Tax Advisory and Filing

All companies in Singapore are required to file two corporate income tax returns each year with the Inland Revenue Authority of Singapore (IRAS):
1. Estimated Chargeable Income (ECI)
- If the company needs to submit ECI, it is to be filed within 3 months after the end of the financial year
2. Form C-S/C 
- To be filed by 30 November every year

ECI is an estimate of a company’s taxable income for a Year of Assessment (YA) (after deducting allowable expenses).

From Year of Assessment (YA) 2017 onwards, companies that meet all the following conditions must file Form C-S:
1. The company is incorporated in Singapore;
2. The company’s annual revenue is SGD 5 million or below;
3. The company is taxed at the prevailing corporate tax rate of 17%; and
4. The company is not claiming any of the following:
- Carry-forward of current year capital allowances and/or losses
- Group exemptions
- Investment allowances
- Foreign tax credit
- Tax deducted at source

From Year of Assessment (YA) 2020, companies eligible to file Form C-S, and with annual revenue of SGD 200,000 or below may opt to file Form C-S (Lite), which is a simplified version of Form C-S.

Since the Year of Assessment (YA) 2010, all companies, whether local or foreign, are taxed at a flat corporate tax rate of 17% of their chargeable income.

As your tax agent, we provide comprehensive tax services, to ensure your company's tax returns are filed accurately and on time, before the annual deadline of 30 November.
Key Responsibilities of a Tax Agent:
1. Review and identify areas for improvement, to enhance your company's tax position
2. Calculate and submit your Estimated Chargeable Income (ECI), to prepare for tax payment
3. Prepare and file your annual income tax returns and tax computations
4. Assist in preparing and submitting claims or responses on your behalf
5. Keep your company informed of the latest tax developments relevant to your industry

1. Corporate Tax
2. Transfer Pricing Documentation
3. Goods and Services Tax (GST)
4. Certificate of Residence (COR) Applications
5. Withholding Tax Calculation and Filing
6. Personal Income Tax Calculation and Filing
7. Property Tax Calculation and Filing
8. Stamp Duty Calculation and Payment
9. Preparing Form IR8A for Employees, on Behalf of Employers

We assist clients in applying for industry-specific tax incentives offered by statutory bodies such as Enterprise Singapore and the Maritime and Port Authority of Singapore (MPA). Our team has extensive experience in preparing and submitting local tax incentive applications.
Some common schemes include the Global Trader Programme (GTP) and the Maritime Sector Incentive - Approved International Shipping Enterprise (MSI-AIS), awarded by the MPA.

Under Singapore law, when a person (known as the payer) makes certain types of payments (eg. royalties, interest, technical service fees, etc) to a non-resident company or individual (known as the payee), the payer is required to withhold a certain percentage of the payment and remit that amount to IRAS, this is known as withholding tax.

1. Service fees, interest, royalties, and rental of movable property
2. Payments made to non-resident directors, professionals, public entertainers, and overseas agents
3. Distributions from Real Estate Investment Trusts (REITs)
4. Withdrawals from the Supplementary Retirement Scheme (SRS) by foreigners or permanent residents

As a payer, you must file and pay the withholding tax electronically to IRAS, by the 15th of the second month after the date of payment to the non-resident.
The payment date is defined as the earliest of the following: 
1. Payments due upon expiration of the agreement or contract, or the invoice date in the absence of any agreement or contract (credit terms should not be considered).
2. The date the payment is credited to the non-resident’s account, or any other account specified by the non-resident.
3. The actual date of payment.

If you receive a letter, form, or SMS notification from IRAS, you must file an income tax return. You must file this tax return regardless of your income in the previous year, or whether your employer participates in the Auto-Inclusion Scheme (AIS) for employment income. 

The deadline for paper filing is 15 April of each calendar year.
The deadline for electronic filing is 18 April of each calendar year.

Transfer pricing refers to the pricing of goods, services, and intangible assets between related parties.
Related parties are parties that control one another, or are under the control (directly or indirectly) of the same party. This includes branches and headquarters.
Transactions between related parties must be conducted in accordance with the arm's length principle, meaning prices should be set as if the parties were independent and dealing at market value. 

The Inland Revenue Authority of Singapore (IRAS) requires companies to prepare and maintain contemporaneous transfer pricing documentation. Transfer pricing documentation refers to the records kept by taxpayers, to prove that their transactions with related parties are conducted at arm's length. Preparing and maintaining transfer pricing documentation helps facilitate IRAS's review, thus assisting in resolving any potential transfer pricing disputes. If a taxpayer does not have documentation to show that the transfer prices are at arm's length, they may not be able to substantiate their position during IRAS enforcement actions, potentially resulting in double taxation.
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Contemporaneous transfer pricing documentation refers to documentation and information that is used at the time of, or before transactions are undertaken, to determine transfer prices. IRAS also accepts documentation prepared no later than the filing due date of the tax return for the financial year in which the transaction took place, as contemporaneous transfer pricing documentation.

When preparing contemporaneous transfer pricing documentation, taxpayers must use the most current and reliable data and information available to determine their transfer prices.

- Assist in preparing transfer pricing documentation in accordance with the Income Tax (Transfer Pricing Documentation) Rules 2018.
- Assess existing transfer pricing policies and supporting transfer pricing documentation.
- Provide recommendations for improvements to current transfer pricing policies based on local regulations, OECD guidelines, and the BEPS Action Plan.