Asiabizservices Helps Foreign Individuals File Singapore Personal Income Tax 

by Melvin Stein Tuesday, March 29, 2011
Each year on the 15th of April, all earning individuals are required to file their personal tax return with IRAS, Singapore’s taxing authorities.

According to the tax authorities, the income is assessed on a preceding calendar basis ending in December 31. Individuals have varying personal tax rates depending on their tax residency.

“Tax residents are Singaporeans, Permanent Residents that have established permanent residence in Singapore, and foreign workers that have stayed and worked in Singapore for 183 days or more in the preceding year,” shares Asiabiz Services’ business consultant.

Asiabiz Services is a business solutions and processes provider based in Singapore. It reaches out to companies, employees, and individuals in all their business needs and requirements.

“Non-residents are taxed on a standard personal tax rate of 15%. Meanwhile, tax residents can have tax rates starting from 3.5% to for income accumulated between S$20,001 and S$30,000, and ending at 20% for income amounting above S$320,000,” the business consultant adds.

A chargeable income is the net income after deductions are made such as donations, expenses, and personal reliefs.

Donations are benefactions given to qualified charity organizations in Singapore, while expenses include employment-related and rental-related; and personal reliefs encompass earned income relief, tuition fees, professional development expenses, premiums paid on life insurance policies, and parent relief and support of dependents.

In calculating the taxable income, the Inland Revenue Authority of Singapore shares the formula.

“The total income is deducted with expenses and it becomes statutory income. It is then deducted with donations and known as assessable income. It is further deducted with personal reliefs and you have the taxable income,” elucidates Asiabiz.

Companies are obliged to hand forms such as IR8A or IR21 to its employees. Asiabiz offers assistance such as registration for new tax payers in their behalf, preparation and filing of income tax return based on an individual’s income and determination of deductions, request for extension of deadline, and tax planning and counseling.

Employees enjoy the liberty of choosing to file manually their tax return or to allow their employing companies to deduct the necessary taxes from their wages.

“Failure to file their personal tax return on time may lead to an increase in estimated assessment,” warns Asiabiz.

Accounting is among Asiabiz’s specializations. Included in its function are bookkeeping, compliance requirements such as corporate filing of annual returns and annual tax.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614
email: sales@asiabizservices.com
website: http://www.asiabizservices.com/

Since 1998, AsiaBiz has been providing a complete range of corporate services under one roof, which includes Singapore company incorporation, foreign company

General | Categories: financial, business
0    submitted by Melvin Stein
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