Tax

Singapore Tax adopts a progressive personal tax rates, relative to an individuals amount of income.

Singaporeans whose overseas employment is for a period of at least six months in any calendar year can choose to be treated as a non-resident for the year of assessment following the year of overseas employment. Foreign income received in Singapore is not subject to tax under certain conditions.

It is mandatory under law to file for your annual personal tax returns to IRAS by 15 April of every year. IRAS diligently enforces the requirements relating to the filing of the personal tax. Please comply to avoid paying fines and/or court prosecution.

Income is assessed on a preceding calendar year basis, ending 31 December. You must File Your Annual Tax Form by 15 April of the following year. If tax return is not filed by the 15 April deadline, IRAS may raise estimated assessment. You can usually expect to receive the income tax bills from May to August.

Credence Advisory can assist you in your personal income tax filings. Our personal tax filing services include:

• Registration for new tax payers
• Preparation and filing of income tax return based on your income and determination of possible deductions and reliefs that are applicable to you
• Request for extension of deadline, if necessary
• Preparation of Form IR8A/IR21 for employees
• Tax planning as well as advice
• Year of Assessment & Basis Period
• Tax Residency & Personal Reliefs
• Source of Employment Income
• Double Taxation and Exemption
• Taxation of Different Types of Bonus
• Taxation of Allowances & Benefits-in-kind
• Taxation of Equity Gains
• Taxation of Director’s Remuneration/Fees
• Payment & Refund of Tax
• Special Schemes – NOR, Area Representative
• Employer’s & Employee’s Obligations: Forms IR8A, IR21 & B1
• Tax Compliance: IRAS Enforcement Actions on Non-Filing & Late Payment, Penalties for Negligence & Evasion
• Voluntary Disclosure