Category: Tax Agent Singapore Page : 2 of 12

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

It’s important to pay taxes on time and accurately but simultaneously it is equally important to have the benefits of all the tax savings and deductions so that you can have low tax liabilities.   Do you know that there are various tax deductions available in Singapore that every taxpayer should know about? In this… Continue reading 10 Tax Deductions Every Singaporean Should Know About

Singapore is a popular destination for businesses looking to expand their operations in the Southeast Asian region.  The city-state’s business-friendly environment, world-class infrastructure, and skilled workforce make it an attractive location for entrepreneurs and corporations alike. However, with its thriving economy comes a complex tax system that can be overwhelming for business owners.  In this… Continue reading Understanding Singapore’s Tax Laws and Regulations for Businesses