Tax & Accounting
CST Tax Advisors
CST Tax Advisors provides international tax advice and compliance services for individuals, family groups and businesses based in Singapore.
Whether you are an expat moving to Singapore or business entering the Singaporean market, CST Tax Advisors’ team of tax specialists and Chartered Accountants can assist with managing your tax affairs.
Tax & Accounting for Expats in Singapore
Singapore regularly features in numerous best cities to do business in lists. With it’s low tax rate and foreign concessions, the Singaporean government has positioned the country as the hub to Asia.
Key Tax & Accounting tips you should know as an expat in Singapore
- Singapore has among the lowest personal tax rates in the world which is very attractive for expats.
- You will only be taxed on the income you earn in Singapore – meaning your foreign income remains tax free while you are in Singapore.
- The country has double tax agreements with over 90 countries.
- Those working in Singapore are required to lodge an income tax return after each financial year. While you cannot claim deductions in Singapore, there are many concessions available to expats that can reduce their effective tax rate.
- Singapore has no capital gains tax but does have an additional stamp duty (on top of the base stamp duty rate) payable by foreigners purchasing property in Singapore.
Tax & Accounting for expats establishing a business in Singapore
- Singapore has no Controlled Foreign Corporation (“CFC”) legislation.
- The annual tax year in Singapore is called the Year of Assessment and generally follows the calendar year.
- All companies operating in Singapore must file two reports to IRAS each year relating to income tax by 30 November of the year following the Year of Assessment.
- The Goods and Services Tax (“GST”) is currently levied on all items other than financial services and the sale or lease of residential properties.
- Companies who are tax residents of Singapore, meaning their control and management is based in Singapore, can take advantage of a tax exemption on foreign- sourced dividends, foreign branch profits, and foreign-sourced service income.
Download the Tax & Accounting Singapore Chapter
The Tax & Accounting Singapore Chapter written by Boon Tan, CST Tax Advisors, provides further detailed information about issues you need to be aware of in regards to Business Taxes in Singapore.DOWNLOAD NOW