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Tax Compliance Services in Singapore for Foreign Companies and Individuals
Singapore has been consistently ranked as one of the top two countries to do business in by the World Bank for more than a decade. Having signed more than 20 Free Trade Agreements (FTAs) and more than 80 Avoidance of Double Taxation Agreements (DTAs), Singapore is an easy choice for foreign investors looking for business-friendly regulations, state financial grants, and attractive tax incentives.
Singapore adopts a single-tier tax system and has the lowest corporate income tax rate (17%) in the ASEAN region. With a top marginal resident tax rate of 22%, its personal tax structure is one of the most competitive in the world.
Our Tax Compliance Services in Singapore
We provide Tax Compliance and Tax Advisory Services to foreign companies doing business in Singapore, such as tax planning, tax filing, tax dispute resolution, and transfer pricing. Our in-country tax consultants are highly experienced in helping clients navigate Singapore’s complex tax regime.
We offer the following services to corporations and individuals required to file taxes in Singapore:
- Corporate Income Tax Computation and Filing
- Personal Income Tax Filing
- Tax Planning and Structuring
- Tax Dispute Resolution
- Tax Audit and Investigation
- Transfer Pricing Advisory
- Tax on Funds and Fund Managers in Singapore
Current Tax Rates in Singapore
Corporate Income Tax Rates
Singapore’s corporate income tax rate is capped at 17%. However, when various tax schemes are taken into account, the effective rate can be lower for some companies.
Current Tax Rates
|Type of corporate tax||Tax rate %|
|Tax rate on corporate profits||17%|
|Tax rate on capital gains by the company||0%|
|Tax rate on dividends distributed to shareholders||0%|
|Tax rate on foreign-sourced income that was already subjected to taxation overseas||0%|
Personal Income Tax Rates
Singapore’s personal tax rates start at 0% and are capped at 22% (above S$320,000) for residents and a flat rate of 15% to 22% for non-residents.
Current Tax Rates
|Chargeable Income||Income Tax Rate (%)||Gross Tax Payable ($)|
Transfer Pricing in Singapore
Singapore follows the Arm’s Length Principle for related-party transactions of local and foreign companies doing business in the country. Transfer Pricing documentation in Singapore must be prepared according to the mandatory Section 34F Transfer Pricing Documentation and OECD guidelines. It is compulsory for transfer pricing reports to be in the prescribed form.