1. The tax rate: Singapore has a low-tax regime and its tax on corporate profit is 17%, with a number of exemptions for different values of the normal chargeable income.
2. The taxable period: the period for which the tax is calculated is usually yearly; for business profits, it is usually the case to use the accounting period.
3. The tax returns: companies in Singapore are required to file an estimate of their income three months before the end of the accounting period; the tax returns are due by November 30; penalties apply for late filing or for no filing.
4. The payment of tax: the actual tax is to be paid within one month after the assessment.
5. The audit: not all companies are subject to mandatory audit, however, this becomes a condition when the annual turnover exceeds a certain amount.
Corporate tax compliance in Singapore can be simplified when company owners choose to work with a team of specialized local accountants. Entrepreneurs can request specialized accounting services in Singapore if they choose to open a company here.