Income Tax Services

Don't pay more in taxes that you have to.

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Tax services singaporeFor many small businesses, dealing with your company and personal tax responsibilities can be a major challenge and very confusing. Complying with current tax documentation seems complex – filled with hard-to-understand regulations and terminology. However, accurate tax calculations are vitally important to your business, not only for compliance but also to minimize your tax bill.

By reducing your tax bill, you will see benefits in your companies profit and increase cash flow for things you need.

OS1 Tax return accountants and consultants give clear, jargon-free advice through phone or email support. We will advise you on the best tax planning practices for the future of your business, and on tax-efficient ways of releasing cash from your business if you need it.

Now you can start viewing your taxes as another key towards your business’s success and value.

Take the first step to peace of mind –

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OS1 Enterprise- Income Tax Services

An overview of Singapore Taxation and our range of income tax services

  1. Income tax for Companies
  2. Income tax for Sole Proprietors
  3. Income tax for Partnership
  4. Good & Services Tax ("GST")

We offer valued-added Corporate Services Packages, do feel free to contact us at +65 6873-2886 or +65 9889-4776 to find out how our Packages can value-add your business!

Income Tax for Companies

Corporation Tax- Avoiding tax surprise by planning for your year end

O.S.1 uses a state of the art, integrated approach to help you navigate your corporation tax situation. Our method incorporates careful planning and total accuracy to help optimize the unique situation of your business.

Throughout the year, an experienced O.S.1 tax consultant will be on hand to advise your team on how to keep your corporation tax payments to an absolute minimum. When the end of the year comes, we will complete your corporation tax returns for you.

Using an integrated approach, careful planning, and total accuracy we will help you optimize your corporation tax situation.

Tax Rates

For Year of Assessment (YA) 2008 and YA 2009, companies are taxed at a flat rate of 18% on their chargeable income. From YA 2010 onwards, companies will be taxed at 17%.

  • There are three tax exemptions aimed at helping companies through economic downturns, encouraging entrepreneurship and positioning Singapore as a business hub.

Exemptions

Partial Tax Exemption
  • From YA 2002, a partial tax exemption is given on the company’s chargeable income (excluding Singapore franked dividends) of up to S$100,000, which is subject to tax at the normal corporate tax rate as follows:
    1. 75% tax exemption for the first S$10,000 chargeable income
    2. 50% tax exemption for the next S$90,000 chargeable income
  • From YA 2008, the amount of normal chargeable income (excluding Singapore franked dividends) qualifying for the partial tax exemption will be increased to S$300,000 and the tax exemption will be given as follows:
    1. 75% tax exemption for the first S$10,000 chargeable income
    2. 50% tax exemption for the next S$290,000 chargeable income

Full Tax Exemption for New Companies

With effect from YA 2005:
    • Full tax exemption can be granted on the first S$100,000 of the normal chargeable income (excluding Singapore franked dividends) for any of the company’s first 3 consecutive YAs.
    • From YA 2008, a further 50% exemption is given on the next S$200,000 of the normal chargeable income (excluding Singapore franked dividends) for each of the first 3 consecutive YAs.
    • There are conditions and criteria you need to satisfy in order to make use of this tax exemption.
With effect from YA 2010:
  • Incorporated in Singapore (including companies limited by guarantee)
    1. A tax resident of Singapore in that YA
    2. Has no more than 20 shareholders throughout the basis period for that YA where:
      1. all the shareholders are individuals beneficially holding the shares in their own names; OR
      2. at least one shareholder is an individual beneficially holding at least 10% of the issued ordinary shares of the company.
Income tax filing due date

Income tax filing due date starting year 2009 is 30 November. The company must file a complete set of returns, including Form C, audited/unaudited accounts, and tax computation.

Income tax basis period

Corporate income is assessed on a preceding year basis.

Our Corporate Tax Services includes:

  1. Submitting Form C or Form C-S and Appendixes to IRAS.
  2. Preparing Corporate tax computation with supporting schedules.
  3. Annual filing of Estimated Chargeable Income (“ECI”) to IRAS.
  4. Attending to tax inquiries raised by the tax authorities and replying thereto (an extra charge is applied depending on the complexity of the queries)
  5. Providing timely reminders of deadlines (by email and by phone)
  6. Advice on applicable tax incentives

 

Income Tax for Sole Proprietors

Tax Rates

  • As your business income forms part of your personal income, the two are calculated together when you file your tax returns.
  • Your business income is reported separately and added to all your other personal income. The total is then subject to personal income taxes.
  • Taxes are charged progressively on your chargeable income. The chargeable income is your business/trade income plus any other personal income, minus all deductions, reliefs and rebates.

How Do I Pay Taxes?

  • You need to file a tax return. Based on your tax return, the IRAS will assess how much tax you need to pay.
  • IRAS will then send you a Notice of Assessment and Statement of Account.
  • You can submit your tax return by:
    1. E-Filing online at myTaxPortal; or
    2. Completing Form B and mailing it back to IRAS

When Do I File My Tax Return?

  • You need to file your tax return by 15 April by Paper Filing or 18 April by E-Filing every year. You should be filing your trade income for the previous year.
  • If you fail to file your tax return by 15 April or 18 April, you will have committed an offence under the Income Tax Act.

Our Tax Services for Sole Proprietors includes:

  1. Submitting Form B and Appendixes to IRAS.
  2. Preparing Sole Proprietors' tax computation with supporting schedules.
  3. Attending to tax inquiries raised by the tax authorities and replying thereto (an extra charge is applied depending on the complexity of the queries)
  4. Providing timely reminders of deadlines (by email and by phone)
  5. Advice on applicable tax incentives

 

Income Tax for Partnership

Tax Rates

Same as Income Tax for sole proprietorship

How Do We Pay Taxes?

  • The precedent partner must file a tax return on behalf of the entire partnership. The precedent partner is appointed or by default is the first name on the partnership agreement.
  • All partners, including the precedent partner, must report their share of profit / loss from the partnership business in their Individual Income Tax Return.
  • Based on your tax return, the IRAS will assess how much tax you need to pay. IRAS will then send you a Notice of Assessment and Statement of Account.
  • You can submit your tax return by:
    1. E-Filing at myTaxPortal; or
    2. Completing Form B/B1/P and mailing it back to IRAS

When Do I File My Tax Return?

  • You need to file your tax return by 15 April by Paper Filing or 18 April by E-Filing every year. You should be filing your trade income for the previous year.
  • If you fail to file your tax return by 15 April or 18 April, you will have committed an offence under the Income Tax Act.

Our Tax Services for Partnerships includes:

  1. Submitting Form B/B1 and Form P and Appendixes to IRAS.
  2. Preparing Partnerships' tax computation with supporting schedules.
  3. Attending to tax inquiries raised by the tax authorities and replying thereto (an extra charge is applied depending on the complexity of the queries)
  4. Providing timely reminders of deadlines (by email and by phone)
  5. Advice on applicable tax incentives

 

Goods and Services Tax ("GST")

GST is an indirect tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate is 7%.

What Goods And Services Are Subject To GST?

In general, you can assume that all goods and services are taxable. However, some specific items are exempt. These include financial services and the sale or lease of residential property.

When Do I Pay GST?

You have to pay GST when you buy goods or services from GST-registered businesses and when you import goods into Singapore.

When Do I Collect GST?

You must register with the Comptroller of GST in order to collect GST.

When Is It Compulsory To Register?

Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. You can apply for exemption only if most of your goods or services are exported or supplied internationally.

Can I Choose To Register?

You can apply to the Comptroller of GST to collect GST voluntarily. Approval for voluntary registration is at the discretion of the Comptroller. Once approval is given, you must remain registered for at least two years.

Why Should I Register?

Most businesses register for GST to claim back the GST incurred on their business purchases.

  • When GST paid exceeds GST collected, the difference can be claimed from IRAS as a GST refund.
  • When GST collected exceeds GST paid, you have to pay the difference to IRAS.

When GST rate(s) increase, it may make business sense to register voluntarily to collect GST in order to claim back GST incurred on business purchases.

How Do I Charge GST And Claim Refunds?

When to charge GST and how to claim for refunds can be rather technical and complex, and One Source will assist and advise you on how to charge GST and how to claim a refund.

What Paperwork Must I Take Care Of?

You are required to maintain your business records for all GST-related transactions for at least five years for periods on or after 1 January 2007. Records include tax invoices, receipts and credit notes.

How Do I File My GST Returns?

The standard procedure is to file GST returns quarterly. You need to file your GST returns online (e-Filing) using myTaxPortal. You should always file your GST returns on time to avoid penalty fees.

When Do I Pay The GST I Have Collected To IRAS?

You must pay the net GST not later than the last day on which you are required to file your return.

Can I De-Register Myself From The GST System?

    • You can de-register your business from collecting GST if:
    • the annual turnover of your taxable supplies in the next 12 months falls below S$1 million; or
    • you are no longer making taxable supplies; or
    • your business has ceased; or
    • your business is transferred as a whole to another person.

 

If you have voluntarily registered to collect GST, you cannot de-register your business in the first two years after registration, unless you have stopped making taxable supplies or ceased business.

Our Goods and Services Tax includes:

  1. If you need to register your company for GST, we can help with the registration process.
  2. Once a company is registered, OS1 can check and file the GST returns as required – usually on a quarterly/ bi-annually basis.

From S$250/year!

We welcome inquiries. Please allow us to get in touch within 2 working days after submitting any inquiries.

Alternatively, you can call +65 6873-2886 or Call/SMS +65 9889-4776 to speak with our friendly   accountant.

O.S.1 Pte. Ltd.
2 Leng Kee Road
#04-09 Thye Hong Centre
Singapore 159086

T +65 6873-2886
M (+65) 9889-4776

hello@os1.com.sg
https://enterprise.os1.com.sg

Transportation details
Nearest MRT station – Redhill MRT (EW18) Walking is 5 to 7 mins to our office
Nearest Bus Stop – Bus 32, 33, 64, 120, 132, 145 Walking is 5 to 7 mins to our office

Testimonials - Happy Client, Happy Business

  • The services that OS1 rendered are fast and accurate. Will recommend to my business partners for sure. Keep up the good work.
    Kenny Lim
  • “Nicole has done a fantastic job managing my small business accounts in the consulting and education sector. She works accurately and efficiently, is friendly and approachable, uses the right tools to get the job done and is flexible to meet changes in circumstances.”
    Hugh Terry, Rain Trees Kindergarten Pte Ltd
  • “We look to O.S.1 to take care of our tax preparations and accounting needs. They are highly responsive and a pleasure to work with. We are very satisfied with their services.”
    P.K.Kakoulidis Shipping Singapore Pte Ltd
  • “I confirm that I have dealt with O.S.1 Pte Ltd since Aug 2011, during which time they have provided my business with excellent support in the area of account services. Their work has help us in smoothening the account activities in our company enabling us to have reliable and dependable report to our HQ in Japan on time.”
    Frankie Ong, Senior Manager of Sumiden International Trading (S) Pte Ltd
  • “Nicole (Or OS1 Pte Ltd) is one of the few professional accountants whom I’ve come across who is meticulous & detailed in her work. She listens attentively to our company’s needs, and able to advise us on various scenarios & alternatives choices for our company, be it for new set up or expansion. Her patience & valuable experience has also made us feel like she’s part of our business team, instead of just an accountant. Many times, she has extended extra effort to provide us with invaluable-added service, which has once again strengthen her comparative strength over others.”
    Kellin Chan – OIG International Pte Ltd
  • “Ms Nicole, not only get us registered, she’s to do and file our monthly CPF Contributions for our Employee (E-Filing) and update employee contributions when necessary in regards to their age limits and skills development Levy / Benefits. Objectivity to run the company smoothly with less “Paper Work”. If you want the same benefits, you should use O.S.1 Pte Ltd.”
    Mr Eddie H.P.Tan , Gloss & Glow Pte Ltd
  • “Nicole provides a very professional accountancy service. She’s extremely helpful, efficient, pleasant to do business with, goes above and beyond, and is prompt in returning e-mails. I would not hesitate to recommend her services.”
    Maimunah Alhabshi, Project Spirituality
  • “Nicole has always handled her work with responsibility and pride. She is also very neat and tidy with her work. Nicole is also very fast and quick in her all her work and always leave a very good impression in all her work. She is also very hardworking and devoted to her work. Therefore, I would want to thanks her for all her hard works and effort and congratulate for her new company.”
    KK.Teow, Director of Baker Deli One Pte Ltd

Society has come to accept the inevitability of taxes. Everyone says they hate them, but we all recognise that we have a moral obligation to contribute to society

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