Income Taxes and GST
File income tax return with Inland Revenue Authority of Singapore (IRAS)
Unsure about the tax filing obligations for your business/company?
Income tax filing for sole proprietorship/partnership/limited partnership/limited liability partnership
If you have newly registered your business or intend to register for one, check out the following guides to learn more.
After registering for your business, access the Start-Up Kit for customised information to guide you in your first Income Tax Return filing with IRAS.
Corporate income tax filing for new companies
If you have newly incorporated a company or intend to incorporate one, check out the following guide to learn more.
After incorporating your company, access the Start-Up Kit for customised information to guide you in your first filing of the Annual Return with ACRA and Corporate Income Tax Returns with IRAS.
Learn more about your company’s Corporate Income Tax filing obligations from this video.
Register for GST
You will need to register for GST if:
- Your taxable turnover for the past 12 months has exceeded $1 million or
- You can reasonably expect your taxable turnover in the next 12 months to exceed $1 million
If your yearly taxable turnover does not exceed $1 million, you may still choose to voluntarily register for GST after carefully considering the obligations and responsibilities of being GST-registered.
How to calculate my taxable turnover?
Company
Total Taxable Turnover = combined revenue, fees and income from:
- All business activities
- Sole proprietorship businesses owned by the company
- Rental of commercial properties
- Rental of furniture & fittings for residential properties
Partnership
Total Taxable Turnover = combined revenue, fees and income from:
- All partnership businesses with same composition of partners
- Rental of commercial properties
- Rental of furniture & fittings for residential properties
Sole Proprietorship
Total Taxable Turnover = combined revenue, fees and income from:
- All business activities
- Self-employed profession or vocation
- Rental of commercial properties
- Rental of furniture & fittings for residential properties
Being GST-registered means:
- You have to charge customers GST for the goods and services you sell locally. The GST collected is called Output Tax.
- You can claim back GST paid on your business purchases (eg: ingredients and materials). This is called Input Tax.
- You have to file GST returns for each prescribed accounting period. If Output Tax is more than Input Tax, you have to pay the difference to IRAS. If Input Tax is more than Output Tax, you will be refunded by IRAS.
Check out the following webpages and video to learn more.