Tax
Corporate tax filing is a critical annual requirement for businesses, with filings typically due in November for Singapore companies.
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Corporate Tax Filing
Corporate tax filing is a critical annual requirement for businesses, with filings typically due in November for Singapore companies. Timely and accurate filing ensures compliance with tax regulations, avoids penalties, and supports effective tax planning. Profectant’s strong working relationship with IRAS (Inland Revenue Authority of Singapore) ensures a seamless and efficient tax filing process.
Goods & Service Tax (GST)
Goods and Services Tax (GST) compliance is a key requirement for businesses in Singapore and Malaysia. In Singapore, GST registration is mandatory for companies with an annual taxable revenue exceeding SGD 1 million. For companies below this threshold, registration is voluntary but strongly encouraged, particularly for businesses making significant purchases subject to GST, such as property acquisitions.
Personal income Tax
Personal income tax filing is a mandatory requirement for individuals earning taxable income in Singapore and Malaysia. In Singapore, the personal income tax filing season typically occurs from March to April, with tax rates based on progressive brackets. For directors and shareholders, it is critical to align dividends and director fees with personal income tax filings to ensure full compliance.
Property Tax
Property tax is a recurring obligation for property owners in Singapore and Malaysia. In Singapore, property tax is calculated annually based on the Annual Value (AV) of the property, and timely payment is essential to avoid penalties. For businesses and individuals investing in property, understanding property tax rates and potential exemptions can significantly impact financial planning.
Withholding Tax
Withholding tax applies to certain payments made to non-residents in Singapore and Malaysia, such as royalties, interest, and service fees. Proper computation and timely payment of withholding tax are essential to avoid penalties and maintain compliance. For businesses operating across borders, understanding double tax agreements can reduce tax liabilities.