Our taxation experts will learn about your business and its unique tax requirements/challenges. We’ll also identify several tax schemes you could immediately qualify for.

We’ll prepare and file your Estimated Chargeable Income (ECI) on your behalf, on time. We’ll also compute and file your income tax return (Form C-S or Form C).

If there are any follow-up enquiries from the authorities, we will handle them on your behalf, and provide the necessary information to facilitate the taxation process. We will also handle all appeals on your behalf.

You will need to file a Corporate Income Tax Return if your company closed its first set of financial statements in 2019, and derived income or started your business in 2019.

With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.

Deductible business expenses must satisfy all of the following requirements: Expenses are entirely related to the production of income. Expenses are revenue, not capital (shorter-term expenses incurred in the normal day-to-day operations of the company). Expenses are not prohibited from deduction as per the Income Tax Act. You can review the detailed list of deductible business expenses on the IRAS website.

While there are definitely costs involved, working with an outsourced taxation services provider like Corporate Finedge can actually be much more cost effective than hiring an in-house accountant. Moreover, working with a seasoned firm like Corporate Finedge means that you do not have to send your staff for constant skills upgrading, or study the ever-changing financial and taxation standards, to keep your accounts up to date. Simply put, working with a company like Corporate Finedge allows you to accelerate your business success.

From the Inland Revenue Authority of Singapore, the due dates to fill your tax documents are: 

ECI: Due within 3 months of your company’s financial year-end  
Form C or form C-S: Due by November 30 for paper filing or December 15 for electronic filing

We’d strongly advise against that. All companies in Singapore must pay their tax within one month from the date of the Notice of Assessment (NOA). Even if a company has filed an objection, it is still required to pay its corporate tax. If the tax isn’t paid by the due date, a 5% penalty is assessed. Subsequently an additional 1% penalty will be imposed for every completed month; the 1% penalty will be imposed per each terminated month that the tax is still unpaid, up to a maximum of 12% of the tax overdue. Subsequently, a company may confront further enforcement actions including legal actions by IRAS.`