Singapore Taxation

As a significant financial, trade, service and technological innovation hub in the Asia-Pacific region, Singapore has become an ideal investment destination for global investors.

The Singaporean government not only provides investors with a healthy and stable business environment, but also has established a rather mature and rigorous tax system. This system includes fewer items of taxation, lower tax rates, and multiple tax reliefs and exemptions. Singapore has also signed DTA agreements with many countries and regions, aiming to further reduce the tax burden on enterprises.

As more and more enterprises invest in Singapore, Conpak has established a finance and tax consulting team to help ensure the healthy development of enterprises investing in Singapore.

Main Taxes

• Corporate Income Tax in Singapore
• Individual Income Tax in Singapore
• Goods and Service Tax in Singapore
• Property Tax in Singapore
• Stamp Duty in Singapore

Tax Reliefs on Foreign Income

The Singapore tax system adopts the territorial principle. Anyone (including companies and individuals) who earns income in Singapore or originating from Singapore is required to pay tax in Singapore. At the same time, the Inland Revenue Authority of Singapore (IRAS) implements tax reliefs for specific foreign income that meets certain conditions. Enterprises applying for tax reliefs need to submit relevant information to the IRAS for review when filing their annual tax returns.

Double Taxation Avoidance (DTA)

Double taxation may occur when two or more regions collect tax on the same income or profit made by the same taxpayer. The Singapore government has signed DTA agreements with many countries and regions in the world and explicitly determined the taxing rights in order to reduce the possibility of double taxation.

Our Services

• Tax advisory
• Tax return filing
• Applying for enhanced deduction for qualifying R&D expenditures and cash payout
• Application for waiver filling for dormant company
• Tax risk evaluation and assessment
• Application for extension and objection
• Tax controversy service

Should you have any enquires about Singapore Taxation, please complete the form below and we will reply to you soon.