Singapore Accounting & Tax Glossary

Singapore's national regulator for companies, public accountants, and corporate service providers. ACRA maintains the BizFile+ portal for company registration, annual returns, and filings. Every Singapore company receives a UEN on incorporation.

The most common business structure in Singapore. A private company limited by shares, requiring at least one director ordinarily resident in Singapore, at least one shareholder, and minimum S$1 share capital. Incorporated via ACRA's BizFile+ portal.

Singapore taxes resident companies at a flat rate of 17% on chargeable income. New companies benefit from the Start-Up Tax Exemption (SUTE), and all qualifying companies can access Partial Tax Exemption.

Foreign income remitted to Singapore is taxable unless it qualifies for exemption under section 13(8). Exemption applies to dividends, branch profits, and service income if the source country headline tax rate is at least 15%.

Singapore's value-added tax levied at 9% on most supplies of goods and services made by GST-registered businesses. Registration is mandatory once taxable turnover exceeds S$1 million.

Singapore residents pay progressive income tax from 0% to 24% (above S$1 million). Non-residents pay flat 24% or 15% on employment income, whichever is higher. Filing deadline: 18 April (e-filing) each year.

A tax exemption scheme for newly incorporated Singapore companies providing 75% exemption on the first S$100,000 and 50% on the next S$100,000 of chargeable income, for the first three consecutive Years of Assessment.

Tax withheld by Singapore companies on certain payments to non-resident companies or individuals. Key rates: royalties 10%, interest 15%, technical service fees 17%. No withholding tax on dividends paid by Singapore companies.

Singapore's mandatory social security savings scheme for Singapore Citizens and Permanent Residents. Employer contributes 17% and employee contributes 20% for those aged 55 and below, based on ordinary wages up to S$7,400 per month.

A mandatory levy of 0.25% of each employee's gross monthly wages, payable by all Singapore employers for all employees including foreigners. Minimum S$2 and maximum S$11.25 per employee per month. Collected via the CPF Board.

An estimate of a company's taxable income for a financial year, filed with IRAS within 3 months of the company's financial year-end. A waiver applies if revenue is S$5 million or less AND ECI is zero.

Singapore's annual corporate tax return. Form C is the full return; C-S for companies with revenue up to S$5 million; C-S Lite for revenue up to S$200,000. All due 30 November each Year of Assessment.