Tax planning, by nature, involves effective use of available and legitimate strategies to minimize tax liabilities. This could be done by either deferring your tax or to avoid tax using certain tax-break provisions. Following with several tax crimes in Singapore, including tax evasion by website operator and social escort agency, PIC Fraud from management consultancy business, tax planning is believed to be one mechanism that is of paramount importance for the tax payer in contemporary business context.
Blogs about corporation startup tips, accounting and taxation basics.
In light of the new FRS 115 revenue recognition standard that takes effect from this year onwards, practically every company, big or small, are affected in their operations and revenue reporting. Still, not everyone may not be familiar with the new standards. in 2017, less than 10% of companies are ready for the FRS 115, while 60% are undecided on approaching these changes. To prepare ourselves for the incoming changes from the new revenue recognition standard, we offer a series of articles to inform you in navigating through these huge changes. This is...the introductory guide to the new revenue recognition standards.
Singapore is well known as a prime location for global businesses looking to expand into Asia. Located right in the middle of robust and booming markets in the region, it has a highly skilled pool of labour ready to be assimilated into any organisations. To attract more businesses and investors, the government has since put forward several incentives, making it easier than ever for entrepreneurs to set up their own companies in the City State.
In Singapore, tax incentives are catered towards organisations engaging in activities that provides value to the country’s economy and technological development. Intellectual Property (IP) activities are therefore regarded as high value activities, strengthening the nation’s innovative capabilities and creating a better business environment. As such, these incentives are offering compelling reasons that continue to put Singapore on the map as a preferred location for setting up IPs.
Here are several examples where Inland Revenue Authority of Singapore (IRAS) and Singapore Economic Development Board (EDB) lend support to the improvement of IP infrastructure within the country.
Singapore remains as the top location of choice for businesses looking to register IP. Strong government support is a huge factor, especially with policies in place to assist entrepreneurs on a quest to turn “ideas into assets”. The nation’s legal system, fierce government support and a collective vision to turn Singapore into a Global IP Hub in Asia by 2020 are all great reasons that provide a pull for potential business owners and companies into the Republic.
That said, assets such as IP can tricky when migrating to “favourable tax jurisdictions ”, especially with governments issuing crackdowns on companies looking to evade tax. In the event that these IPs are undervalued, local governments could potentially issue taxes based on the value of the new assets, even if it has moved abroad to avoid hefty tax charges.
While Singapore will no doubt provide a strong global position and allows companies to operate efficiently, here are 3 essentials to consider for IP Migration into Singapore.
This article looks at the various types of payments subject to withholding tax in Singapore, as well as the applicable tax rates for non-resident individuals and companies. It also tackles the different tax refund schemes available in the city-state.
Read on to discover all you need to know about your tax responsibilities, to ensure compliance with Singapore tax regulations and avoid possible fines and penalties .
In the October release of the Real Estate Sentiment Index, an index which is devised by the Real Estate Developers’ Association of Singapore together with the National University of Singapore’s Department of Real Estate, researchers are optimistic about the present and future situation of the Singapore property market.
This year, the Committee on the Future Economy outlined key strategies for Singapore’s economic roadmap for the coming years. Among the recommendations put forward, it was noted that the country should review its tax system in order to remain broad-based, progressive, pro-growth and competitive. In this light, it is foreseen that the tax incentive regime will continue to be applicable to maintain the thriving business climate in Singapore.
Tax schemes and policies are probably the most important thing entrepreneurs want to know about when starting a business in a foreign country. While no one can make paying taxes pleasant, the Singapore government has managed to develop one of the world’s most startup-friendly environments to aid growing businesses and lure more foreign investments to the Lion City.
Settling into a new job, discovering new places, getting to know the local community – these are the thrilling aspects of relocating to a new country. Amidst the excitement of moving to Singapore, expatriates should be mindful of their administrative duties which include tax matters.
The 60 comprehensive Double Taxation Agreements (DTAs) and 7 limited ones in force answer the question why Singapore is truly a leading place to do business. With a DTA, the two treaty countries see a reduction in tax barriers for areas such as cross-border trade flows, investment and technical expertise.