Singapore Company Tax Services @ $600 nett per year

Corporate Tax Services Package inclusive of:

  • Preparation and Filing of Estimated Chargeable Income (aka “ECI”)
  • Company Tax Preparation
  • Corporate Tax Computation & Corresponding Tax Schedules
  • Compliance with the Inland Revenue Authority of Singapore (Filing of Year End Annual Tax Returns)
  • Handling of inquires from IRAS

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Our Corporate Tax Compliance Services are:

  • Preparation and filing estimated chargeable income
  • Preparation and submitting corporate annual income tax returns
  • Verifying assessments issued by IRAS
  • Attending to queries raised by IRAS (if any)
  • Lodgment of objections and submission of appeals (if any)

 

Essentials of Corporate Tax Compliance

  • Estimated Chargeable Income (ECI): It is an estimate of your company’s chargeable income for the particular year of assessment. This has to be lodged and filed with the Inland Revenue Authority of Singapore (“IRAS”) within 3 months from the year end.
  • Corporate Tax Computation: This includes preparation, computation and submission of tax, and its related tax forms. Most companies would submit Form C, while there are qualifying corporations who would file Form C-S. All Form C are to be lodge by 30th November of the year of assessment, while Form C-S is due 15th December of the year of assessment.
  • Corporate Tax Exemptions: Singapore has a corporate tax rate of 17%. You can enjoy either a partial tax exemption or full tax exemption (if you meet certain qualifying conditions).

 

Corporate Tax Compliance for Small Business in Singapore

If you have a small company in Singapore, you may find that reporting the estimated chargeable income (ECI) and filing the annual tax returns is not an easy task given the few resources that your company has at its disposal. The Inland Revenue Authority of Singapore (“IRAS”) has noted this fact and therefore,

  • for companies whose turnover does not exceed $1 million; and
  • these companies do not have an ECI* for that relevant period (*: It is the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies);

then you will not be required to file for ECI returns in that particular financial year. This is only in effect for companies whose accounting year ends in October 2012 and after.

Filing tax returns for the small companies has also been simplified and it is now faster. The IRAS has introduced a simplified income tax return form also known as form C-S. The form only requires inclusion of important tax and financial information.  The argument for form C-S could be that small companies have simple transactions and fewer tax claims and adjustments.

If you file the returns on form C-S electronically, you will get an extended e-filing deadline of 15 December instead of the deadline of paper filing of form C on 30 November.

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