Taxation in Singapore

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Ensuring Tax Compliance when Doing Business or Working in Singapore

When it comes to tax compliance and obligations in Singapore, all entrepreneurs, both foreign and locals, as well as employees are required to fulfill their tax obligations. The corporate tax rate has been fixed to 17% in Singapore since 2010 and personal tax structure is one of the friendliest and most competitive in the world with Top marginal resident tax rate of 22%.

Tax Obligations in Singapore

The territorial tax system of Singapore (with certain exemptions) along with low personal taxation rates are two of the important things that allure entrepreneurs to invest and incorporate companies in the country. The most common tax obligations include the following:

 

Singapore Corporate Tax - Cekindo

Singapore Corporate Tax Filing

Every company that is registered in Singapore is required to submit their corporate tax returns to IRAS no later than 30 November for paper filing and 15th Dec for e-Filing of each year. Singapore new startup are eligible for startup tax exemption scheme. Unlike many other countries across the globe, taxation in Singapore is based on the preceding year. As such, the profits generated in the preceding year will be the reference for tax returns filing in the current year.

Calculate Singapore corporate tax with our Free Calculator

Corporate Tax Calculator


Singapore Income Tax - Cekindo

Singapore Personal Income Tax Filing

Progressive tax rates apply to personal income in Singapore. With that being said, all employees must pay their taxes based on their amount of income. Tax rates for Singapore tax residents vary from 0 to 22%. Personal annual tax returns are to be submitted to IRAS no later than 15 April for paper filing and 18th April for e-filing of each year.

Calculate Singapore Income tax with our free calculator

Income Tax Calculator


Goods and Services Tax - Cekindo

Goods and Services Tax (GST)

Singapore GST is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore.

The current rate for GST is 7%.

 


Withholding Tax - Cekindo

Withholding Tax

Withholding tax is obligatory when a payment of a specified nature is made to non-resident companies in Singapore. Depending on the nature of the payment, tax rates may vary between 10% to 17%. Nature of payment also varies, and the common ones include royalty payment, management fees payment and loan interest, commission or fee payment.

 


Estimated Chargeable Income Submission ECI - Cekindo

Estimated Chargeable Income Submission

Also known as ECI, Estimated Chargeable Income is the estimate of companies’ chargeable income that is the gross amount of income earned before deductions or exemptions. The estimate is calculated for a Year of Assessment within 3 months from the financial year-end. ECI filing is one of the most important corporate compliance requirements that has to be carried out on an annual basis. Just like other taxes, ECI is to be submitted to IRAS within 3 months following the end of the financial year.

Another Popular Taxation-Related Matter in Singapore

Transfer Pricing

Inter-company transactions that know no borders have increased rapidly in recent years and tax authorities from around the world are working to ensure that all transactions have implemented the arm’s length principle and are documented in accordance with domestic tax rules.

Transfer pricing documentation in Singapore must be prepared according to the mandatory Section 34F Transfer Pricing Documentation and OECD guidelines. Moreover, it is compulsory for transfer pricing reporting to be in the prescribed form.

Download full guide here:

Transfer Pricing in Singapore

 

Fulfill your tax obligations and ensure your tax compliance in Singapore. Get started by filling in the form below.

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Selected Testimonials

  • Matthias Coessens - Empyrean

    When I was looking for a reliable partner who could help with company registration, payroll, taxes and working permit in Indonesia, Cekindo’s domain knowledge and clear communication astonished. Firstly, we decided to pursue cooperation with Cekindo in terms of company registration, but they also assisted me in obtaining the necessary working permits and visas (KITAS), and we use their payroll and tax reporting services until now.

    Matthias Coessens
    Product Director at Empyrean Solutions Apac
  • Ivana Bartonkova

    Cekindo handled business visa for our new colleague promptly and made the start of our company in Vietnam easier and faster. I particularly enjoyed communication with the consultant, who advised the best solution for us and was all the time available to answer any questions. She made sure that all the documents were collected and prepared on time and we got great support during the whole process. Thank you Cekindo and I hope to cooperate again in the near future!

    Ivana Bartonkova
    Marketing and HR director of Port Cities Vietnam
  • Phyto CZ Sro

    Cekindo assisted us with a selection of our local distributor in Indonesia and organised several meeting in Jakarta. Their assistance enabled us to meet our potential local partners and choose the best distributor conveniently. The decision to cooperate with Cekindo was based on a recommendation from our prominent partner in Bali and we cannot be more grateful. Cekindo’s systematic work, active communication, thoroughness and professionalism was exceptional.

    Ing. Václav Tomek
    Phyto CZ Sro
  • Vivek Singh Rathaur

    Cekindo initially helped us with setting up our business structure in Indonesia and getting us all due licenses and approvals. Currently, Cekindo is associated with us as our business partner in Indonesia by providing a face to our name and handling various business activities on our behalf. Without their help, we would be lost in keeping up with regulatory requirements and being a compliant company in Indonesia.

    Vivek S.Rathaur
    Vega Industries
  • akvo - cekindo

    Thanks to Cekindo and its one-stop market entry solutions, we could start exploring the Indonesian market. Cekindo’s broad portfolio of services included a formal process of our representative office registration, consultations regarding proper legal set-up and even working permit and visa applications. Cekindo’s extensive knowledge of the latest developments and legal requirements allowed us to focus on more operational matters and to build a local team in Indonesia.

    Peter van der Linde
    Co-founder / Director strategy & solutions, Akvo Pte Ltd
  • morning-star-cekindo

    After extensive research online, I reached out to several companies including Cekindo. Cekindo’s info package and summary of services were by far the most thorough and professional and their pricing was competitive and reasonable. Cekindo’s sound knowledge of all administrative requirements gave me the confidence that my company incorporation of 100% foreign owned export company was being executed correctly and legally.

    Kingsley Fiegert
    Director, Morning Star Investments (WA) Pty Ltd
  • Jason Peter Stevens

    With knowledgable team, Cekindo helped me make the whole process of company registration and product registration of health and beauty products in Indonesia less confusing and seamless at the same time. They have always been swift in response and hands-on at every email, never leaving me wondering or worried. As far as I am concerned, they go above and beyond the call of duty. They will most certainly be my long-term partner moving forward into the years to come. Thank you Cekindo!

    Jason Peter Stevens
    Group CEO, Studio XII Pte Ltd
  • Konstantin-Simonov

    We chose Cekindo because we considered Cekindo as a professional company with a good attitude and a streamlined business model. Cekindo met all our expectations as it created the atmosphere of accountability and transparency. The most significant added values that we received from cooperation with Cekindo are the time we saved and mistakes we avoided.

    Konstantin Simonov
    Director, PT. AEKS Konsultasi dan Integrasi
  • DESMI Testimonial - Cekindo

    Cekindo provided outstanding services in registering our representative office in Indonesia in a timely manner. Their financial services have been helping us a lot — our local employees feel secure working for our company. Cekindo became our reliable partner with quick response on our needs. Their flexibility and full support of our business in Indonesia are the main reasons to continue in our cooperation.

    Rajendra Iskandar
    Sales and Support Engineer, DESMI
  • (CFLD), Mr. Max Yang, President, Indonesian Region

    After comparing several consultants, I found Cekindo is a international and professional organization with good understanding of local market. Cekindo helped our company to set up our first Indonesian entity, and also helps with day-to-day operation.  Cekindo showed high level of professionalism. Jump start the business in Indonesia, take care of routine process, therefore we can focus more on our core business.

    Max Yang
    President, Indonesian Region, China Fortune Land Development Co., Ltd.