Benefits of Outsourced Accounting  |  Corporate Deadlines  |  Tax Filing Obligations
Tax Exemption Scheme for New Start-up Companies | Corporate Tax Rate
​Corporate Income Tax Rebate | GST Registration

Singapore's Accounting Services are popular among Small and Medium sized Enterprises (SMEs). Sparing some time to maintain the books for their businesses is not always possible. Bookkeeping is much like going to the dentist—no one really wants to take the time out to do it but neglecting the issue can lead to serious repercussions. For the most part, this is why business owners just want to hire someone to do it and not have to think about it themselves.
​
Devote more attention to core business operations

By outsourcing you will have the time to pursue other business opportunities and rest assured that the job will be done on-time and correctly. This will free you from the stresses of doing these tasks in-house.

Cost effectiveness

Outsourcing is the most cost-effective solution to your bookkeeping tasks. By letting an expert outside of your business take on these tasks you will only be paying for what you need.

Access to knowledge and timely advisory

Outsourcing your bookkeeping needs will give you access to an expert who will be up to date on regulatory requirements and will be fully able to make sure the job is done correctly. In addition to this you will be able to get advice from these experts on a pay-as you-go basis; never paying for more than you require.
Should your Company's financial year end as at 31 December 2015, then its corporate timeline of deadlines will look like this:

31 December 2015 - Financial Year End

31 March 2016 - Deadline to file ECI with IRAS

30 June 2016 - Deadline to hold AGM (if the last AGM has not lapsed more than 15 months / 18 months for newly incorporated companies)

31 July 2016 - Deadline to file Annual Returns

​30 November 2016 - Deadline to submit Form C/CS to IRAS
updated Feb 21, 2022

Filing Deadline

Estimated Chargeable Income (ECI): Within 3 months after each accounting year end
Corporate Income Tax Returns: 30th November for e-filing via CorpPass account.
Self-Employed Persons: 15th April for manual filing; 18th April for e-filing

Estimated Chargeable Income (ECI) Filing

ECI is an estimate of your company's taxable profits (after deducting tax-allowable expenses).

All companies are required to file an estimated of chargeable income (ECI) within 3 months after the end of each financial year (e.g.; financial year ending
30 June 2022; ECI must be filed by 30 September 2022), unless the following:
- Your company qualifies for the ECI filing waiver; or
- Your company is specifically not required to file ECI.

IRAS (Inland Revenue Authority of Singapore) will be issuing and ECI reminder letter in the last month of the financial year. 

Corporate Tax Filing

Form C-S / Form C-S (Lite) / Form C is a Corporate Income Tax Return for your company to declare its actual income.
​An overview of the types of Corporate Income Tax Returns are as follows:
Description
Form C-S
Form C-S (Lite)
Form C
Qualifying
​Companies
Singapore-incorporate companies with annual revenue of
​S$5 million or below
Singapore-incorporate companies with annual revenue of
​S$200,000 or below
All other companies
Submission of 
Supporting
​Documents
Not required to submit financial statements and tax computations.
​Not required to submit financial statements and tax computations.
Required to submit financial statements and tax computations.
Other Qualifying
Conditions
1 The company only derives taxable income at the prevailing Corporate Income Tax rate of 17%

2. The company is not claiming any of the following in the Year of Assessment (YA):
(a) Carry-back on Current Year Capital Allowance / Loses
(b) Group Relief
(c) Investment Allowance
(d) Foreign Tax Credit and Tax Deducated at Source
​1 The company only derives taxable income at the prevailing Corporate Income Tax rate of 17%

2. The company is not claiming any of the following in the Year of Assessment (YA):
(a) Carry-back on Current Year Capital Allowance / Loses
(b) Group Relief
(c) Investment Allowance
(d) Foreign Tax Credit and Tax Deducated at Source
-
Table extracted from IRAS.
updated Feb 21, 2022
This tax exemption scheme was introduced by the Singapore government to help newly set-up companies cope with its annual tax obligations. It has since been revised from Year of Assessment (YA) 2020, as other support for companies to build their capabilities have been strengthened.

Qualifying companies are entitled to tax exemptions on first S$200,000 of Chargeable Income (where any of the first 3YAs fall in or after YA 2020)
Chargeable Income
% Exempted from Tax
Amount Exempted from Tax
First S$100,000
75%
S$75,000
Next S$100,000
50%
S$50,000
Table extracted from IRAS.
The maximum exemption for each YA is S$125,000 (S$75,000 + S$50,000).

From the 4th YA onwards, all companies, including companies limited by guarantee, are eligible for partial tax exemption. The following table indicates the partial tax exemption on first S$200,000 of Chargeable Income (YA2020 onwards).
Chargeable Income
% Exempted from Tax
Amount Exempted from Tax
First S$10,000
75%
S$7,500
Next S$190,000
50%
S$95,000
Table extracted from IRAS.
The maximum exemption for each YA is S$102,500 (S$7,500 + S$102,500).
Companies are taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
updated Feb 21, 2022
Corporate Income Tax rebates are given to companies to ease their business costs and to support their restructuring. These rebates are applicable for the Years of Assessment (YAs) 2013 to 2020.

Your company’s chargeable income declared in its Corporate Income Tax Returns (Estimated Chargeable Income (ECI) and
Form C-S/ Form C-S (Lite)/ Form C) should not include the rebate as IRAS will compute and allow it automatically. 
YA
Corporate Income Tax Rebate 
Capped at 
2020
25%
S$15,000
2019
20%
S$10,000
2018
40%
S$15,000
2017
50%
S$25,000
2016
50%
S$20,000
2013 - 2015
30%
S$30,000
Table extracted from IRAS.
​A Singapore incorporated company is liable to register for GST should its Taxable Turnover exceed the threshold amount of S$1,000,000. The term 'Taxable Turnover' refers to the total local value of all Taxable Supplies made in Singapore (excluding GST) in the course for the furtherance of their businesses. Taxable Supplies refers to the Total Turnover of the following:

(1) Standard rated supply (produced and sold in Singapore) 7% GST and
(2) Zero rated supply (produced in Singapore but sold overseas)

A company may also register for GST if it expects its Taxable Turnover to exceed S$1,000,000.

When registering for GST, the Directors of the company are required to sit through an e-learning test.

The following documents must be submitted for first-time GST registration:

(1) E-Learning Certificate (80% & above passing score)
(2) GIRO Application Form
(3) Form 1 (IGS Consulting will assist to complete this form should you engage us)
(4) 3 sets of complete Sales/Purchase invoices for IRAS to gauge business activity
(5) Evidence of payment to suppliers
(6) Updated copy of Company Bizfile

IRAS may take up to 2 weeks and will advise on the effective date your company may commence billing/claiming GST.