, and GST compliance, ensuring you maximise tax benefits while staying compliant with local regulations.
GST Planning, Audits, and Compliance
We help businesses maintain GST compliance through registration, filing, and advisory services for cross-border transactions. Additionally, we conduct health checks and assist with MES applications.
Whom We Serve?
Support for Businesses in Singapore
Our fixed-cost solutions provide flexible support tailored to your business needs, allowing you to scale as you grow.
Assistance for Expanding Businesses
We provide complete assistance with company registration, ongoing taxes, and accounting services for businesses looking to expand business in Singapore. Additionally, we handle employee tax matters for relocating businesses and their staff.
Tailored Services for Expats
We provide cross-border tax advisory services for expatriates living in Singapore, ensuring effective tax management in both Singapore and their home countries.
Singapore Taxation Services Offered under this
IMC offers corporate tax services in Singapore in the filing of GST and the other corporate tax. The services offered by us are
- Accounts and Ledger Maintenance
- Cash Flows and Budgeting
- Bank Reconciliations
- Statutory Accounting
- Preparing Financial Statements
- Filing of Accounting reports in XBRL Format
- Preparation and filing of tax returns
- Compiling Director’s report
- Calculation of the Estimated Chargeable Income as per the IRAS
IMC is an accounting firm in Singapore providing the services of bookkeeping also
- Maintaining Daily Accounting Records
- Preparing Bank Reconciliation Statements
- Preparing Cash Flow Statements
- Setting up Budgeting Controls
- Monthly Review of Accounting Reports
- Reporting the Financial Status of the Company to the Management etc
How IMC Works with Your Company?
IMC infuses itself with your company and functions as an employee of your business providing a double-edged advantage of expert opinion and correct compliance of the Statutory requirements including taxation services in Singapore. We will assign a dedicated account handler for your accounting and bookkeeping operations who will offer his expertise in the following areas.
- They maintain a close relationship with your accounting team
- Offer counsel on reporting and financial statements
- Help in maintaining your day books and ledgers
- Recommend the structure and the details of the financial reports in compliance with the Singapore Financial Reporting Standards (SFRS)
- Monitor the filing of all statutory and tax compliances
FAQs
Corporate tax in Singapore can be calculated either manually or using tax software. The IRAS basic tax calculator helps adjust accounting profits, determine taxable income, and complete forms C or C-S for submission. To boost efficiency, many businesses opt to hire professional tax consultants in Singapore to handle their tax filings.
Taxation services in Singapore assist businesses in adhering to tax laws, enhancing tax planning, and reducing liabilities. These services enable your company to efficiently fulfill its obligations while also improving its financial health.
Taxation services ensure your business complies with tax laws by accurately filing and paying taxes on time. Non-compliance can adversely affect businesses in Singapore, leading to penalties and legal issues.
In Singapore, individual tax rates for residents range from 0% to 24% based on income levels, with those earning SG$20,000 or more required to file taxes.
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