Taxation

Corporate tax

O

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.

Taxation

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.

Our Corporate tax team will assist the clients in:
➢ Corporate tax computation
➢ Filing of the Estimated Chargeable Income
➢ Preparation of final tax returns Form C/ Form Cs and submitting to Inland Revenue Authority of Singapore (IRAS)
➢ Following up on the finalized assessments
➢ Answering all queries from IRAS
Our team will also guide you on the filing of audited or unaudited accounts as well as tax planning.
Other Corporate Tax Services
● Assisting on withholding tax
● Advising and applying for Certificate of residences
● Getting the DGT Indonesian residence forms assisted
● Claiming PIC cash pay-out
● Advising on stock options and plans for staff
● IRAS Advance tax ruling
● GTP specialized tax advice and computations
● Tax efficient employment packages

Personal Tax

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.

Our personal tax consultants can assist in various requirement and services relating to personal tax
● Registration for new taxpayers
● Preparation and filing of income tax return based on your income and determination of possible deductions and reliefs that are applicable to you
● Request for extension of deadline, if necessary
● Preparation of Form IR8A/IR21 for employees
● Tax planning as well as advice
● Tax Residency & Personal Reliefs
● Taxation of Allowances & Benefits-in-kind
● Taxation of Equity Gains and ESOPs
● Taxation of Director’s Remuneration/Fees
● Payment & Refund of Tax
● Special Schemes – NOR, Area Representative

GST

We offer the following GST services to meet our clients’ needs and objectives:
GST return review to identify areas of non-compliance and opportunities
Advise on GST issues including imports and exports, international services, transfer of businesses, purchase and sale of real estate, etc.
Assist and advise on GST queries and/or audits by the tax authorities
Advise and assist on Major Exporter Status applications/renewals
Assist with claiming of pre-registration input tax claims
Review and e-filing of GST returns
Perform one-off GST return review
Perform GST health check reviews
Assisted Self-Help Kit (ASK) reviews for the application/renewal of GST schemes/voluntary disclosure of errors
Conduct GST training for the Company officers
GST Advisory
Advise on GST treatment of day-to-day business transactions
Advise on GST implications of new business models or cross-border transactions
Perform due diligence reviews
Advise on GST treatment for specific Industries
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