Asiabizsetup Can Assist You On Singapore Personal Filings

Taxes are among the inevitable obligations of every earning individual in Singapore. IRAS, the city-state’s taxing authorities, imposes different personal tax rates on tax residents and non-tax residents.

“Tax residents are those who are citizens and permanent residents of Singapore. Foreigners, with the exception of company local directors, who have established an occupation in Singapore may also be deemed as tax residents, and thus, enjoy progressive tax rates—from 0% to 20% based on their chargeable income,” says Raj Beng, a business consultant offering corporate solutions through Asiabiz Setup.

Whereas, non-tax residents are charged with 15% flat tax rate.

Every Year of Assessment, Tax residents earning their first income are not subject for tax deductions. Hence, tax residents earning his first S$20,000 aren’t charged with personal tax. However, on their next S$10,000 income, the tax rate is 3.5%. Going higher in amount, the first S$30,000 income is tax-free, while the next S$10,000 is taxed at 5.5% rate.

The highest personal tax rate levied upon an individual is 20%, and it is for revenues accumulated on the second time amounting above S$320,000.

IRAS prescribes that individuals whose annual earnings reached more than S$22,000 are mandated to file their personal income tax returns. Lower than this amount, there is no need for them to do the filing, unless, IRAS instructs them.

To determine the chargeable income, the total income is deducted with expenses. The difference is known as Statutory Income. It is further deducted with donations, and the difference is termed as Assessable Income. Then, it is deducted with personal reliefs, and the difference is called Chargeable Income.

Raj quotes IRAS in defining the Total Income. She says, it refers to “profits and or gains resulted from operating a business, trading, profession or vocation as a partner in a partnership or sole proprietor; profits and gains from employment; dividends, interests, investment income; rents, royalties, premiums and other revenues from properties.”

Expenses mean qualified rental-related and employment-related expenses, while Donation denotes any donations made to qualified charitable organizations, and Personal Relief signifies special personal reliefs like course fees, parent relief, earned income relief, and more.

Beng reminds that in Singapore, the deadline for submitting of personal tax return is April 15 th of every year. As this can be a daunting task, many individuals, both local and foreign find it convenient to hire a professional company to handle the filing in their behalf.

“We have dynamic accountants adept at computations of tax for personal and corporate levels,” says Raj Beng, referring to Asiabiz Setup as the solution provider of most corporate issues such as accounting, bookkeeping, annual return filing, personal annual tax return filing, and payroll management.A practicing member of the Institute of Chartered Secretaries and Administrators and Singapore Association of the Institute of Chartered Secretaries and Administrators, Rikvin provides chartered secretarial services and company registration services as well.

About the Publisher:For many years, Asiabizsetup has served the community by taking charge of Singapore company incorporation, Singapore company registration and processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.

AsiaBiz is a company that provides Singapore company setup services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services, book keeping requirements, and other compliance matters stated under the Singapore law. The company has successfully helped thousands of both local and foreign entrepreneurs form a Singapore company .

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.

For more information visit:AsiaBizSetup PTE LTDaddress: 120 Telok Ayer Street Singapore 068589phone: (65) 62426533email: sales@asiabizsetup.netwebsite: http://www.asiabizsetup.net