Filing Your Corporate Income Tax Return

Singapore serves as an attractive business hub for companies looking to expand into the emerging Asian Economy for numerous reasons, top of which include ease of setting up, attractive corporate and personal income tax rates, tax reliefs, absence of capital gains tax, and extensive double tax treaties.

Singapore adopts a territorial basis of tax – income sourced and received in Singapore is taxed on companies at the corporate income tax rate of 17%. Foreign sourced income is taxable in Singapore only when received in Singapore.

We will help you better understand a company’s’ tax filing obligations in Singapore.

Year of Assessment

Year of Assessment (“YA”) refers to the year in which income tax is calculated and charged.

Singapore taxes income on a preceding year basis. Income earned in 2019 is taxed in YA 2020.

For a company whose financial year end is December, its income from 1 January 2019 to 31 December 2019 is assessed in YA 2020. The tax filing deadline for YA 2020 tax return is 15 December 2020.

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All materials have been prepared for general information purposes only. The information presented in this document is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of the contents of this document.