Tax / GST

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Why choose Mi2uContact Us

Stressed up with the complex reporting of income, expenses, taxes and GST?

All companies are required to declare their income and expenses accurately in their tax returns, which can be tedious and daunting for business owners. Here at Mi2u, we understand the difficulties in tax filing and we are here to provide support to your business.  We aim to file tax returns promptly to avoid incurring costly penalties.

What are your full range of taxation services?

Our full range of taxation includes

  • Corporate tax compliance and return preparation
  • Expatriate tax services
  • Partnership and personal tax filing
  • GST filing and compliance
  • Optimising the use of tax incentives and exemptions
  • Withholding tax services
How much does IRAS levies on Corporate Tax?

The IRAS (Inland Revenue Authority of Singapore) levies a corporate tax on income earned in Singapore at 17%.

How much does IRAS levies on Capital Gains and Inheritance?

No Capital Gains tax and Inheritance tax are levied in Singapore.

What is GST?

Goods and Services Tax (GST) is similar to the Valued Added Tax (VAT) in other countries.  It is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore.  It is currently tax at 7%.

The Inland Revenue Authority of Singapore (IRAS) acts as the agent of the Singapore government and administers, assesses, collects and enforces payment of GST.

What does GST mean for a Singapore company?

It means that if you are GST registered, you are required to collect GST tax from your customers for the goods and services rendered by you and then pay the tax collected to Tax Authorities.

Is my company required to register for GST?

GST is a self-assessed tax and businesses are required to continually assess the need to be registered for GST.  GST registration falls into two categories:

  • Compulsory registration
  • Voluntary registration.

 Compulsory registration

 Registering for GST is compulsory when

  • The turnover of your business is more than 1 million SGD for the past 12 months known as the retrospective basis

 OR

  • You are currently making sales and you can reasonably expect the turnover of your business to exceed 1 million SGD for the next 12 months – known as the prospective basis.
Can I claim GST refund for the goods I purchase even if I am not GST registered?

Only GST-registered businesses are allowed to charge and collect GST on the goods and services they provide.

If you have wrongfully charged/collected GST from your customers, you must remit to IRAS the GST wrongly collected.