The only revenue for any government is the tax they collect from people. There are various kinds of tax. People pay tax on almost everything they buy. They must pay tax on what they earn. They must pay tax for the building they build. There are so many kinds of taxes. As far as a company is concerned there are even more types of taxes which must be paid. The tax collection is actually for the benefit of the individuals and companies. This money is used by the government to improve all kinds of infrastructure in the country.
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Corporate in Singapore are fortunate as the tax rates are very reasonable in the country. The government has been doing its best with the tax they collected. The infrastructure is excellent in Singapore compared to many other countries. The government provides all the modern facilities for citizens and companies. This makes paying tax really worthwhile in Singapore.
The companies are also lucky in another way. There are no capital gains tax, wealth tax, inheritance tax or capital duty in the nation. This greatly reduces the tax burden on the companies. There are also many types of tax exemptions offered by the government. Companies are able to save a lot on tax if they can prove that they are eligible for the rebates.
Paying Tax IN Singapore Is Simple and Easy
Corporate in Singapore don’t have to worry about tax calculations or filing their returns. There are competent tax consultants who will help them with the work. These tax experts can help you deal with anything related to tax. All income that you accrue by way of your business in Singapore is taxable. The income you earn in Singapore from your firms in other countries is also taxable.
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The corporate income tax in Singapore is payable on the net taxable income from your business. You must understand how this is calculated and what all are included in the taxable income. The experts can help explain this to you in detail. You must understand this clearly so that you don’t make a mistake while filing your returns.
The profits made by you through your company is taxable. If you are earning from dividends, interests or rents, these are also taxable. Profits from a property like royalty, premiums, etc. are also taxable under Singapore tax laws. There are certain expenses which are deductible from your income when you compute the tax.
Taking the Help of Tax Consultants
There are several tax consultants who can help you with the calculation of your taxable income. They will help you avoid common mistakes that occur when calculating the taxable income. These experts will help in filing returns for corporate tax in Singapore. They also have tax experts who will advise you about the latest tax laws.
Singapore Tax Accounting 