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To the layman, many terms in tax can seem obscure, so heres a breakdown of a few major tax terms that you need to know for your business: Tax Depreciation Otherwise known as Capital Allowances, tax depreciation relates specifically to plant and machinery used.
Taxable Income More often than not, deciding what constitutes taxable income can be a huge headache.
However, there are some instances in which income overseas is taxable including when it is received in Singapore through Singapore based partnerships, when overseas employment klm promo code january 2015 is incidental to your Singapore employment (i.e.This rate is considered one of the lowest in economically advanced countries in the world.Commonly the fact that the directors meet in Singapore would mean that the company qualifies as a resident of Singapore.The main benefit and objective of an income tax treaty is to help businesses avoid double taxation of their income.Starting 2008, Singapore has gone a step further in providing unilateral tax credits to Singapore companies. .Social security tax There is no social security tax in Singapore.




In this case the tax suffered at source is deducted from Singapore tax (but not exceeding the amount of tax payable in Singapore).In the event that you wish to appoint a tax agent to handle the tax matters on behalf of your company, you will need to authorize the assigned company providing the tax services as an authorized filer of your company taxes.For procedures on how to make a claim, please refer to iptos website.Headline rate refers to the highest tax rate in a particular jurisdiction.The basis of taxation for a resident company and non-resident company is generally the same with the exception of certain benefits that are available to resident companies.An example of what iras may require would be documentation to show the connection between the expenditure incurred for the plant and machinery and your companys business activities.Advance rulings from tax authority Taxpayers can obtain advance rulings from the iras. Singapore Economic Development Board (EDB). .Personal income TAX, with one of the lowest personal income tax rates in the world, it is of little wonder that more and more entrepreneurs and young professionals are choosing to relocate to Singapore.Listed below are general tax exemptions/incentives currently available to Singapore tax resident companies. .
Generally, the location of the companys Board of Directors meetings, during which strategic decisions are made, is one of the key factor in determining where the control and management is exercised.
This system is not applicable for Sole Proprietorship and all forms of Partnerships.




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