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ACAP & ASK Initiatives Encourage Voluntary Compliance of GST Singapore
There was a lot of resentment among the business community of Singapore when the government decided to introduce the goods and services tax Singapore. The general view was that of skepticism and pessimism towards the impact that GST Singapore would have on businesses. However, the progressive regime of Singapore ensured that the GST rate was one of the lowest in the world at 8%. Additionally, it introduced certain schemes which allow businesses to alleviate their burden of goods and service tax Singapore. Nevertheless, in order to gain access...
read more Jun 28, 2014Singapore Tax & Accounting Services – All You Need to Know
How do you face the Judgment Day – the day you pay your stipulated taxes and present or take stock of your accounts? Do you do it all alone or employ a specialist Singapore tax & accounting firm to do so? As an experienced person who wants to focus on business, you know that a lot depends on the answers to these questions. Taxation Singapore firms offer variety of tax and accounting related services. It is also important for every company to ensure that they are having sound accounting records in place. The objective of this write–up is...
read more May 13, 2014Facts about Territorial Basis of Singapore Tax for Non-Residents
An expatriate is termed as non-resident, when his work-related stay in Singapore is less than 183 days. The tax for non-residents is different from that of local Singapore residents. Non-residents cannot apply for tax exemptions and reliefs, as a tax-resident person can. Non-residents are taxed on income derived from or accrued in Singapore. Singapore follows a territorial basis of taxation. The policies followed for non-residents are given below- Income of a foreigner is exempt from tax, if he/she worked here for 60 days or less in a year. A...
read more May 7, 2014Ways to Get a Work Visa for Singapore
American dream is long gone; Singapore is the new place to be. The progressive regimes of the Singaporean economy, modern infrastructure, lower tax rates, and competitive salaries, make the island of Singapore an ideal work environment for those who are determined to make it to the top. Moreover, people who have an international work experience to flaunt in their profile, get considered in high regards. Now this is good news for all those who want to make it big. However, you will need to play by certain rules if you want to work here...
read more Apr 1, 2014Facts about Gift tax and Buyer’s Stamp Duty (BSD) Rates in Singapore
You’ve finally made the decision to pass down a part of your wealth to your scion. While this may have been your move to reduce the amount of your taxable estate, there is one more tax, called ‘gift tax’, that will keep looming over, and you will eventually have to pay it. Sounds inept? Read ahead, to know more about a few facts of taxation Singapore. The Inland Revenue Authority of Singapore (IRAS) has put forth a set of rules for gift tax, which you need to abide by when you are an employer. If you are giving gifts to employers on Festive...
read more Mar 4, 2014Singapore Personal Income Tax Guide for Local Residents
The robust and competitive Singapore taxation has been designed in a manner that defines tax liabilities and dues of all sections of individuals, business entities and others in a transparent way. For instance, Singapore personal income tax structure for local residents and nonresidents Singapore is different. This blog will provide an overview of personal income tax in Singapore. Who is a Singapore Tax Resident? An individual is considered as Singapore tax resident if he/she is: A citizen of Singapore; or A permanent resident of Singapore;...
read more Feb 28, 2014How are Corporate Tax Singapore and GST Helpful to Businesses?
It is a well known fact that one of the prominent reasons behind the economic surge of Singapore has been its tax system. Not only does the nation boast to have lower tax rates but the progressive nature of Singapore taxation has also ensured that the businesses benefit immensely. When it comes to businesses, the type of taxes which matter primarily include the corporate income tax Singapore and the goods and services tax Singapore. The existing Singapore corporate tax rate 2013 stands at a flat 17%, while the GST Singapore tax rate is 8%....
read more Dec 19, 2013How progressive is Corporate Tax Singapore?
Singapore’s pro business landscape is reflected in its corporate tax Singapore regime. Currently, the Singapore corporate income tax rates 2013 stand at 17% and is considered to be one of the lowest in the world, an attractive feature for foreign investors. The system of Singapore taxation is well regulated and administered by Inland Revenue Authority of Singapore (IRAS). Corporate income tax Singapore has been a key driver behind the booming economy of the island nation and a major determinant that makes foreign investors and entrepreneurs...
read more Dec 17, 2013Singapore Retains Its Second Position in the 2013 Index of Economic Freedom of the Heritage Foundation
The index of economic freedom which is published on an annual basis by heritage foundation has ranked Singapore as the second freest economy in the world in the 2013 index. Singapore has maintained this position for 19 consecutive years in a row, first being Hong Kong. The economic freedom score of the country is 88, which is 0.5 higher than last year. The gap between the score of Hong Kong and Singapore is very close i.e. only 1.9. Australia is in third position with score rate of 82.6 followed by New Zealand, Switzerland, Canada, Chile,...
read more Dec 4, 2013
