Malaysia Hotline: +603- 2141 8908
Singapore
is often cited as the leading example of countries that continues to reduce
corporate income tax rates and introduce various tax incentives to attract and
keep global investments. With effect from Year of Assessment 2010, a company is
taxed at a flat rate of 17% on its chargeable income regardless of whether it
is a local or foreign company. For YA 2013 to YA 2015, all companies will be
granted a 30% Corporate Income Tax Rebate capped at $30,000 per YA.
Singapore
Income Tax System
1.
Singapore follows a territorial basis of taxation. In other words, companies
and individuals are taxed mainly on Singapore sourced income. Foreign sourced
income will be taxed when it is remitted or deemed remitted into Singapore
unless the income was already subjected to taxes in a jurisdiction with
headline tax rates of at least 15%.
2.
Singapore corporate tax rate is capped at 17% on its chargeable income.
3.
Singapore personal tax rates start at 0% and are capped at 20% (above
S$320,000) for residents and a flat rate of 15% for non-residents.
4.
Singapore does have GST and the current rate is 7%.
5.
Interest, royalties, rentals from movable properties, management and technical
fees, and director’s fees paid to non-residents (individuals or companies) are
subject to withholding tax in Singapore.
Singapore
Offshore Companies Taxation
1. This
type of companies is referring to non-resident companies.
2.
Company is legally tax exempted if certain criteria are met as show in the
following:
a. The
Company has no office in Singapore (Registered address is not belong company
office). The management office is outside of country.
b. No
employee is in Singapore.
c. The
company has no bank account in Singapore. No any income remitted in Singapore.
d.
Revenue incurred outside of Singapore.
e.
Suppliers and customers are foreign companies. No business conduct in Singapore
**
Kindly consult us for more detail on Singapore Offshore Companies taxation.
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my