Expert Taxation Services in Singapore | Futre
Understanding Singapore Business Tax and Accounting Singapore has gained global recognition as a hub for business due to its robust economy, strategic location, and business-friendly policies. Central to the success of any business in Singapore is its tax and accounting framework, which provides clarity, efficiency, and strategic advantages. In this blog, we delve into the key aspects of Singapore business tax system and accounting practices that every entrepreneur and business owner should understand. Singapore Business Tax System 1. Corporate Income Tax Singapore adopts a territorial tax system, which means that taxes are levied on income derived from or accrued in Singapore, as well as on foreign income remitted to Singapore, but with various exemptions and incentives. The current corporate income tax rate stands at 17%, and this rate applies to both local and foreign companies. 2. Goods and Services Tax (GST) GST is Singapore's version of value-added tax (VAT). As of the lat...