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• Country: Singapore
• Services: Tax - Accounting
• Rating Count: 32
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Navigating taxes can be challenging, but understanding tax rebates and exemptions available for your company in Singapore is key to smart financial planning.

In 2025, Singapore’s corporate tax system is packed with opportunities, offering tax breaks and incentives to help businesses thrive and grow.

This guide explains the essentials—how corporate tax exemptions work, the current tax rates, and the specific schemes and rebates that can give your business a financial edge in Singapore.

What are the corporate tax exemptions available in Singapore?

Overview of Corporate Tax Exemption Schemes

Singapore's corporate tax framework offers several powerful tax exemption schemes that provide significant relief to businesses. 

These schemes aim to lower costs, encourage investment, and fuel economic growth. 

The primary corporate tax exemption schemes include the Partial Tax Exemption Scheme (PTE)  and the Start-Up Tax Exemption Scheme (SUTE).

Both are particularly beneficial for new and small to medium enterprises (SMEs), allowing them to retain more income for reinvestment and growth.

Your business can set a strong foundation for long-term success by taking advantage of these exemptions.

Eligibility criteria for tax exemptions

To qualify for corporate tax exemptions in Singapore, businesses must meet specific eligibility criteria outlined in the Income Tax Act of 1947.

These requirements are:

• The company is incorporated in Singapore with ACRA;
• The company is a tax resident in Singapore for the examined year of assessment;
• The income must come from Singapore-based sources or foreign income brought into Singapore;
• The company must have core income-generating activities (CIGA).

For the start-up tax exemption scheme, not all new start-up companies qualify for Singapore's start-up tax exemption scheme. Exclusions apply to:

1. Companies primarily engaged in investment holding.
2. Companies involved in property development for sale, investment, or both.

To qualify, the company must:

• Be incorporated in Singapore;
• Be a tax resident in Singapore for the relevant Year of Assessment (YA);
• Have no more than 20 shareholders, where:
  • All shareholders are individuals, or;
  • At least one individual owns 10% or more of the issued ordinary shares.

These rules ensure targeted support for genuine business activities and for the vast majority of small and medium business owners in Singapore which make up 99% of the business landscape.

Types of tax exemptions for companies

Singapore offers two key corporate tax exemptions to help businesses save on taxes:

1. Partial Tax Exemption Scheme: For the Year of Assessment 2020 onwards, all companies (including companies limited by guarantee ) get a full tax exemption on the first SGD 10,000 of chargeable income and a 50% exemption on the next SGD 190,000.
2. Start-Up Tax Exemption Scheme: or the Year of Assessment 2020 onwards, qualifying new companies can enjoy tax exemptions on up to SGD 100,000 of chargeable income for their first three consecutive years.

How to claim tax rebates in Singapore?

Overview of the CIT Rebates 2025

In addition to tax exemptions, you can benefit from the CIT rebates that further reduce your tax liability.

To support businesses facing rising costs, the Budget 2024 introduced a 50% CIT Rebate for all tax-paying companies, whether tax residents or not, for YA 2024. 

• CIT Rebate: Companies will receive a 50% rebate on their corporate tax payable, capped at $40,000.
• CIT Rebate Cash Grant: If a company employs at least one local employee in 2023 (meeting the "local employee condition"), it will receive a $2,000 cash grant. This means companies that meet this condition will get a minimum benefit of $2,000.

How to know if your company qualifies for the CIT Rebate?

• If the CIT Rebate is ≤ $2,000: No CIT Rebate is granted.
• If the CIT Rebate is> $2,000, the rebate is capped at $40,000, but the $2,000 cash grant is subtracted from the total rebate.

To qualify for the CIT Rebate Cash Grant, a company must meet the local employee condition, which means the company has made CPF contributions to at least one local employee (Singapore Citizen or Permanent Resident) in 2023. This does not include shareholders who are also directors.

The grant will be automatically provided to eligible companies by 25 August 2024, including registered business trusts and variable-capital companies that meet the condition.

How to claim the CIT Rebates?

IRAS automatically calculates the CIT Rebate based on the company’s Form C-S/ Form C-S (Lite)/ Form C submitted. The CIT Rebate will not be included if a company’s Estimated Chargeable Income (ECI) has been assessed. If the tax assessment has already been finalized, IRAS will issue an amended notice by 31 August 2024.

What is the difference between a Singapore CIT rebate and CIT exemptions?

In Singapore, Corporate Income Tax (rebates and exemptions are both designed to help businesses pay less tax to use the profits for reinvestment. Howerver, they work in different ways. 

The table below will clarify the difference between these 2 tax reliefs.

How can Global Link Asia Consulting help you apply for your Singapore-incorporated company’s tax exemption?

With 10 years of experience as an expert in company formation in Singapore, helping hundreds of local nad foreign entrepreneurs thrive in the Lion City, we know what business owners need to grow sustainably.

Applying for Singapore’s start-up and partial tax exemption is simple. 

Here’s what you need to do:

1. Apply to the Inland Revenue Authority of Singapore (IRAS).
2. Provide supporting documents, including:
   • Proof of incorporation.
   • Shareholder details.
   • Financial statements showing the company’s income.

Ensure all information is accurate and complete to avoid delays. Once approved, the exemption will appear in your tax assessment, offering immediate savings for your business!

If you are new to the Singapore business landscape and already have a strategic plan to do business here, we offer the following support as your trusted expert partner:

• Register a company in Singapore;
• Open a corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in Singapore;
• Apply for Singapore business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

FAQs about Singapore company tax exemptions and tax rebates

• Rating Count: 31
• Rating Value: 5

With competitive tax rates, a robust network of tax treaties, and various incentives, it’s no wonder that Singapore is a top destination for businesses. 

In this guide, we will provide an in-depth look at Singapore’s corporate income tax system, covering everything you (Singapore residents and non-residents who carry on a business in Singapore) need to know to stay compliant and maximize your tax efficiency.

Introduction to the Singapore Corporate Income Tax

As per the Income Tax Act, Singapore corporate tax operates on a territorial basis. This means companies are taxed only on income earned and received in Singapore or income remitted to Singapore from abroad.

The current corporate tax rate is 17%, the second lowest in the South Asia region (after the Hong Kong tax scheme), making Singapore highly attractive for businesses.

This low tax rate is further enhanced by various exemptions and rebates, allowing businesses to significantly reduce their effective tax burden.

For companies planning to operate in Singapore, understanding these features is essential to take full advantage of the tax regime.

Corporate tax rates and taxable income

Corporate tax tate

Singapore’s standard corporate tax rate is 17%. However, many companies end up paying less due to tax exemptions and rebates.

Taxable icome

Taxable income refers to the income that is subject to tax. It includes profits from trade, business, or professional activities. Common sources of taxable income include:

• Revenue from goods and services.
• Rental income from property.
• Gains from the disposal of assets, if considered trading income.

Exemption for foreign-source income

One unique feature of Singapore’s tax system is the exemption for foreign-sourced income.  Foreign income is not taxed unless it is remitted to Singapore. This allows businesses with international operations to optimize their tax obligations.

Tax residency and its implications

What is a Tax-Resident Company?

A company is considered a tax resident in Singapore if its control and management are exercised in Singapore.

For example, if you have a company incorporated in Singapore, manage your company in Singpapore or overseas, and every year, you hold a board meeting where key decisions are made online from other countries or offline for your Singapore, the Singapore company is considered a tax-resident company.

Implications of tax residency

Being a tax-resident company comes with several advantages.

For example, resident companies can access Singapore’s extensive network of tax treaties, which helps reduce withholding taxes on cross-border transactions.

Additionally, certain foreign-sourced income may qualify for tax exemptions if specific conditions are met.

Singapore tax incentives for companies

Companies as a tax resident in Singapore is qualified for a variety of tax incentives available.

2 most popular tax exemption schemes are

Start-Up Tax Exemption Scheme

Singapore economy is comprised of 99% of small and medium companies and start-ups. They are a vital component of a successful Singapore economy. 

To help them thrive, Singapore allows newly incorporated company qualifies for the tax exemption benefit from this scheme.

For example, if your Singapore company earned a taxable income of 300,000 SGD, you only pay tax for the first 25,000 SGD, the next 50,000 SGD, and the final 100,000 SGD. The tax payable is SGD 29,750

Use our easy-to-use, accurate Singapore corporate tax calculator to check exactly the amount of tax you need to pay.

Partial Tax Exemption Scheme

In addition to the start-up tax scheme, small and medium companies operating for more than 3 years can earn benefits from the Partial Tax Exemption Scheme

For example, if your Singapore company earned a taxable profit of 300,000 SGD, you only pay tax for the first 10,000 SGD, the next 190,000 SGD, and the final 100,000 SGD. The tax payable is SGD 33,575.

This means that smaller companies often pay a much lower effective tax rate than the headline tax rate of 17%.

Industry-specific Incentives

Singapore also offers targeted incentives to promote growth in key sectors. Examples include:

• Pioneer Certificate Incentive: Full tax exemption for up to 15 years for pioneering industries.
• Development and Expansion Incentive: Reduced tax rates for companies expanding their operations.
• R&D Tax Incentives: Enhanced deductions for research and development activities.

Filing requirements and deadlines

Annual filing obligations 

Every year, companies must file corporate income tax returns to IRAS at different time periods: the Estimated Chargeable Income and Form C-S/C-S (Lite)/C. The tax payable is calculated in the year of assessment.

1. Filing Estimated Chargeable Income (ECI) within 3 months of the end of the financial year.
2. Submitting the Form C-S/C by 30 November (for paper filing) or 15 December (for e-filing).

Estimated Chargeable Income (ECI)

What is an ECI?

The ECI is an estimate of your company’s taxable profits for a YA. It needs to be filed within three months from the end of the financial year (i.e. if your financial year ends on 31 December 2024, the ECI has to be filed by 31 March 2025).

Companies who qualify for the ECI filing waiver need not file the ECI. This includes companies who meet both requirements of having an annual revenue of S$5 million and below and whose ECI is nil for the YA. In other words, they should not have any taxable profits (calculated by their annual revenue after deducting tax-allowable expenses).

Do note that the ECI filing waiver is based on self-assessment. Your company’s ECI filing status on IRAS’ website may still reflect ‘Ready to File’ even if you qualify for the waiver. According to IRAS, there is no need to seek confirmation or inform them of the waiver as long as both conditions are met.

How to file ECI?

You must first be authorized by your company to act for its CIT matters via Corppass. Once authorized, log into the MyTax Portal and select the ‘Business Tax’ section. Using Singpass, you can choose to file the ECI  and follow the instructions provided.

If you have filed the ECI, you will typically receive the Notice of Assessment (NOA) within seven days after filing. Note that no NOA will be issued if a nil ECI is filed.

Remember that if you're not sure what to do, you can count on Global Link Asia Consulting to help you file on time

Form C-S/C-S Lite/C

What is a form C-S/C-S Lite/C?

Form C-S/C-S (Lite)/C is a CIT Return for declaration of your company’s actual income. As compared to the ECI, it goes into much deeper detail of your company’s finances. Taking this into account, companies will also have more time to file these forms. The due date for these forms is on 30 November of the YA.

This means that if you were to close your financial year in 2024, the Form will need to be submitted by 30 November 2025.

The three forms differ in level of complexity and each has a different criteria to determine which form a company has to file, depending on their annual revenue and other conditions. 

Companies with an annual revenue of $5 million and below will use Form C-S, while companies with an annual revenue of $200k or below will use Form C-S (lite).

All other companies that do not meet the above criteria will need to file Form C.

Submission criteria for Form C-S, Form C-S (Lite) and Form C (Image: IRAS)

How to file C-S/C-S Lite/C?

You must first be authorized by your company to act for its CIT matters via Corppass. Once authorized, log into the MyTax Portal and select the ‘Business Tax’ section. Using Singpass, you can choose to file Form C-S/C-S (Lite)/C and follow the instructions provided.

For Form C-S/C-S (Lite)/C submissions, the NOA will be issued by 31 May of the following year. For example, if you file the Form in November 2024, you can expect the NOA by May 2025. Tax payments must be made within one month from the NOA date.

Remember that if you're not sure what to do, you can count on Global Link Asia Consulting to help you file on time

It is crucial to file the CIT return on time, as late filing is considered an offense and may result in penalties or summons. Ensure timely compliance to avoid unnecessary complications.

Penalties for late filing

Late filing can result in fines ranging from SGD 200 to SGD 1,000, depending on the severity of the delay. In some cases, legal action may also be taken. To avoid these penalties, it’s important to stay on top of deadlines.

How can Global Link Asia Consulting help you calculate your company tax and file tax returns?

Whether you’re a start-up or an established corporation, taking the time to understand the tax system can save your business significant costs.

For complex tax matters, consulting a tax professional like Global Link Asia Consulting is highly recommended. 

Simplify your finances with our dedicated accounting for your Singapore company: Online bookkeeping, timely tax filings, and fast expert support at a cost-effective price.

We help hundreds of entrepreneurs who place their trust in us and transfer from another service provider to Global Link Asia Consulting simply for how professional and customer-centric we are.

• Cost-effective tax-accounting services for your Singapore company
• QuickBooks Consulting and Licensing.
• Timely tax filings
• Consultation on how to best tackle Singapore tax treaties and incentives.

FAQs about Singapore corporate income tax and tax rate

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Running effective Google Ads campaigns often requires streamlined payment options. 

For businesses managing multiple advertising campaigns or operating at scale, transitioning from pre-payment to post-payment through Google Ads Invoice offers several advantages. 

Global Link Asia Consulting will provide a concise guide to opening a company in Hong Kong to facilitate Google Ads Invoice payments, highlighting the benefits and steps involved.

What is Google Ads Invoice?

Google Ads Invoice allows businesses to receive monthly invoices for their advertising expenses on Google Ads

Unlike pre-payment or threshold-based post-payment accounts, Google Ads Invoice offers the flexibility to run campaigns first and settle payments later. This option is particularly suitable for:

• Businesses managing high volumes of campaigns.
• Agencies providing Google Ads services.
• Companies meeting Google’s policy criteria for Invoice accounts.

Benefits of Google Ads Invoice vs. Google Ads Standard Accounts

Why should you opt for a Google Ads Invoice account? This option offers unique benefits compared to standard Google Ads accounts, including pre-payment and threshold post-payment models. Our comparison table below will illustrate the advantages:

Why should you register a Hong Kong company for Google Ads Invoice?

Opening a company in Hong Kong offers unique advantages for businesses seeking to open a Google Ads Invoice account.

These unique advantages are:

Tax optimization:

• 0% VAT or sales tax on Google As, Social Ads expenses.
• 0% withholding tax on dividends or interest;
• Offshore profits are tax-exempt;

Affordable, fast incorporation

• Companies can be registered within 2-3 business days with complete documents
• Low maintenance costs;
• Lower company upkeep expenses compared to other countries like Singapore, the US, Canada, etc.

Banking flexibility

• Easy to open bank accounts with traditional banks or digital banks in Hong Kong or abroad (e.g., Singapore, USA);
• Seamless international transactions for Google Ads payments.

How can you incorporate a Hong Kong company for Google Ads Invoice?

We can help you set up a company in Hong Kong at a much lower cost with our easy 5-step support:

• 1

  Step 1: Choose a company type

• 2

  Step 2: Name your company

• 3

  Step 3: Register with HK auhoritiess

• 4

  Step 4: Obtain certification

• 5

  Step 5: Open a bank account

How to register for Google Ads Invoice feature with your Hong Kong company?

Once your Hong Kong company is set up, follow these steps to apply for a Google Ads Invoice account:

Why partner with Global Link Asia Consulting to help you set up your Hong Kong company?

With 10 years in business and helping thousands of entrepreneurs opening and running their company overseas successfully,  we provide comprehensive support throughout the registration process, ensuring a smooth and hassle-free experience for aspiring entrepreneurs like you.

• Help you choose the right company type and compare name;
• Prepare the necessary documents for registration;
• Submit documents to the Hong Kong government on your behalf;
• Support in opening your business bank accounts;
• Open a corporate bank account in Singapore with a 99% success rate;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe, and PayPal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

FAQs about opening a Hong Kong company for Google Ads Invoice

• Services: Digital bank account, Traditional bank account
• Rating Count: 31
• Rating Value: 5

 Whether you're an individual looking to open a personal savings account or a business owner managing cross-border payments with a business account, Singapore offers an array of banking options that cater to diverse needs.

This guide will break down the top banks in Singapore, and what to consider when choosing the best bank for your personal or business needs.

What are the best Singapore banks?

The Monetary Authority of Singapore (MAS) is the government agency that oversees banks' licensing and operations. Under its supervision per the Banking Act of Singapore, the banking sector is well-diversified, allowing different types of banks to serve various needs—from local consumers to multinational corporations.

MAS licenses banks under different categories based on their capacities and roles in the market. A bank must have a license from MAS to operate as a legal bank.

The 6 licenses are Full bank license, Wholesale bank license, Merchant Bank, Qualifying Full bank license and Digital bank license. In addition, financial institutions may hold more than one license.

Full Banks

• License overview: Full banks are authorized to provide the most comprehensive range of banking services, including retail banking, corporate banking, and investment services.
• Best full banks: The three major full banks in Singapore are DBS, OCBC, and UOB, all of which are locally incorporated.
• Capabilities: Full banks can operate an unlimited number of branches and ATMs, offer checking, savings, and multi-currency accounts, and provide credit facilities. They are also allowed to handle both domestic and international transactions.

Wholesale Banks

• License overview: Wholesale banks focus primarily on corporate and institutional clients rather than individual retail customers. While they have fewer consumer-facing services, they play a significant role in international finance and capital markets.
• Best wholesale banks: Some of the well-known wholesale banks in Singapore include HSBC, Standard Chartered, and Citibank.
• Capabilities: Wholesale banks can engage in almost all forms of banking but do not operate many retail branches or ATMs. Their services include corporate loans, foreign exchange, and investment banking.

Merchant Banks

• License Overview: Merchant banks play a critical role in Singapore’s financial landscape, offering specialized services tailored to corporate and high-net-worth international clients.
• Best merchant banks: Examples of offshore banks operating in Singapore include BANK OF AMERICA SINGAPORE LIMITED BANK OF AMERICA SINGAPORE LIMITED
• Capabilities:  These banks operate under specific licensing rules and are vital for global investments, wealth management, and corporate financing.

Qualifying Full Banks (QFBs)

• License overview: These banks enjoy the same operational flexibility as full banks but have more restrictions on the number of branches and ATMs they can operate. They are typically foreign banks that have been granted additional privileges in Singapore to compete with local banks.
• Best qualifying full banks: Standard Chartered, Maybank, and Citibank are some of the foreign banks that hold QFB licenses.
• Capabilities: QFBs can offer a full range of financial services but often partner with local ATM networks to provide better access to cash for customers. They are a hybrid between full and wholesale banks, capable of serving both corporate and retail markets to a certain extent.

Digital Banks

• License overview: MAS introduced a digital banking framework in 2020, allowing digital-only banks to operate without physical branches. These banks cater to tech-savvy individuals, and SMEs by offering services exclusively through digital platforms.
• Best digital banks: GXS Bank, ANEXT, and MariBank are among the new digital banks that focus on retail and SME banking in Singapore.
• Capabilities: Digital banks offer the convenience of 24/7 online banking with lower fees and minimum deposits, but they have fewer services compared to traditional full banks, such as wealth management or extensive investment products. Most digital banks only offer services to Singapore citizens with a SingPass account.

What are the best digital bank alternatives in Singapore for business accounts?

Singapore, Southeast Asia's fintech hub, hosts 40% of the region's financial technology firms, according to the SGX Market Updates,  making it a thriving ecosystem for businesses seeking innovative digital-first banking solutions. 

 Finance companies operating in Singapore are regulated under the Finance Companies Act and must hold appropriate licenses such as the Major Payment Institution License (MPI), Standard Payment Institution License (SPI), or Money Changing License. These licenses are specific to their permitted banking activities, which include:

• Deposit-taking: Accepting deposits from individuals or businesses and transferring money
• Lending: Providing loans to individuals, SMEs, or corporations.

These digital bank alternatives make it easy for foreigners to open a bank account in multi-currency and deal with cross-border payment more easily without the hassle of money transfers from traditional banks.

Popular fintech business accounts in Singapore are:

What to consider when choosing the best bank for your personal or business needs?

When choosing the best bank for your personal or business needs, there are several additional features to consider beyond just interest rates or fees. 

Here are our banking tips from the experts of Global Link Asia Consulting on key factors to guide your decision:

How can we help you open a bank account in Singapore with ease?

With more than 10 years of helping thousands of cases successfully, we specialize in helping individuals and businesses open a bank account in Singapore. 

Our services are valuable for non-residents and businesses seeking offshore banking solutions, saving you time and minimizing administrative hurdles.

• Recommend the right bank and the right bank account for your need
• Support you in opening a reliable, trusted digital bank account or traditional bank account;
• Prepare necessary documents for account opening;
• Schedule an appointment with a Singapore bank representative;
• Monitor and assist in opening personal bank accounts (physical and digital) for clients in Singapore.

Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you

• Register a company in Singapore;
• Open a corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in Singapore;
• Apply for Singapore business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

FAQs about Singapore banks

• Country: Singapore
• Services: Company formation
• Rating Count: 39
• Rating Value: 5

As the main tax authority in Singapore, the Inland Revenue Authority of Singapore (IRAS) plays a central role in the nation’s financial system.

Whether you're a local or foreign entrepreneur, a corporate executive, or an individual taxpayer, understanding how to navigate IRAS can save time, money, and potential legal troubles.

This guide will explain IRAS, its key functions, and the practical steps businesses can take to work effectively with this government agency.

What is IRAS?

Established in 1992 under Singapore’s Ministry of Finance via the Inland Revenue Authority of Singapore Act 1992, IRAS is the government agency responsible for:

• Collecting, and assessing taxes;
• Enforcing tax policies, and;
• Handling programs that provide payments or benefits to businesses.

The revenue collected funds critical public services such as healthcare, education, and infrastructure development. 

By ensuring a steady flow of funds with digital transformation program and steady effective inspection activities, IRAS helps Singapore maintain its high-quality living standards and infrastructure.

For instance, in the 2023/2024 financial year, Singapore's tax revenue reached an impressive US$80.3 billion, growing by 17% compared to the previous year.

IRAS roles and resposibilities

IRAS structure

IRAS handles both individual and business matters in a variety of taxes, so it is organized into specific departments 

• For individuals (Singapore citizens, foreigners);
• For companies (Local companies and foreign companies) and;
• For different taxes (GST, corporate tax, personal tax, property tax, international tax, etc).

Knowing this structure helps you gain a clear vision of the roles and responsibilities of IRAS and how your company can work with IRAS.

IRAS roles and responsibilities

Even though IRAS has many departments with each responsible for a specific role and responsibility, its two main roles are:

- Collecting all types of taxes;

IRAS is responsible for collecting

• Personal income tax and corporate income tax;
• Good and Service tax if your company revenue surpasses 1 million SGD;
• Property Tax is based on the rental value of properties;
• Stamp duties for property transactions, property-holding entities, and shares;
• Other taxes: Withholding Tax, Trust Tax, Estate Duty, Private Lotteries Duty, Betting/Sweepstake Duties, Casino Tax.

The revenue collection of IRAS by tax type in the financial year 2023/2024

- Advising the government on tax matters.

IRAS serves as the government’s main tax advisor with the key functions being:

• Drafting tax policies and assisting with tax legislation.
• Developing tax treaties, like double taxation agreements (DTAs) with nearly 100 countries, prevents dual taxation.

How can your company work with IRAS?

Staying compliant with IRAS is essential for businesses and individuals to avoid penalties and ensure smooth operations.

Here’s a comprehensive guide on your responsibilities, how to connect with IRAS for tax purposes, and the resources available for support.

Staying compliant with IRAS is essential for businesses and individuals to avoid penalties and ensure smooth operations.

Here’s a comprehensive guide on your responsibilities, how to connect with IRAS for tax purposes, and the resources available for support.

For individuals dealing with IRAS

Individuals are notified to file their tax returns via SMS, email, or letter. Their duties are:

• Submit accurate and timely income tax returns;
• Maintain proper documentation of income, expenses, and deductions for at least 5 years;

Filing can be done:

1. Online via myTax Portal: Log in using your SingPass credentials or get support from a registered agent like Global Link Asia Consulting if you are a foreigner.
2. Paper filing: Submit by April 15 each year.

For companies dealing with IRAS

Companies in Singapore have responsibilities for staying compliant with IRAS. The main annual duties are:

• Submit Estimated Chargeable Income (ECI) within three months of the financial year-end;
• Prepare financial statements in accordance with the Singapore Financial Reporting Standard (SFRS). and maintain documents for 5 years;
• File tax returns on time E-file Form C or Form C-S by November 30 2024 for YA filing;
• For companies earning over S$1 million annually, quarterly GST returns are required;
• Individuals working in Singapore must file their personal tax returns via the myTax Portal;
• Ensure full and prompt payment of all tax liabilities.

Filing can be done 

1. Online via myTax Portal: Log in using your CorPass credentials or get support from a registered agent like Global Link Asia Consulting;
2. Accounting software approved by IRAS like QuickBooks Online, InvoiceNow for GST filing, and One-Stop Payroll.

How you can contact IRAS?

If you want to contact IRAS for support, you can get in touch via

1. Business hotline: For corporate tax and GST queries, call +65 6356 8018;
2. Email support: Use the contact form available on IRAS’s website for detailed queries;
3. Website: Use the page Contact Us to get specific answers to your questions;

1. IRAS bot: IRAS’s AI chatbot on their website assists with common questions 24/7.

IRAS bot to support enquiries

IRAS solutions help businesses save time and effort

Digital tools

RAS) is continually investing in digital solutions to help businesses simplify their tax processes. By working closely with software providers and stakeholders, IRAS has developed advanced Application Programming Interfaces (APIs) that allow businesses to manage their tax obligations directly from their accounting and payroll software.

So far, over 120 software providers and agents have partnered with IRAS to create 46 unique software products that simplify tax filing and payments for businesses in Singapore.

Businesses can now easily report employment and payroll data through a single payroll management software (The One-Stop Payroll). This initiative helps businesses save time, ensure accurate reporting, and meet deadlines efficiently.

Support programs

For the fiscal year 2023/24, IRAS allocated approximately USD 2.3 billion to support businesses, workers, and employment initiatives.

These initiatives ensure that businesses have access to the financial support and resources they need to thrive while complying with IRAS regulations.

How can GLAC help you stay compliant with IRAS?

Staying compliant with IRAS can be a complex task for businesses and individuals alike. Global Link Asia Consulting offers expert assistance to navigate IRAS's processes and ensure your business meets all regulatory requirements.

We can help:

• Prepare complete financial statements;
• Assist with audits;
• File your personal, corporate, GST, withholding tax returns on time and more;
• Work with IRAS for disputes regarding tax assessments or penalties;
• Remind you of important deadlines;
• Update you with the newest regulations from IRAS;
• Optimize your tax with government grants and policies;
• Address late submissions, reduce penalties, and negotiate extensions or payment plans

FAQs about IRAS