The income tax system in Singapore is friendly to corporations and businesses, so much so that it has made the country an ideal place for all manner of investors. Moreover, Singapore is home to a number of corporate service firms that could help with the ins-and-outs of the Singapore tax system, its rates, and the accounting and audit necessary for businesses within the country. Such companies are also a source of knowledge on IPO and taxation.
Other than corporate income tax, there are other kinds of tax and these include the individual income tax, the property tax, the GST or goods and services tax, the motor vehicle tax, the stamp duty and betting taxes, and the foreign worker levy. These taxes are quite fair for everyone, making Singapore the famous business hub that it is, due to the system it has in place.
Corporations in Singapore follow a one-tier tax system. In this system, the only tax that companies need to pay is the chargeable corporate income tax. This system therefore exempts dividend from taxation. This chargeable corporate income tax has been lowered since the year 2000 as a result of the indirect taxation on goods and services implemented in the year 2000. Singapore becomes even more attractive to investors by excluding capital gains tax in the tax rates and by providing tax relief measures.
Although the income tax system is straightforward, it still takes a great deal of work to file the forms, to know the rates, to plan it all. For instance, it will take months to prepare a company when it goes public with selling stocks for the first time. Fortunately, business owners in Singapore can hire corporate service firms to file tax returns, manage registrations and update corporate books for cash flow. Such firms also provide expert advice regarding rates and planning.
To outsource means to entrust the duties of submitting the company tax to the experts. These duties therefore will not be hoisted upon employees whose expertise lies elsewhere. This set up is practical, and Singapore companies that seek to outsource company tax filing prosper. Other services that clients can benefit by outsourcing corporate services are the following: finance and banking services, accounting, company formation and incorporation, stock market investing, and business advising.
Other than corporate income tax, there are other kinds of tax and these include the individual income tax, the property tax, the GST or goods and services tax, the motor vehicle tax, the stamp duty and betting taxes, and the foreign worker levy. These taxes are quite fair for everyone, making Singapore the famous business hub that it is, due to the system it has in place.
Corporations in Singapore follow a one-tier tax system. In this system, the only tax that companies need to pay is the chargeable corporate income tax. This system therefore exempts dividend from taxation. This chargeable corporate income tax has been lowered since the year 2000 as a result of the indirect taxation on goods and services implemented in the year 2000. Singapore becomes even more attractive to investors by excluding capital gains tax in the tax rates and by providing tax relief measures.
Although the income tax system is straightforward, it still takes a great deal of work to file the forms, to know the rates, to plan it all. For instance, it will take months to prepare a company when it goes public with selling stocks for the first time. Fortunately, business owners in Singapore can hire corporate service firms to file tax returns, manage registrations and update corporate books for cash flow. Such firms also provide expert advice regarding rates and planning.
To outsource means to entrust the duties of submitting the company tax to the experts. These duties therefore will not be hoisted upon employees whose expertise lies elsewhere. This set up is practical, and Singapore companies that seek to outsource company tax filing prosper. Other services that clients can benefit by outsourcing corporate services are the following: finance and banking services, accounting, company formation and incorporation, stock market investing, and business advising.
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