Mastering Corporate Tax & GST
in Singapore
Navigate Singapore's complex tax landscape with confidence. We transform compliance from a burden into a strategic advantage, addressing your key pain points with expert, proactive solutions.
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About CIT
Corporate Income Tax (CIT) Explained
Singapore's CIT system is built for efficiency, but understanding its nuances is key to compliance and optimization. This section breaks down the core principles, deadlines, and forms you need to know.
Key Principles
17% Flat Tax Rate
A competitive, single-tier rate applied to chargeable income for both local and foreign companies.
Preceding Year Basis Assessment System
Income earned in a financial year is taxed in the following Year of Assessment (YA).
Single-Tier System Dividend Taxation
Tax paid by a company is final. Dividends distributed to shareholders are not subject to further tax.
Filing Forms
The form you file depends on your company's annual revenue and claims. Here's a visual breakdown of the key forms for declaring actual income.
Deadlines
Staying on top of CIT deadlines is crucial. This timeline shows the two key filing obligations for every company. Hover over each point for details.
About GST
Demystifying Goods & Services Tax (GST)
GST is a consumption tax that impacts most businesses in Singapore. Understanding registration thresholds and supply types is non-negotiable for compliance.
GST Registration: When Is It Required?
Mandatory Registration
You MUST register for GST if your business meets either of these conditions:
- ➤ Retrospective View: Your taxable turnover exceeded S$1 million in the past 12 months.
- ➤ Prospective View: You can reasonably expect your taxable turnover to exceed S$1 million in the next 12 months (based on signed contracts, etc.).
Voluntary Registration
If your turnover is below S$1 million, you can choose to register for GST voluntarily. This can be strategic if you make significant purchases and want to claim input tax. However, be aware of the obligations:
- ➤ You must remain registered for at least 2 years.
- ➤ You must file regular GST returns and maintain records for 5 years.
Understanding GST Supplies
Correctly classifying your sales is vital to avoid penalties. Here are the three main types of supplies:
Standard-Rated (9%)
Most goods and services sold within Singapore. You must charge 9% GST.
Zero-Rated (0%)
Applies to exports and international services. You charge 0% GST but can still claim input tax on related costs.
Exempt
Includes most financial services and residential property sales. You do not charge GST and cannot claim input tax on related costs.
Compliance Pitfalls
Common & Costly Compliance Pitfalls
Tax compliance is fraught with challenges that can lead to severe penalties. Here are the most common pain points businesses face, and why they matter.
Late or Non-Filing
Consequences: Immediate penalties of S$200 for GST, escalating monthly up to S$10,000. For CIT, fines can reach S$5,000, and directors may be prosecuted. It's a risk that compounds quickly.
Inaccurate Filings & Wrongful Claims
Consequences: Even without intent to evade, errors can trigger a 5% penalty on the underpaid tax. If found during an audit, this can jump to a 100% surcharge. Serious offenses carry penalties up to 400% of the tax, fines, and imprisonment.
Poor Record-Keeping
Consequences: Inability to substantiate claims during an IRAS audit, leading to denied deductions or input tax claims. Fines can reach S$5,000 per offense for GST. Proper records (kept for 5 years) are your first line of defense.
Failure to Register for GST
Consequences: If your turnover exceeds S$1 million and you fail to register, you face fines up to S$10,000 plus a 10% penalty on the GST that should have been collected. This is a costly oversight.
Our Services
Tailored Tax Filing Solutions
We don't just file your taxes; we provide strategic, proactive solutions designed to address your biggest challenges head-on. Here’s how we turn compliance into your competitive edge.
Proactive Advisory
We go beyond deadlines to optimize your tax position, identify eligible incentives, and ensure you're always audit-ready. We monitor regulatory changes so you don't have to.
Technology-Driven Efficiency
We leverage modern accounting tools to streamline record-keeping, reduce manual errors, and ensure data accuracy, simplifying the entire compliance process for you.
Transparent Pricing
No hidden fees or surprise costs. We believe in clear, upfront pricing models that allow you to plan your finances with confidence and trust.
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Testimonials
Love from Clients
I was completely lost with quarterly GST filings until their team stepped in. They explained everything in plain terms and cleaned up past mistakes. Now, we file on time and don’t worry about penalties.
We weren’t confident about applying the correct GST rates on cross-border deals. Their team clarified the rules with real examples from our business. It helped us avoid overcharging and refunds.
Setting up a subsidiary in Singapore was new territory for us. The consultants guided us through tax registration and filings from day one. Their advice helped us avoid costly beginner errors.
We needed urgent help with a missed GST return. They jumped in quickly and handled the submission and penalty waiver request. Couldn’t have asked for a more responsive team.
We had a merger and weren’t sure how GST would be handled. They walked us through the structure and helped us avoid double taxation. The clarity they brought saved us both time and money.
Our corporate tax submissions were getting flagged often. Their consultants reviewed our entire process and fixed several compliance gaps. Since then, things have been smooth and stress-free.
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