Singapore Corporate Tax Guide
Вставка
- Опубліковано 25 лип 2024
- Learn the basics of Singapore Corporate taxes as applies to your company.
Singapore Corporate Tax Regime
Singapore Corporate Tax Guide
Singapore Tax basics
Timeline for filing Taxes for a Singapore Company
Tax Exemptions for new startups
Tax Assessment notice & Payment
Dividends
Epica Consulting is a Leading Company Incorporation Agent in Singapore. We provide services like Incorporation, Nominee Director, Company Secretary, Accounting, Employment Pass Filing, Tax and ACRA filing, Business License Consultation and Application. Get in touch with us at our website www.epica.asia
#EpicaConsultingSingapore
Very precise and clear with examples, thank you!!
You're very welcome!
loved the explanation
Thank you for your clear explanation sir. Planning to set up a company in Singapore after this Covid Pandemic. SK from Malaysia
Thank you for this video guide, it's really helpful.
Hi, what are counted as company expenses? thanks
Oh
What happens if the profit is 85000??????
so basically, you can live in singapore, run a company that is earning 150,000 profit annually.... and only be taxed once at an effective tax rate of about 6%, and not pay any further personal income tax on that money, because dividends aren't taxed twice, and you already paid your corporate tax.
So live in singapore, and your entire taxes per year are only 6%.... thats pretty good.
The reduced rate is for new companies. All other companies also get exemption but that is of slightly smaller amount. Still the % is roughly true. For a company with 200 K profit 102.5 K is exempted and effective tax rate will come somewhere near to 8.5% (This is for 2021). Dividend is tax free.
@@epicasingaporecompanyregis2325 thank you sir for answering. My last question is, what if I simply don't do any business whatsoever in singapore -- all my clients and suppliers are in other countries -- and then I don't remit any revenue or profit into singapore (so I bank in malaysia for example) -- then I would be totally tax exempt right? I wouldn't owe any corporate tax in singapore anyway, correct?
Is this easy to achieve in singapore nowadays providing you follow those rules? Or is it difficult to qualify for that like it is nowadays in Hong kong -- where even though you may on paper be eligiable to be a tax exempt company, you have to ask for the exemption from the government, and applying costs you like 5000 in tax lawyer fees, and it takes 2-3 years for the HK gov to even tell you if you qualified or not. Is singapore more easy for this process and getting the 0% corporate tax rate when you don't remit any money into singapore?
How easy is it to open a bank for a singapore company in malaysia and other jurisdictions?
@@thecontainerthecontents6889 Difficult in reality. People will be afraid of providing you a local director if the bank account is overseas. Lot of responsibilities on local nominee director now from 2021.
Singapore corporate tax is 17% -- however, apparently if you have your clients and suppliers all entirely OUTSIDE of singapore, the tax will only apply to you if you remit your revenue into and through singapore.
So essentially, you don't want to bank in singapore if you open a singapore company -- and as long as you don't bank in singapore -- you should not have to pay any corporate taxes.
Is my understanding correct?
the jurisdiction is considered very reputable. You should be able to get bank accounts in malaysia or other places for it more easily than some jurisdiction with worse stigmas attached like caribbean places etc.
The fee to form a company in singapore isn't too bad, and you need a local director.
So what's the drawbacks? Why aren't more people using singapore?
Is that tax exemption hard to get? Like in HK nowadays you have to apply for that 0% tax exemption, and it's hard to get and can take years to be approved.
Can someone who is an expert on singapore share the pros and cons of this jurisdiction?
UA-cam has very little info about it surprisingly.
Under Section 10(25) of the Income Tax Act, income from outside Singapore is considered received in Singapore when it is:
1) remitted to, transmitted or brought into Singapore;
2) used to satisfy any debt incurred in respect of a trade or business carried on in Singapore; or
3) used to purchase any moveable property (such as equipment, raw material etc.) brought into Singapore.
Point no 2 is important. When you apply that income to any business liabilities (for example purchase invoices ) it will be considered as received.
Understand one thing, receiving income and not using it in normal business is not easy, unless that income is one off and kind of investment income or interest earned.
@@epicasingaporecompanyregis2325 what if i just use the income to pay for my life in singapore. Nothing else. so food, rent, entertainment.
@@thecontainerthecontents6889 How that income will come in your hand? it is company income, you reced it as salary? Also there is concept of tax residency of a corporate entity. If management and control resides in Singapore then even if company is registered overseas it is subject to taxes in Singapore.
😂😂😂😂