ur corporate tax consultants will help you minimize your taxes with effective tax planning and corporate structures. Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income.
Although the concept of locality of the source of income seems simple, no universal rule can apply to every scenario. Whether profits arise in or are derived from Singapore depends on the nature of the profits and of the transactions which give rise to such profits.
We at Prudent will be able to assist you to determine the taxability of various sources of income and help you to maximize deduction allowed within the legal framework.
For personal taxes, the tax year is the normal calendar year i.e. January 1 – December 31. Deadline for filing personal tax return is April 15 (April 18 for e-filing). Singapore Tax adopts a progressive personal tax rates, relative to an individual’s amount of income.
Singaporeans whose overseas employment is for a period of at least six months in any calendar year can choose to be treated as a non-resident for the year of assessment following the year of overseas employment. Foreign income received in Singapore is not subject to tax under certain conditions.