IRAS Income Tax Audit: What to Expect If your business is selected for an income tax audit by the Inland Revenue Authority of Singapore (IRAS), the process may seem daunting. However, selection for an audit does not necessarily imply wrongdoing or errors in your tax filings. IRAS adopts a risk-based approach and may audit businesses … Read more
Key Personal Tax Updates for YA2025: Changes to Form IR8A As Singapore continues to refine its tax policies to align with global standards and enhance compliance, several significant updates to Form IR8A will take effect for the Year of Assessment (YA) 2025. These include the removal of tax concessions for mandatory overseas pension contributions, the … Read more
Every year, the income tax season in Singapore can feel daunting, but being well-informed and prepared makes a significant difference. Whether you’re a salaried worker, self-employed, or earning extra income from investments, it’s essential to understand the personal income tax filing process to stay compliant with the Inland Revenue Authority of Singapore (IRAS). With tax … Read more
Singapore Resident Tax Rates 2019 For Year of Assessment 2019 Source: IRAS Chargeable Income Income Tax Rate (%) Gross Tax Payable ($) First $20,000Next $10,000 02 0200 First $30,000Next $10,000 –3.50 200350 First $40,000Next $40,000 –7 5502,800 First $80,000Next $40,000 –11.5 3,3504,600 First $120,000Next $40,000 –15 7,9506,000 First $160,000Next $40,000 –18 13,9507,200 First $200,000Next $40,000 –19 21,1507,600 First … Read more
What must freelancers know about the legal implications of working in a gig? In Singapore, it’s common to see entrepreneurs running a side-business on top of their priority job or experienced professional working as a self-employed. However, in both scenarios, those side gigs are fully taxable. Without proper knowledge of the business taxation system, freelancers … Read more
What is Personal Tax Rates? Similar to corporate tax, Singapore’s personal tax rate is one of the lowest and most competitive in the world. Depending on the tier of income earned, tax rates start from 0% to a maximum of 22% and there are also various tax reliefs that the taxpayer can apply to reduce … Read more