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Taxation Services Singapore

Corporate Tax Services

Navigate through complex corporate tax requirements

Are you looking for experienced accountants that will help you navigate through complex taxation requirements? Terra Advisory offers taxation services in Singapore.

All companies in Singapore must submit tax returns to IRAS on an annual basis using the financials from the preceding year as the basis for filing. Terra Advisory can assist you with both the computation of tax due, including any allowances or credits applicable, and with submission in line with statutory requirements.

A business is considered to be a tax resident in Singapore if it is controlled and managed in the country.

Resident companies also enjoy benefits such as follows –

  • Startups are exempt from taxation for up to three years
  • Foreign sourced service income, branch profits and dividends are exempted from tax
  • Protection from double taxation under certain agreements

Accounting processes are an integral aspect of any corporate structure. However, most companies are understaffed and look for better ways to manage increased pressure on accounting professionals.

Why Us?

Terra Advisory can help you control tax accounting issues better and allow you more time to focus on strategic operational aspects of your business.

We guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

Our professional tax accountants are experienced in providing consultations to a range of businesses and corporate requirements in Singapore.

We provide Singapore-based companies with the following corporate tax services:

  • Preparing and filing company income tax returns and tax computations
  • Assisting clients with withholding tax compliance
  • Working closely with the company in responding to queries raised by IRAS
  • Assisting clients with tax investigation and/or tax audit issues
  • Representing clients on tax objections and disputes
  • Assisting clients to voluntarily disclose errors / negligence to the IRAS
  • Reviewing corporate tax matters for due diligence purposes
  • Assisting clients with corporate tax planning locally and internationally to maximise tax efficiencies
  • Applying for local tax incentives and advance tax rulings

Taxation in Singapore is done on a territorial basis which means that both companies as well as individuals are taxed on sourced income in the country. Foreign sourced income will be taxed when it is remitted unless income is already subjected to taxes in jurisdictions with tax rates of 15%. The corporate tax rate is capped at 17% in Singapore in order to attract foreign investments.

Terra Advisory adopts a holistic and organized approach to corporate taxation issues. We provide valuable accountancy consultations in jurisdictions where you do business. Let us help you transform your tax departments and streamline your taxation processes.

What We Do

Terra Advisory is committed to assist businesses in fulfilling their tax compliance obligations, while identifying company tax risks and tax planning opportunities that may arise.

  • Preparation and Filing of Estimated Chargeable Income (ECI)
  • Company Tax Preparation
  • Corporate Tax Computation & Corresponding Tax Schedules
  • Compliance with the IRAS (Filing of Year End Annual Tax Returns)
  • Handling of queries from IRAS

In addition, we help our corporate clients address complex issues such as –

  • Uncertain tax positions
  • Deferred tax
  • Tax accounting related to specific situations such as stock based compensations
  • Tax planning and restructuring
  • Value chain management
  • Mergers and acquisitions

Avoid Double Taxations

A Singapore tax resident company may be taxed twice if it relies on foreign income. The taxation is done overseas and again when the income is remitted to the country. For situations such as these, the IRAS (Inland Revenue Authority of Singapore) imposes FTC (Foreign Tax Credit). This scheme allows such companies to claim credit for taxes paid in the foreign countries that they do business with. Two types of relief can be claimed under this scheme–

UTC (Unilateral Tax Credit)

This can be claimed on foreign tax that is paid by residents in Singapore in countries where the country does not have Double Tax Agreements (DTA).

DTR (Double Tax Relief)

DTAs or Double Tax Relief makes trade across borders cheaper for firms that are based in Singapore. This scheme helps such businesses prevent double tax scenarios.

Let the professionals at Terra Advisory help you acknowledge and process complex tax requirements with ease. The management of complex transactions may be simple at first but they are bound to become more complex in time especially when your business starts to grow. We have a wealth of knowledge that addresses all industries and jurisdictions in Singapore.

Contact Us

We offer a variety of corporate taxation services in Singapore. Our professional tax consultants will analyze and review your business’s unique financial position. This allows Terra Advisory to personalize consultations according to unique business objectives. We will tailor a business taxation plan according to your goals and budgetary requirements.