Presentation on the tax system of Singapore - By Jimit Patel
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Presentation on the tax system of Singapore - By Jimit Patel
- 2. The tax system of Singapore Country in Asia Population is 5.639 million (2018) Currency is Singapore dollar (S$) Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar. Average cost of living in Singapore is high. About Singapore
- 3. Accounting Rules Calendar year (1 Jan to 31 Dec) and referred to as the Year of Assessment (YA). Tax Year Accounting Standards Singapore's prescribed accounting standards ("Singapore Financial Reporting Standards" or SFRS) are aligned with those of the International Accounting Standards Board. The Accounting Standards Council of Singapore (ASC) develop, review, amend and approve accounting standards for use by companies, charities, co-operative societies and general societies. Accounting Regulation Bodies Accounting and Corporate Regulatory Authority - ACRA
- 4. Accounting Reports Income Tax Returns, Profit and Loss Statements, and Balance sheet. Publication Requirements Each company has to produce a profit and loss account as well as a financial balance sheet. Accounting records must be kept for five years following the end of the business year of each transaction. A company is required to keep certain records in addition to accounting records. Professional Accountancy Body Institute of Certified Public Accountants of Singapore Certification and Auditing Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization.
- 5. Tax Rates Consumption Taxes Goods and Services Tax (GST) 7% Goods for export and international services are zero-rated. No other reduced rate are applicable in Singapore. Corporate Taxes 17% (with a 75% exemption of the first SGD 10,000 and a 50% exemption of the next SGD 190,000, for a total exempt income of SGD 102,500) Country Comparison For Corporate Taxation Source: Doing Business, 2019
- 6. Individual Taxes Taxable Income Progressive rate from 0% to 22%
- 7. Allowable Deductions and Tax Credits Employment expenses wholly and exclusively incurred in the production of the income are tax-deductible. Special Expatriate Tax Regime Non-resident individuals are taxed at a flat rate of 22%, except that Singapore employment income is taxed at a flat rate of 15% or at resident rates with personal reliefs, whichever is higher.
- 9. THANK YOU FOR ATTENTION!