1. An investment holding company is a type of company that its principal activities are usually are follows: a) owns properties for long term investment and derives rental income b) owns shares for long term investment and derives dividends and interest 2. Investment income received by an investment holding company is taxable in Singapore, unless… Continue reading Taxation of Investment Holding Companies
1. The Inland Revenue Authority of Singapore (IRAS) reminds companies to file their Corporate Income Tax (CIT) Returns by the statutory due date of 30 Nov 2024. 2. IRAS has observed that each year, about 1 in 10 companies fail to comply with its CIT filing obligations despite repeated reminders. In 2023, over 4,700 companies… Continue reading Over 4,700 Companies Prosecuted for Late or Non-Filing of Tax Returns in 2023
1. The Inland Revenue Authority of Singapore (IRAS) recovered $79 million in taxes and penalties from businesses with erroneous Corporate Income Tax (CIT) Returns filed for the Years of Assessment (YA) 2019 to 2021. 2. According to IRAS, cases were selected for audit using advanced data analytic tools, random sampling or from qualitative analysis such… Continue reading $79 Million in Taxes and Penalties Recovered from IRAS’ Audits on Companies
1. Quek Ban Tong Edmund, the precedent partner of Economics Café Learning Centre (ECLC), was sentenced to five weeks’ jail and ordered to pay penalties of $72,770.79 for evading $24,256.93 in Income Tax. 2. He under-reported the sales and net profits of ECLC in its Partnership Income Tax return (Form P) for Year of Assessment (YA)… Continue reading Tutor Gets Jail and Fined for Income Tax Evasion
1. Roland Tay, a well known undertaker in Singapore, was convicted on Sept 5 for under-declaring his income from his business for three years, resulting in a total of more than $250,000 in income tax being undercharged. 2. He must pay IRAS a total penalty of more than $529,000 for his tax related offences. 3.… Continue reading Singapore Undertaker Fined for Submitting Incorrect Tax Returns
If you derived business income from carrying on a trade, business, profession, or a vocation, this income is taxable in your name (as a sole-proprietor, partner, or self-employed person). You have to report this income in your individual Income Tax Return (Form B/B1) that has to be filed to IRAS 18 Apr each year. … Continue reading Fixed Expense Deduction Ratio for Self-Employed Persons
For larger corporations, this practice is crucial due to their complex operations and extensive financial transactions. However, for small businesses, especially startups, the cost and effort associated with audits can be substantial, potentially diverting resources from core business activities. To support the growth of small businesses and encourage entrepreneurship, Singapore’s regulatory framework includes provisions for… Continue reading Audit Exemption For Small Businesses in Singapore: Criteria & Benefits
FAQs Related to Real Estate Tax Filing What taxes are applicable to a real estate business in Singapore? A real estate business in Singapore is subject to Property Tax, Goods and Services Tax (GST), and Income Tax. Do I need to pay Property Tax for my real estate holdings in Singapore? Yes, Property Tax is… Continue reading Filing Taxes For a Real Estate Business in Singapore
Maneuvering through Singapore’s tax system can still prove challenging, particularly for individuals and businesses unacquainted with its complexities. To assist you in remaining compliant and sidestepping unnecessary tax-related stress, we have curated a list of the ten most common tax mistakes in Singapore. By comprehending these pitfalls and adopting proactive measures, you can guarantee a… Continue reading 10 Tax-related Mistakes to Avoid in Singapore
A tax consultant in Singapore can be a valuable asset to your business, providing comprehensive expertise and guidance to navigate the complex world of taxation. In this blog, we will explore 40 essential things a tax consultant can do for you, helping you optimize your financial position, ensure compliance, and maximize tax savings. Provide Expert… Continue reading 35 Tax-related tasks that a tax consultant Singapore can do for you
