A Singapore Property tax is a tax levied on properties in Singapore. This includes all types of properties such as HDB flats, factories, offices and vacant land. If you or your business owns property, you are liable to pay property tax.
Taxable Income
Any income that is accrued in Singapore by a person or business is subject to income tax. This means that if a customer pays you for your product & services in Singapore, or if you receive money in Singapore from your overseas sales, the money is subject to tax. Taxable income includes: income from your business, salary from employment, interest earned on your deposits and rental income.
Read more on Information on Personal Income Tax in Singapore…
Annual General Meeting
Under Section 175 of the Singapore Companies Act, a local company is required to hold its first Annual General Meeting (AGM) within 18 months of its incorporation. At the AGM, the directors shall present the company’s accounts that comply with the requirements of the accounting standards and give a true and fair view of the status of the company to its shareholders. Subsequent AGMs must be held every calendar year and the interval between these meetings should not be more than 15 months apart.
Read more on Singapore filing of annual returns for local company…
What is a Tax Resident
A company is considered as a resident in Singapore if the control and management of the business is exercised in Singapore. Although the term “control and management” is not defined explicitly by authorities, a generally accepted consensus is that it refers to the policy level decision making at the level of board of directors and not the day-to-day decision making and operations.
How can Singapore government encourage the growth of an incipient economy whilst it continues to hone its competitive edge? Four major accountants weighed in their opinions in a recent report in The Business Times (January, 2010).
Read more on Lower Personal Income tax rates to increase Singapore Business Growth…
What is Withholding Tax
Withholding tax is levied on payments made to non-residents including employees, business partners and overseas agents.
A non-resident is liable to pay income tax on Singapore-sourced income. Under the law, a person has a legal obligation to withhold a percentage of the payment when he makes payments of a specified nature under the Singapore Income Tax Act to a non-resident. In the event that you make payments of a specified nature to a non-resident, you must withhold a certain percentage of that payment known as Withholding Tax.
Singapore has one of the most competitive corporate tax structures in the world. The corporate tax structure is a pro- business package inclusive of wide ranging stimulus such as income exemptions, incentives, generous capital allowance and a wide spanning network of double taxation avoidance agreements. Here is a preview of the chief features of our tax system.
There are many benefits to establishing a company and, more importantly, to be considered a tax resident in Singapore. Singapore, with its sophisticated business infrastructure, has comparatively much lower tax rates than many contemporary developed countries. It has also a large tax treaty network which provides tax reliefs and double taxation of income. It is, hence, an attractive place for foreign investors with investments in the Asia Pacific region, or simply using it as a spring board to expand in that region. Other significant benefits include tax exemption on foreign-sourced dividends, foreign branch profits, and foreign-sourced service income and tax exemption scheme for new start-up companies.
Almost all income accrued in Singapore by a person or business is subject to income tax. All sales transactions that occur in Singapore or monies received in Singapore are taxable. Taxable income includes income from your business, salary from employment, interest earned on your deposits and rental income.