Tax compliance service
in Singapore.

Keep your tax filings up to date with the help of our expert tax team. We are familiar with working with the Inland Revenue Authority of Singapore (IRAS) and will make sure your tax filings are accurate, delivered on time and reduce your tax liability.

Tax compliance service in Singapore

Stay on top of your tax compliance.

On-time flings & returns

We calculate and file your tax returns accurately and on time, making sure you won’t face any penalties or late fees.

Always up to date

Our professionals always stay current with the regional and local tax regulation changes.

Strategic tax advisory

We offer strategic tax advice on topics such as optimising your tax spending, decreasing the risk of double taxation, tax incentive systems and more.

Corporate & personal annual tax compliance

Our tax compliance services.

Corporate tax compliance.

  • Corporate tax

    Our tax team will help you stay up to date with your corporate tax filings and keep you compliant with the tax regulations. Our corporate tax services include:

    • Assisting in the application for tax incentives
    • Assisting with withholding tax compliance
    • Attending to investigations and queries raised by the Inland Revenue Authority of Singapore (IRAS)
    • Lodging objections and submission of appeals
    • Preparing and filing of estimated chargeable income
    • Preparing and submitting the corporate annual income tax returns
    • Verifying the assessments issued by IRAS

    Annually

  • Goods and services tax (GST)

    Businesses with a turnover of more than S$1,000,000 per annum must register for GST. If a company has a turnover of less than $1,000,000 in a year, the company can voluntarily register for GST. Any company registered for GST needs to file a quarterly GST return. Acclime can assist with:

    • Advice as to whether a company with turnover of less than S$1,000,000 should voluntarily register for GST
    • Registration of a company for GST purposes
    • Quarterly computation and filing
    • Classification of goods and services into taxable, non taxable or zero rated items

    Quarterly

  • Withholding tax

    As per Singapore’s Income Tax Act, an individual has to withhold tax when payment of a stated type has been made to non-residents. Singapore’s withholding tax rate ranges from 10%-17%, depending on the nature of payment. For non-resident individuals, the rate is at 22%. The basic withholding tax rate can be reduced if the payment is made to a tax resident of a country with which Singapore has a Double Tax Treaty. Payments subject to withholding tax include:

    • Payments for the purchase of real property from a non-resident property trader
    • Distributions from real estate investment trusts (REIT)
    • Payments to non-resident directors
    • Royalty or other payments for the use of any movable property
    • Certain payments of interest to offshore lenders
    • Payments of management fees
    • Rent or other payments for the use of any movable property
    • Structured products (other than payments which qualify for tax exemption under section 13(1)(zj) of the Income Tax Act)

    Annually

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Personal tax compliance.

  • Personal income tax return

    In personal tax return preparation, we help identify the reliefs and deductions you are entitled to and make sure they are factored into your returns in the most tax-efficient way. If you receive income from other sources such as rental property, shares or other assets, we help you ascertain the expenses that can be off-set against your income or avail of tax exemptions where applicable. Our other personal tax services include:

    • Preparing and filing your annual tax return
    • Verifying the assessments issued by the IRAS and lodge objections or appeals
    • Develop and structure remuneration packages to enhance tax efficiencies for expatriate employees
    • Advise on special schemes and tax residency
    • Advise on the taxability of shares or options received
    • Obtain tax clearance upon termination of employment in Singapore

    Annually

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FAQ

Common questions & answers.

What are the requirements for annual audited accounts to be filed with the local tax (IRAS) and corporate (ACRA) authorities?

An audit is only mandatory if:

  • A company is not private exempt
  • Its turnover exceeds 5 million dollars
  • Any shareholder with a stake of at least 5% requests one. However, all private exempt companies must prepare a report with annual accounts in accordance with the Singapore Financial Reporting Standards (FRS), signed by 2 Directors on behalf of the company (Sole director will sign singly). FRS accounts have to be filed with our local tax authorities, Inland Revenue Authority of Singapore (IRAS).
Must the company hold its AGM even though it is dormant?
Every company is required to hold its AGM and file its annual return even though it is dormant. However, the law has been amended to allow companies to dispense with AGMs provided the requisite formalities have been finalised.
Where are general meetings of members and shareholders required to be held?
Anywhere. The first meeting of shareholders must be held within 18 months from the date of incorporation to accept the Directors Report and Audited/FRS Accounts. A proxy can be appointed to attend the Annual General Meeting (“AGM”).After that, an AGM must be held once in every calendar year and not more than 15 months from the last AGM.
Is there any penalty for late lodgement of the annual return and accounts with ACRA?
There are penalties and composition fines for late filing which must be paid to ACRA.
Do I need to register for GST?
It is compulsory for businesses to come forward to register for GST when their taxable turnover exceeds $1mil per year. Businesses that do not exceed $1mil in taxable turnover may register for GST voluntarily.
What are the responsibilities of a GST-registered business?
  1. Charge GST for standard-rated supplies
  2. e-File accurate GST returns and pay the tax due in a timely manner
  3. Keep business and accounting records
  4. Display price with GST
  5. Issue tax invoices and reflect GST Registration Number
  6. Inform IRAS of changes
  7. Accounting for GST on business assets held at point of de-registration
  8. Additional obligations under voluntary registrationIf you are under voluntary registration, you have to:
    • Remain registered for at least two years
    • Make taxable supplies within two years if you have not started making taxable supplies at the point of application)
    • Complete the e-learning course “Introduction to GST” within three months from the effective date of registration
    • Be on GIRO arrangement for payment and/ or refund of GST
    • The Comptroller may also impose other conditions on voluntarily registered business and may cancel his GST registration if any of the conditions is not met
What annual tax is levied, and when is it payable?
Companies resident in Singapore are taxed on their income generated from Singapore. Net profits before taxes are taxed at the prevailing tax rate. However, for all newly incorporated Exempt Private Limited companies, there is tax exemption on the first $100,000.00 of taxable income (net profit after tax allowances and tax adjustments), for the first 3 years. Partial tax exemptions are available even after the first three years of incorporation.
What is required to set up a bank account in Singapore?
Firstly, a Director’s Resolution must be passed to agree to the signatory(s) (and administrator(s) in the case of Internet banking) of the company bank account. A separate Director’s Resolution is required for each type of banking i.e., checking, internet, and telephone. Secondly, the authorised signatory(s) and the Directors who signed the resolution for opening the bank account are required to go to the bank in person to open a new account, with a recent copy of the Company’s business profile, M&A and Directors’ Resolution. (In the case of a sole Director who is also the signatory, the Company Secretary will be required to attend.) Most local banks require a minimum deposit of S$1,000.00 for Singapore Dollar accounts or USD$1,000.00 for United States Dollar accounts. Boutique/foreign banks may require a deposit of $10,000 in the respective currencies. We can advise you of monthly balance requirements once you specify your bank preference.
How many agents are required and who can be an agent of a foreign company?
Every foreign company must have at least 2 local agents acting on its behalf in Singapore. They must be Singapore Citizens, Singapore Permanent Residents, or hold an Employment Pass. Money Matters for Expats can provide you with a nominee agent, if you require one.
Can a company engage the same external firm for its corporate secretarial, accounting, and auditing requirements?
Yes, you can use a single firm as your corporate secretarial and accounting agents. However because of the auditor’s independence rules, the audit work will have to be done by other auditing firms. We can provide you with a recommendation.
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in Singapore.

Alan, Commercial director
Acclime Singapore Pte. Ltd.
UEN 200501892E

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+65 6372 8778

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