Tax Advisory Services

According to the statutory requirements of the Singapore Income Tax Act, all incorporated companies are required to submit annual levy returns and Form C to the Comptroller of Income Tax.

Businesses need to consider the implications of each financial decision. With more and more businesses having operations in WFH settings and overseas, the challenges of doing business in the globalised marketplace need to be correctly addressed.

Our professionals are well versed in analysing financial and tax problems, formulating solutions and will enlighten you on the various aspects of taxes including deductions and benefits.

  • Tax Mitigation

  • Corporate Tax Consultancy Services

  • Tax Planning

 
 
 

Corporate Tax Computation & Submission

We provide a comprehensive range of corporate taxation computation & submission services:

  • Company and personal tariff compliance

  • Preparation of levy returns for Individuals, Sole proprietorship for Comptroller of Income Tax Submission

  • Preparation of levy return for Partnerships for Comptroller of Income Tax Submission

  • Preparation of Company tax return for Comptroller of Income Tax Submission

  • Filing of Estimated chargeable income

  • Applicable incentives advisement

  • GST registration with Comptroller of GST (a Company is required to register for GST purposes when you hit $1 Million in revenue for the 12 months period preceding the registration)

  • Preparation and submission of GST returns on a quarterly basis (we can assist with the registration and quarterly submission of GST filings)

 
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Corporate Tax Submission

All companies need to submit two corporate income tariff returns to IRAS every year.

  • Estimated Chargeable Income (ECI) within three months from the company’s financial year.

  • Corporate Income Tax Returns known as Form C/C-S by 15 December after the company’s financial year.

Companies are entitled to qualify for exemptions, deductions, rebates and grants. Our professionals are well versed in legally lower the tax payables, ensuring the completeness of tariff returns and filing on time to avoid incurring costly penalties.   

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Individual Income Tax

Individuals, depending on their residence and citizenship status, need to submit a completed form by 15 April every year.

Individuals are entitled to several deductions and reliefs. Our professionals are well versed to legally lowering the tariff payables, ensure the accuracy and completeness of levy returns and file on time to avoid incurring costly penalties.   

 
 
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Corporate Tax Consultancy Services

If you require help with tax-related matters, we will be more than happy to work out a simple plan with you to take advantage of Singapore’s current levy arrangements. Having a professional advise you on taxation matters can help you save plenty in the long run.

Morrison Management provides consultancy services for individuals and companies. We work closely with experienced consultants who are highly trained and knowledgeable in their field.

We provide clients with tariff advisory and consultancy services beyond their yearly computation and submission requirements, especially for companies who wish to have a proper structure and system for their submission needs.

Being more knowledgeable and aware of tariff matters can help you save by maximizing legal benefits given to you by the Inland Revenue Authority of Singapore (IRAS).

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Tax Planning

Businesses need to consider the future financial plan from a levy perspective. Planning your tariff is a legal means to help you reduce your future burden.

Planning can be crucial to most companies, as levy laws have been known to change every few years. To maximise the advantage of tariff breaks, entrepreneurs should hire experts to help optimise the company’s financials. Saving up on certain amounts can be used to reinvest into the company’s operations.

Our professionals are well versed to ensure maximum efficiency with considerations such as the timing of income and expenses, acquisition of investments, capital assets, borrowings and retirement plans.

 
 

Frequently Asked Questions (FAQ)

+ What is Singapore Corporate Tax Rate?

A company is taxed at 17%, on its chargeable income regardless of whether the company is a local or foreign company.

+ Are newly registered companies exempted from taxes?

From YA2020 onwards, newly registered companies can enjoy 75% levy exemption on the first $100,000 chargeable income for the initial 3 years, followed by 50% levy exemption on the next $100,000.

Private companies registered in Singapore can also be exempted when it has as less than 20 individual shareholders and one shareholder hold minimum 10% of the ordinary shares issued of the company.

+ Does Singapore have capital gain tax?

No, Singapore has no capital gain taxes.

+ Are there taxes on individuals for dividend payments?

Tariffs paid by companies of individuals are limited only to chargeable income. There is no tariff on dividend payments in Singapore.