Taxation

• What is IRAS?

  Learn about IRAS, the Inland Revenue Authority of Singapore. Discover how IRAS administers and enforces the collection of income tax, goods and services tax (GST), and various other taxes in Singapore.Featured

• What is Year of Assessment? Is it the same as financial year?

  Discover what the Year of Assessment (YA) is and how it differs from the financial year. Learn how Singapore adopts the preceding year basis of taxation for all sources of income, and understand the significance of the statutory tax year for calculating and charging income tax.Featured

• I heard that if my business is dormant and need not file an income tax return at all. Is that true?

  Learn the truth about filing an income tax return for a dormant business. Contrary to the myth, dormant businesses must still file a return. Understand the different definitions of dormancy by ACRA and IRAS, with IRAS defining it as not carrying out business and having no income for the entire basis period.Featured

• What is ECI and do I need to file them?

  Discover what ECI (estimated chargeable income) is and its significance for a Year of Assessment (YA). Learn when your company is exempt from filing an ECI: if the annual revenue does not exceed $5 million and the ECI is NIL for the YA.Featured

• Do I need to register for GST?

  Learn about the requirements for GST registration. You must register for GST if your taxable turnover exceeds $1 million under either the retrospective view at the end of the calendar year or the prospective view, expected to exceed $1 million in the next 12 months.Featured