Ideas for Corporate Tax Savings in Singapore

Ideas for Corporate Tax Savings in Singapore – You should never attempt to get into any tax evasion but we all know that tax planning is completely legal.

So what are some of the ideas and methods that you can take to help you to save on taxes in Singapore and how does that affect you as a business owner.

Singapore Corporate Income Tax rates: https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Corporate-Tax-Rates/

Tax planning basically means, making plans for the year ahead and having some means to lower taxes in place before the work year starts and before it is over to save taxes through legal means.



Ideas for Corporate Tax Savings in Singapore

1. File in all your operational expenses 

Operational expenses are what you incur to make that particular revenue.

This is something that most businesses owners do not really bother with but can end up helping you save quite an amount of taxes.

When you are traveling due to work, you can include expenses for deduction through transportation expenses.

Your name cards can be part of marketing expenses.

Did you buy your client a drink or two? This could be entertainment expenses.

As long as the amount of expenses claimed are reasonable. You could include them for deductions.

Always remember to record them in for expenses and keep your receipts so that they do not go missing.

Little amounts adds up and can actually save you a ton of money.

 

2. Record losses where they are due, that can be carried forward

Not every year is a good year. Especially so for businesses that are starting up.

Startups usually will incur a few months or years of losses before they turn profitable.

So when you are experiencing losses at the start of the journey. Be sure to keep them on the books

So when you are making profits in the future, you can cut down on taxes.

 

3. Pay attention to your tax exemptions

Tax exemptions are available for startup companies in their first 3 years of operation.

This is something that is used to incentivize businesses starting up in Singapore.

The amount of tax exemptions can be quite lucrative if you add them up.

Also, from time to time the government of Singapore gives out good tax exemptions, especially during times of downturn.

Make sure to have a good Singapore Tax Consultant and Advisory Services Company to assist you with that.

 


K Cloud Accounting is a Singapore based Bookkeeping Services firm, assisting startups and SMEs with their business needs.

Speak to us for help in this fields. We also work closely with our friends from Avant Consulting to provide Singapore Business Loan Brokering and Advisory Services.

 

Ideas for Corporate Tax Savings in Singapore

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