MJMA PAC
MGI JASON MAH
& ASSOCIATES™
CHARTERED ACCOUNTANTS (SINGAPORE)
TAXATION
We provide both advisory and planning services in areas of tax and finance for individuals as well as corporate clients.
Our tax expertise concentrates on tax compliance in Singapore. We act as tax agents and manage all aspects of taxation regulations, relevant to each client, to achieve the lowest taxation costs without forfeiting compliance requirements.
Taxation services include:
Preparation and filing of GST quarterly returns.
Goods and Services Tax (GST) registration/deregistration, and compliance.
Preparation of tax computation and liaising with the tax authorities on behalf of the client.
Income tax planning and management for corporations and individuals.
Preparation and filing of Estimate Chargeable Income (ECI) and yearly tax returns.
*Tax information
- In Singapore, a company is taxed on the income earned in the preceding financial year. This means that income earned in the financial year 2014 will be taxed in 2015. The current prevailing corporate income tax rate is 17%.
- Singapore does not impose taxation on capital gain.
Basis Period and Year of Assessment
- In tax terms, using the same example as above, 2015 is the Year of Assessment (YA). In other words, the YA is the year in which your income is assessed to tax.
- To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year. This financial year is known as the “basis period”.
- The basis period is generally a 12-month period preceding the YA.