Singapore Taxation Overview

Taxation-Overview

Upon visiting singaporeaudit.com.sg, we assure you will get a comprehensive overview of the Singapore taxation system. Besides, you will also get to know all the intrinsic details about the Singapore tax guide and tax laws. Singapore is a nation that offers you an honest assurance of the lowest tax rates along with one of the best competitive and progressive tax systems in the world.

With a progressive regime at the helm of Singapore governance, the nation has quickly gained the reputation of being one of the most liberal economies in the world. As of now, Singapore is one of the few countries having the highest GDP in the world. By offering flexible corporate and economic environment, Singapore plays an important role in encouraging business activities and enhancing significant foreign investments.

There are numerous reasons behind people preferring Singapore as their favorite destination to do business. However, one factor which plays a major role in their decision making process is the flexibility and competitive nature of the Singapore taxation system. Not only the country has low tax rates, but it also provides attractive incentives as part of its drive to give huge impetus to newly incorporated Singapore companies. Let us briefly overview the points, making taxation Singapore exceptionally progressive.

Important Characteristics of Taxation Singapore

  • The Singapore taxation system has the lowest tax rates that are competitive and most progressive in the world.
  • The Singapore government offers full tax exemption to the new start-up companies earning profits up to S$100,000 for its first 3 initial years.
  • Although Singaporean employees are liable to pay personal income tax, they are entitled to receive certain fringe benefits from their employers, such as housing allowance, transportation allowance and medical reimbursements, etc., taxed on a concessionary basis.
  • The Singapore taxation system incurs zero percent tax on capital gains in Singapore.
  • The territorial based one-tier tax system ensures companies need not have to pay even a single penny as a tax against dividends distributed to the shareholders.
  • The headline corporate tax rate in Singapore is at a flat 17%.
  • As per the Singapore Budget 2015, the Singapore personal income tax rates will start from 0% and will be capped at 22%, applicable from YA 2017 (for YA 2014 to YA 2016  older personal income tax rates will be applicable, i.e., starting from 0% and capped at 20%).
  • The Goods and services tax (GST) Singapore enables the business entities of the country to be identified as established organizations, thereby giving positive signals to the customers.

We at Singapore Audit offer you extensive and comprehensive Singapore Taxation services. Our specialties include taxation services, encompassing corporate tax, personal tax, property tax, withholding tax, GST and so on. Once committed, we assure to take due care of all your tax related issues and formalities.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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