Singapore Taxation Service
Korchina is a professional and experienced company that handles taxes for Singapore businesses. Our mission is to provide our clients with one-stop tax services.
Corporate Income Tax
Singapore’s economy is based on free enterprise, with no restrictions on foreign ownership of a business. The repatriation of profits and the import of capital are freely allowed.
Compared to other leading economies in the world, Singapore has a low corporate tax rate of only 17%. A company is taxed at a flat rate on its chargeable income and capital gains are not taxable. It includes 3 main types of tax, namely, Corporate Income Tax, Personal Income Tax and Goods and Services Tax.
- Filing of Estimated Chargeable Income
- Preparation of Tax Computation including income tax schedules and Filing of Income Tax Return
- Liaising with Income Tax Authority on all profits tax assessment, objections and correspondence
Personal Income Tax
Individuals are liable to pay Individual Tax. With the availability of potential tax savings, government incentives and complex tax implications, it is wise to consult tax experts to advise you on the best way to declare your income to enjoy the maximum tax savings you are entitled to.
- Preparation of individual income tax computation and filing of tax return
- Liaising with Income Tax Authority on income tax assessment, objections and correspondence
Goods and Services Tax (GST)
Goods and Services Tax (GST) is a domestic consumption tax which is chargeable on supplies of goods and services made in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. The current GST rate is 7%.
- GST registration/deregistration
- Preparation of GST report and submission of GST return
FAQs for Taxation Services in Singapore
What are the personal tax rates in Singapore?
As of 2020, personal tax rates for residents in Singapore start at 0% and are capped at 22%. For non-residents, there is a flat rate of 15%-22%.
What are the business tax rates in Singapore?
As of 2020, Singapore taxes companies at a flat rate of 17%. It should be noted that this rate is only levied on profits – not revenue.
While 17% is the flat rate, the effective rate is often lower due to tax incentives available to business owners.
How do I get started with a Singapore taxation service?
We always recommend that you hire a one-stop agency like Korchina for all of your Singapore tax matters.
Here at Korchina, we can handle your accounting/ audits, as well as provision of local registered office address and mail reception. This means that we will inform you of any letters we receive to minimise the risk of missing out on any important mail.
Contact us today to inquire about how our taxation services in Singapore can assist you.