Singapore Tax Planning Strategy

Singapore offers many strategic advantages to international business people. Taking advantage of Singapore tax regulations is central to a successful Singapore tax planning strategy. Healy Consultants' tax experts deliver a comprehensive Singapore tax planning strategy to our clients. A successful Singapore tax planning strategy should address some of the following issues:

Can the Singapore company receive foreign-sourced income without being subject to local corporation tax? Central to Singapore tax planning strategy is the rule that a properly-structured Singapore company pays no tax on profits sourced outside Singapore. The corporate tax rate on income derived in Singapore is 18% on assessable profits. Further information can be found at the Internation Enterprise Singapore (IES) website.

Does the company have to register for value added tax (VAT) or goods and sales tax (GST)? In accordance with GST Law, a Singapore company is obliged to register for GST if annual sales exceeds or is expected to exceed S$1 million in any calendar year. Healy Consultants' Singapore tax planning strategists will assist with GST registration if required, the fee for this service is US$550. The fee for completing the quarterly GST returns is US$450. Please refer to the Inland Revenue Authority of Singapore (IRAS) website for further information.

Are any tax exemptions or tax incentives available in Singapore? A successful Singapore tax planning strategy should identify both tax exemptions and restrictions. For example, the first S$200,000 (US$132,500) of local corporate profits earned in Singapore can be tax exempt for the first three years after the company is incorporated. Please refer to the Inland Revenue Authority of Singapore (IRAS) website for further information.

To be able to draw up the optimum Singapore tax planning strategy for our clients, it is important Healy Consultants has a good understanding of your business and we know your objectives. In this respect, we encourage clients to discuss via phone the different Singapore tax planning strategies available.

The ASC recently announced it will work towards full convergence with IFRS for Singapore listed companies. To read more, please visit the Accounting and Corporate Regulatory Athority (ACRA) website.

For additional information on Singapore tax planning strategy, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.