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These slides provide an idea of what a director of a Singapore startup should know about how to file corporate tax and PIC. Did you know that for the first three years since incorporation, you might not need to pay any company’s taxes? Singapore government has made it easy for startups. If you don’t pay taxes, do you still need to submit nil balance papers to the tax authority? What is the process of tax filing and PIC claims if you need to do it? Read more about our event on filing company tax and PIC claims conducted at Plug-in@Blk71 on October 16th: http://futurebooks.com/blog/company-tax-pic/
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Prepared for Plug-In@Blk71
As of October 2014
FILING COMPANY TAX AND PIC CLAIMS
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LAUNCH YOUR BIG IDEA
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A brief overview of the corporate taxation process.Where does PIC fit into your tax return?Timeline: How to prepare for your taxes and get the best of your deductions?How to get your tax return out of paper to the cloud?
WHAT WE WILL COVER
SINGAPORE CORPORATE TAX
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SINGAPORE CORPORATE TAX
Top tax rate - 17%
Taxable: Income derived in / received in Singapore
0% tax on S$100,000 – first 3 years
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SINGAPORE CORPORATE TAX
Deductible: All running business expenses
No tax on capital gains & foreign sourced income
Pre-incorporation expenses
PRODUCTIVITY & INNOVATION CREDIT
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PIC SCHEME:BENEFITS
PIC CASH BACK
PIC TAX ALLOWANCE
PIC BONUS
PIC +
• Up to S$ 100,000 in 6 qualifying activities
• 3 local employees• Active business operations
Year of Assessment 2013-15• Cash bonus up to S$ 15,000• 3 local employees• Active business operations• Minimum S$ 5,000
• 400% tax deductions • S$ 400,000 / activity / year• Claim directly in the income
tax return
Year of Assessment 2015-18• Up to S$ 600,000 on six
qualifying activities instead of S$ 400,000
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PIC SCHEME:ACTIVITIES
Training
Intellectual property rights
IT and automation equipment
Patents and trade marks
Research and development
Design projects
CORPORATE TAX TIMELINE
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TAX PLANNINGTIMELINE
0 6 12 18 MONTHS
• Claim PIC• EASY Access Code• Check for bad debts
Annual Financial AccountsFile ECI
File Form C / C-S
Ensuing Novemb
er
- Business expenses- CPF for local employees
Setup GIRO for tax
Complete tax payment Revise ECI
INCORPORATION
FYE FYE+3
FYE+6
Complete accounting
12 months 5-6 months
CORPORATE TAX ON THE CLOUD
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Apply for an IRAS e-access codeActivate it via EASY Authorise yourself + tax agent / employee to manage taxes online
GET IRAS E-ACCESS CODE
XYZ PTE. LTD.
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Instant confirmation of filing
Revision of ECI is easier online
No ambiguity regarding filing dates
Data can be retrieved in the future
FILE ECIONLINE
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FILE TAX ONLINE
Extended due dates – 15 Dec
Instant confirmation of filing
Easy to use interface with detailed notes
Data can be retrieved in the future
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TERMS OF USE
Restrictions on Use of Contents1. Except as otherwise provided, the Contents of this Document shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way, without the prior permission of FUTUREBOOKS SINGAPORE PTE LTD. To use any parts of the Contents of this Document, the user must seek permission in writing, stating the c Contents for use; intent of use; manner of use; time frame of use and identity of the user. FUTUREBOOKS SINGAPORE PTE LTD reserves the right to refuse permission without declaring reason(s); and/or if information submitted by user is deemed insufficient.2. You may view, download and print the Contents if:(a) the Contents are used for non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and(b) no alterations, additions or modifications of the Contents are made in any way(c) due acknowledgement is given to “FUTUREBOOKS SINGAPORE PTE LTD” and citing the sources for the relevant data extracted.3. Modification of any of the Contents or use of the Contents for any other purpose will be a violation of FUTUREBOOKS SINGAPORE PTE LTD ‘s copyright and other intellectual property rights. Graphics and images on this Document are protected by
copyright and may not be reproduced or appropriated in any manner without written permission of FUTUREBOOKS SINGAPORE PTE LTD.4. Any request to otherwise reproduce the Contents from this Web Site for publication or commercial use should be addressed to: [email protected] of Warranties and Liability5. The Contents of this Document are provided on an “as is” basis without warranties of any kind. To the fullest extent permitted by law, FUTUREBOOKS SINGAPORE PTE LTD does not warrant and hereby disclaims any warranty:(a) as to the accuracy, correctness, reliability, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents of this Document;(b) that the Contents available through this Document or any functions associated therewith will be uninterrupted or error-free, or that defects will be corrected or that this Document and the server is and will be free of all viruses and/or other harmful elements.6. FUTUREBOOKS SINGAPORE PTE LTD shall also not be liable for any damage or loss of any kind caused as a result (direct or indirect) of the use of the Document, including but not limited to any damage or loss suffered as a result of reliance on the Contents contained in or available from the Document.
