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Singapore

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Tax authorities

Inland Revenue Authority of Singapore
55 Newton Road, Revenue House, Singapore, 307987
Tel: +65 1800 356 8611/22
Fax: +65 6351 4358/60
Website: www.iras.gov.sg

Tax rates at a glance

(As of August 12 2009) 

Corporate income tax rate 17%
Subject to exemptions on the first S$300,000 giving an effective tax rate:
for first S$10,000 4.25%
for next S$290,000 8.5%
Capital gains tax rate Nil
Branch tax rate 17%

Withholding tax
Dividends Nil
Interest 15%(a)
Royalties for the use of movable properties 10%(a)
Branch remittance tax Nil

Net operating losses (years)
Carry-back Three years (b)
Carry-forward Indefinitely (c)

(a) Subject to rates that may be prescribed in any applicable avoidance of double taxation agreement.
(b) Unutilised trade losses (subject to a maximum of $200,000) may be carried back to the three years of assessment immediately preceding the year of assessment in which the trade losses incurred, subject to the condition that there is no substantial change in the shareholding composition of the company at specified relevant dates. After Year of Assessment 2010, the loss carry-back relief may revert to unutilised trade losses (subject to a maximum of $100,000) being carried back to one year of assessment immediately preceding the year of assessment in which the trade losses were incurred.
(c) Subject to the condition that there is no substantial change in the shareholding composition of the company at specified relevant dates.

Source: Professionals from KhattarWong, the Singapore member of the Taxand global worldwide network of leading independent tax firms.

Tax

The rapidly changing global financial and economic landscape creates both challenges and opportunities in tax structuring, transfer pricing and dispute resolution work in Singapore. The prevailing market conditions have provided tax practices in Singapore ... [more]

In response to the changing market conditions, Ernst & Young formed a specialist industry team for financial services. The team covers banking, insurance and fund management and is headed by partner Chong Lee Siang.As one of the larger tax practices ... [more]

KPMG has been highlighted by peers for its "market penetration". The tax practice is commended for its transfer pricing work and it's "no surprises" approach to tax work.

Competitors have underlined PricewaterhouseCoopers as having one of the largest tax practices within Singapore. International taxation is a focus for the firm with Chinese, Indian and Malaysian desks operating out of Singapore.The firm is providing tax ... [more]

Allen & Gledhill manages to compete with the bigfour accountancy firms despite its relatively small practice. There are four tax partners and a further 11 tax professionals in the practice. The firm is split into two sections; a dispute and controversy ... [more]

Deloitte's Singapore office boasts 180 tax professionals and partners. The firm is led by Ajit Prabhu, who was widely praised by the tax market. Prabhu serves many of Deloitte Singapore's largest clients and has worked as project leader on a wide variety ... [more]

Drew & Napier has one of the few dedicated tax practices out of all the law firms in Singapore. Ong Sim Ho heads the team which contains seven professionals. Ong, with Ong Ken Loon, worked together on one of the largest bond issues in Singapore in 2009. ... [more]

KhattarWong - Taxand's tax practice now consists of nine tax professionals. The firm, which is part of the Taxand network of independent tax firms, offers a full range of tax services including structuring, M&A and planning. The firm has been preoccupied ... [more]

In recent years, Baker & McKenzie, Wong & Leow's tax practice has consolidated its position as a law firm in Singapore that can provide efficient, comprehensive and commercial cross-border tax structuring advice. Edmund Leow is head of tax and is one ... [more]

Outside the big-four, Chio Lim Stone Forest is one of the biggest accounting firms in Singapore and is a member of the RSM International network. The firm offers a full range of tax services, with a particular emphasis on M&A transaction work. The firm's ... [more]

Another respected firm is Rajah & Tann, having acted as counsel for a number of key clients over the past year. Christina Ng and Yeoh Lian Chuan acted as counsel to REC in its investment in building the world's largest integrated solar manufacturing ... [more]

Loyens & Loeff has a well-regarded tax practice in Singapore with special emphasis placed on their cross-border tax work. Pieter de Ridder, head of practice, has been busy transferring a client's management and control to Singapore as well as creating ... [more]

See also

Singapore
Asia-Pacific (Regional Rankings)

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