Rikvin Explains On Income Tax Singapore Rates “Taxable income encompasses the income from business, salary from employment, interests earned from bank deposits, and rental income,” says Rikvin. The individuals who have the annual obligation of filing their income tax with Singapore’s taxing authorities, IRAS, are Singaporean citizens, Singapore Permanent Resident card holders, foreign employees holding different Singapore work visa such as an Employment pass, Entrepreneur pass, S pass, Dependant pass for at least 183 days and who earn above S$20,001 annually. Foreign employees under the Work Permit or any work visas are taxed unless their term of employment does not exceed beyond 60 days in a calendar year and their income is exempted from tax under the Avoidance of Double Taxation Agreement. “The income tax Singapore rates imposed on individuals are flexible and progressive starting from 3.5% for the subsequent income of S$10,000 after the first S$20,000 which has zero in tax,” explains Rikvin’s business consultant, “and the highest tax rate is set at 20% for S$320,001.” Rikvin reminds that all earning and qualified individuals should file their income tax every 15th of April of each year with IRAS. “The companies are obliged to complete the form IR8A before they hand it over to their employees. The said form shall also specify the remuneration and the benefits-in-kind that each employee enjoyed in the preceding calendar year,” Rikvin continues to elaborate. Examples of benefits-in-kind that are granted with administrative concession or exemption from income tax include the benefits that promote goodwill among staff, benefits relating to employee’s health, benefits given to promote creativity and innovation, benefits given to encourage upgrading of skills and knowledge building, gifts, death gratuities, and childcare subsidy. Meanwhile, there are also benefits that are taxed as soon as they are handed over to the employees. Among these are per diem allowances, fixed monthly meal allowances, fixed monthly allowance for transportation, overtime pay, accommodation and housing allowance, refunds of medical and dental treatments for dependents, and cars issued by the company. “Non-resident tax individuals have a flat rate of 15% for their income,” remarks Rikvin. Rikvin provides assistance to employees in their annual obligation. It can register a new employee with IRAS in his behalf. Its team can also prepare and file their forms and determine the applicable deductions from gross income before it is taxed.
About the Publisher: Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, income tax Singapore and providing professional services relating to financing and compliance services. Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty. “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: Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887
Fax : (65) 6438 2436 Email : email@example.com Website: http://www.rikvin.com/