If you are a tax resident in Singapore, you are required to file an annual personal income tax return with the Internal Revenue Authority of Singapore (IRAS).
If you are a Singapore tax resident, you must file an annual individual income tax return with the Singapore Inland Revenue Authority (IRAS). Personal tax returns can be filed from March 1 to April 18 of each year.
RSBU launched in Singapore in 2013 and over the years has helped thousands of companies with their legal and business needs.
Submission deadline of tax reporting in Singapore:
Online filing: By April 18 of each year
Paper filing: By April 15 of each year
Latefiling/failure to file a personal tax return has the following consequences:
If you do not file your tax return on time, the IRAS has the following options:
Impose a fine of up to SGD 1,000 (700 USD); Conduct your own preliminary assessment of your taxable income; and take you to court.
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There are several perks available to various types of taxpayers in Singapore, which not everyone is aware of. If you want assistance or support in preparing and submitting your personal tax return, the RSBU professionals are here to assist you.
We have produced a service Tax Return of Income of Individuals just for you.
If you require tax advice on legal tax optimization measures in Singapore, we would be delighted to assist you in preparing and filing your personal tax return.
What is covered by the service:
Personal income and spending analysis
Advice on taxable income and legal ways to reduce taxation.
Submission/assistance in filing Form B1 tax return with the Inland Revenue Authority of Singapore (IRAS)
Individual Income Tax Return
We have dealt with this topic in more detail in our videos:
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Dmitry Malakhovsky
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Anastasia Oleinik
Prima Music Pte Ltd
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the registration of the company and continues to the present day.
During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
Tatiana Meshkova
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants actively answer questions and respond quickly if problems arise. Especially valuable is the fact that even after successfully opening a company, the consultants give advice on documentation and doing business in Asia.
I recommend it!
RASA Pte Ltd
We have been cooperating with RSBS since the creation of our company, namely since 2017. This is a team of professionals who can be trusted with tasks of various complexity, from company registration to assistance in some aspects of business. I am grateful and glad for our partnership!
Dmitry Malakhovsky
Director & Co-Founder, Ecoway Technologies Pte.Ltd.
Anastasia Oleinik
Prima Music Pte Ltd
RASA expresses its sincere gratitude to RSBU. Our cooperation began in 2019 with the registration of the company and continues to the present day.
During the period of our cooperation, RSBU representatives have shown high professionalism and efficiency in performing the designated tasks. We receive constant support in the ongoing financial and organizational processes of the company. We are very satisfied with our cooperation with RSBU and we certainly recommend this company as your reliable and trusted partner.
Tatiana Meshkova
I used the services of RSBU in order to open my own company in Singapore. Good service. The consultants actively answer questions and respond quickly if problems arise. Especially valuable is the fact that even after successfully opening a company, the consultants give advice on documentation and doing business in Asia.
I recommend it!
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
RASA Pte Ltd
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Olga
Seafood International Trade Pte. Ltd.
Maxim R.
Wowlink Pte. Ltd.
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours.
Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Vitaly Isayev
We registered a Private Limited Company in 2020 with RSBU. The RSBU team worked perfectly, the documents were prepared professionally, the registration of the company and the opening of the bank account went smoothly.
RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
Spacefox Pte Ltd.
Seafood International Trade Pte Ltd would like to thank RSBU for their long-term and fruitful cooperation. We have been customers of RSBU since its incorporation and RSBU has established itself as a task-oriented and result-oriented company.
Olga
Seafood International Trade Pte. Ltd.
Maxim R.
Wowlink Pte. Ltd.
Working with RSBU leaves only positive impressions in the memory. The team stays in touch even during holidays and off hours.
Our business is quite specific, requiring licensing, legal expertise and we get help from RSBU on all these matters. What to say about the basic needs of opening a company and accounts, everything is at the highest level here.
Vitaly Isayev
We registered a Private Limited Company in 2020 with RSBU. The RSBU team worked perfectly, the documents were prepared professionally, the registration of the company and the opening of the bank account went smoothly.
RSBU also provided our company with a nominee director, an official address, and helped us keep the books. We are very pleased with the quality of service, responsiveness and professionalism of the RSBU staff. You can see that the company and team are constantly improving and enhancing the quality of services provided. Thank you very much for your work!
Сотрудничаем с РСБС с момента создания нашей компании, а именно с 2017 года. Это команда профессионалов, которым можно доверить задачи разной сложности, начиная от регистрации компании и заканчивая помощью в некоторых аспектах деятельности. Благодарен и рад нашему партнерству!
Малаховский Дмитрий
Директор & Соучредитель
Ecoway Technologies Pte.Ltd.
Spacefox Pte Ltd.
Frequently Asked Questions (FAQ)
Tax returns are filed once a year for the previous fiscal year.
Income Tax is a tax on personal income. For individuals the tax rate is progressive from 0 to 22%
For individuals the tax rate is progressive from 0 to 22%. The maximum tax of 22% applies to those whose annual income exceeds S$320,000 (~224,000 USD).
Online Filing: April 18 of each year Paper Filing: April 15th of each year.
In the case of late filing, you will be charged a fine of 300 Singapore dollars. In the case of a large delay, the tax office will notify the bank about the violations, respectively, you risk in addition to the penalties of closing the account.
Letter of Consent (LOC)
is an official work permit from the Singapore Ministry of Labor for Dependant Pass holders who are owners of a business registered in Singapore, and LTVP/LTVP+ who are spouses or unmarried children of Singapore citizens and permanent residents.
Employment Pass (EP) - is a Singapore work visa intended for highly qualified foreign professionals and executives working in Singapore with appropriate qualifications and a salary of at least SGD 4,500 (~3,355 USD) per month for all companies and at least SGD 5,000 (~3,650 USD) for the financial sector.
Singapore is one of the largest financial centers in the world. There are more than 200 banks, including 111 commercial banks providing a wide range of banking services.
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