Individual Tax

Struggling with your individual income tax submission? Timely and effortless filling with B6

Do you have multiple source of income? Employment, sole-proprietorship, partnership income? Not sure which expenses are deductible, to claim pre-commencement business expenses and capital allowance claims especially with assets under Hire Purchase? Should you or your spouse claim the child relief? How much to contribute to your SRS account? We address these questions for you.

If there are other source of income received such as rental property, shares or other assets, we help you ascertain the expenses that can be off-set against your income or avail of tax exmptions where applicable.

We help you to maximise the tax relief and deductions you are entitled and file your returns in the most tax-efficient way.

Accounts Tax Secretary

Individual Tax Residency

Income tax rates depend on an individual's tax residency status. You will be treated as a tax resident for a particular Year of Assessment (YA) if you are a:

1. Singapore Citizen or Singapore Permanent Resident who resides in Singapore except for temporary absences; or

2. Foreigner who has stayed/worked in Singapore:
a. For at least 183 days in the previous calendar year; or
b. Continuously for three consecutive years, even if the period of stay in Singapore may be less than 183 days in the first year and/or third year. or

3. A foreigner who has worked in Singapore for a continuous period straddling two calendar years, and the total period of stay is at least 183 days.* This applies to employees who entered Singapore but excludes directors of a company, public entertainers, or professionals.
*including your physical presence immediately before and after your employment

If you do not meet the conditions stated above, you will be treated as a non-resident of Singapore for tax purposes.

Resident Tax Rate

Non-Resident Tax Rate

Resident Tax Rate

Non-Resident Tax Rate

Penalty - late payment and non-payment

IRAS may take the following actions if you fail to pay by the due date:
1. Impose late payment penalties (a 5% late payment penalty will be imposed on the unpaid tax if full payment is not received by the due date unless you are on an instalment plan)
2. Appoint agents like your bank, employer, tenant or lawyer (handling the sale of any of your property) to recover the overdue tax
3. Issue a Travel Restriction Order (TRO) to stop you from leaving Singapore
4. Take legal action

The above list is not exhaustive.

If you have filed an objection and are awaiting the outcome, you still must pay the tax assessed as shown in the NOA. Excess payment will be refunded to you if the assessment is revised.

If the tax remains unpaid 60 days after the imposition of the 5% late payment penalty, an additional penalty of 1% per month may be imposed for every completed month that the tax remains unpaid, up to a maximum of 12% of the unpaid tax.

IRAS can consider Waveir if outstanding tax payment has cleared by the due date in the late payment notice, and their tax filing has been on time for the past two years.

B6 helps you to maximise your tax relief and timely submission to avoid tax penalty. Connect with B6 to find out more.

Got questions?

Chat with us

FAQ

What is the tax structure for companies in Singapore?

Singapore has a low income tax rate for corporations, which is charged at a flat rate 17%
Singapore does not impose a capital gains tax, and it can distribute tax-free dividends to its shareholders.
What is Form C or Form C-S?
Form C and Form C-S are both corporate tax returns to be e-filed with IRAS on an annual basis.

The Form C-S, being a simplified version of the Form C, contains fewer fields to fill. The Form C-S mainly comprises the following:
- - A declaration statement of the company’s eligibility to file the Form C-S.
- - Information on tax adjustments (i.e. adjustments for non-taxable income and non-deductible expenses);
- - Information from the financial accounts
How do you calculate Corporate Tax return in Singapore?

You can calculate corporate tax returns manually or using tax preparation software. You need to calculate the taxable income and submit it to the IRAS online. You can use the IRAS' portal to file your tax returns online. It is all time-consuming.

Let's B6 handle the complexity for you!

Individual Tax

Struggling with your individual income tax submission? Timely and effortless filling with B6

Accounts Tax Secretary

Singapore has a low income tax rate for corporations, which is charged at a flat rate 17% Singapore does not impose a capital gains tax, and it can distribute tax-free dividends to its shareholders.

You can calculate corporate tax returns manually or using tax preparation software. You need to calculate the taxable income and submit it to the IRAS online. You can use the IRAS' portal to file your tax returns online. It is all time-consuming. Let's B6 handle the complexity for you!

B6

Singapore has a low income tax rate for corporations, which is charged at a flat rate 17%
Singapore does not impose a capital gains tax, and it can distribute tax-free dividends to its shareholders.

You can calculate corporate tax returns manually or using tax preparation software. You need to calculate the taxable income and submit it to the IRAS online. You can use the IRAS' portal to file your tax returns online. It is all time-consuming.

Let's B6 handle the complexity for you!