Introduction to Individual Income Tax in Singapore
Introduction to Individual Income Tax in Singapore Singapore has one of the lowest tax rates in the developed countries and is considered as “a global legal tax haven”. Singapore’s low tax rate, and its favourable tax policies, stable living environment have made the Singapore business environment even more attractive to global investors. The highest corporate income tax rate in Singapore is 17%, the highest Individual Income Tax rate is 22%, and there are no capital gains or inheritance taxes. This article will give a brief introduction to the tax principles, tax rates, the definition of tax resident and the filing requirements of Individual Income Tax in Singapore, and will be provided as a reference for Kaizen’s clients who are considering investment and immigration to Singapore. In revising this article, we have taken into account the laws and regulations in force as of 28 February 2020 and the relevant policies […]
Notice of Singapore Tax and Annual Return Filing Extension
Notice of Singapore Tax and Annual Return Filing Extension As part of its support to taxpayers in light of the latest measures to manage the COVID-19 situation, the Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority (ACRA) announced the automatic extension of deadlines for tax filing for individuals and businesses as well as filing annual returns. Q: What is the extended filing due date for individual income tax? A: Income tax for Individuals (including sole proprietors and partnerships) were originally due on 18 Apr 2020 has been extended to 31 May 2020. This is an automatic extension no application is required. Q: Is there any extension for filing of Estimated Chargeable Income (ECI)? A: Since the ECI filing deadline is 3 months after the financial year end, the extension of filing of ECI will only granted to the companies with Financial Year […]
Vietnam Company Annual Compliance Requirements and Fees
Vietnam Company Annual Compliance Requirements and Fees This guide provides a summary of the various maintenance and compliance requirements for the Vietnam Company that incorporated in accordance with the Vietnam Investment Law 2014 and an estimation of the costs likely to be incurred to comply with those requirements. Section 1 is about the preparation of the monthly financial statement of the Vietnam Company. Every Vietnam Company is required to prepare a financial statement every month and submit the financial statement to the Department of Taxation in Vietnam. Section 2 and Section 3 describes the information of Corporate Income Tax (CIT) and Value-Added Tax (VAT) of the Vietnam Company. Section 4 of this guide states the requirement of the Annual Audit for the Vietnam Company. Section 5 states the requirements to employ employees in Vietnam, including the introduction of social insurance, medical insurance, unemployment insurance, etc. Section 6 lists out […]
General Guide to Director’s Liability in Australia
General Guide to Director’s Liability in Australia When a director breaches a duty in Australia, the consequences depend on whether it is a general law duty or a statutory duty that is breached, and also what sort of remedy is being sought. A breach of a statutory duty may be so serious that a civil or even criminal penalty is imposed on the director. Summary 1. Business Judgement Rule Defence The narrow business judgment rule defence applies not only to the obligation to act cautiously, but also to the satisfaction of similar obligation in common law and in equity. The business judgment rule relates to a decision making, not only for an unintentional inaction. Therefore, the directors will need to make or avoid from making a decision. If they refrain from making a decision, that must be a considered action. The fact that all the criteria for the defence are […]
Vietnam Company Registration Procedures and Fees
Vietnam Company Registration Procedures and Fees Unless otherwise indicated, the Vietnam Company stated in this quotation refers to a Trading (Wholesale) Company formed and incorporated in Ho Chi Minh City or Hanoi City in accordance with the Law On Investment in Vietnam. Summary Our fees for the establishment of a Trading (wholesale) company in Vietnam Ho Chi Minh City or Hanoi City is USD 8,500. The fees quoted included Kaizen service fees, Vietnam registered address for one year, the local agent service fee for one year and the official registration fee. In short, this quotation included all the costs necessary to set up a company in Vietnam. For details, please refer to Section 1 of this quotation. For the incorporation of a Vietnam Company, client shall provide the identification documents and address proof of each shareholder and director, the proposed registered capital, the capital allocation of shareholders (if more than […]
China Taxation Analysis of Preferential Policies for Shenzhen Enterprises during the Epidemic
February 23, 2020 China Taxation Analysis of Preferential Policies for Shenzhen Enterprises during the Epidemic Updated to February 2020 Since the outbreak of the “Novel Coronavirus Pneumonia” (hereinafter referred to as NCP) in China, the central and local governments have issued a series of policies aimed at easing the difficulties and burdens of enterprises. For the preferential policies generally enjoyed by small and medium-sized enterprises in Shenzhen, Kaizen sorted out the important contents that enterprises should pay attention to and deal with promptly in the near future and hereby listed below for your reference. I. Reduction or Exemption of Property Rent Non-state-owned enterprises, scientific research institutions, medical institutions and individual industrial and commercial households that lease the properties (including factory buildings, innovation industrial buildings, office buildings, agricultural products wholesale markets, commercial shops, storage and logistics facilities and supporting service buildings) owned by municipal and district governments and district-owned, stated-owned enterprises […]
Shanghai Free Trade Zone Policies
Preferential Policies The only site in the country, where foreign only owned trade company could be established. In the FTZ, bonded processing, warehousing and displaying may be conducted without time limit; and the bonded products may be bought and sold in the zone freely. All the facilities, construction materials and twenty types of office and utilities used by enterprises themselves in the FTZ are exempted from taxes and licenses. The income tax rate for the FTZ enterprises is 15%; manufacturing enterprises enjoy the policy of “two years exemption and three years half reduction of taxes” since their first profit-making year. Non-manufacturing enterprises enjoy the policy of “one-year exemption, two years reduction and 10% levy” since their first operational year. Shanghai Waigaoqiao FTZ is the earliest and most open SEZ by Chinese government. The central government issued in particular a special legislation (concerning customs, taxes and foreign exchange, etc.); established special […]
Thailand Company Incorporation Package #1
Business Operation in Thailand Company Registration There are certain types of business which are restricted or prohibited for foreigners to carry on in Thailand including service business. Using Thai inactive shareholders to hold majority shares in a company is the alternative mostly used where a foreigner engages in these restricted or prohibited businesses. The Thai shareholders will hold a majority of 51% shares in the company to make the company to be Thai. This company will then be able to engage in businesses as if it was a Thai national. Government Fees The government fee is calculated based on the amount of the registered capital at the amount of approximately US$ 300 per Baht 1,000,000 registered capital. The fee is paid only one time. After the registration is completed, the company status will remain for an unlimited period, until the cancellation of such company is registered. Therefore, […]
Samoa Company Registration Package #SAMIBC03
1. Scope of Services of Samoa Company Registration Package #SAMIBC03 (1) We will help to incorporate an international company in Samoa with a registered capital of USD1,000,000. In particular, our incorporation services include: (a) Preparation of incorporation documents and filing of the documents with the Registrar for incorporation; (b) Payment of official filing fee (c) Provision of registered office service (first year) (d) Provision of registered agent service (first year) (e) One company kit, including common seal and chop (2) Certificate of Incumbency Application for one Certificate of Incumbency immediately after the company is registered for the purpose of bank account opening. (3) Bank Account Opening Providing assistance to open corporate bank account with a leading international bank in Hong Kong, including preparation of certified incorporation documents as required by the bank, visiting the bank with client, forwarding Internet banking password and security device to client. Please note the bank […]