Corporate Tax

Singapore’s Experts – Our Corporate Tax Filing Services Goes Beyond

At Octo, our highly qualified and professional team first establishes a big picture of your business so that we would be able to understand every operational requirement your company needs. Thereafter our dedicated team will be able to implement a workflow to compliment Corporate tax reporting by deploying the Xero Cloud Accounting software exclusively.

The whole idea is to offer a completely integrated solution to manage the daily operations of a business from the start to the end of the accounting cycle.

Do You Know

Corporate Income Tax Rebate on ECI Filed for Years of Assessment (YAs) 2017 and 2018
 

In the 2017 budget, the Minister for Finance announced that the cap for the Corporate Income Tax (CIT) Rebate for YA 2017 will be raised from $20,000 to $25,000. The rebate percentage will remain unchanged at 50% of the corporate tax payable. In addition, the CIT Rebate will be extended to YA 2018 at a reduced rate of 20% of the corporate tax payable, subject to a cap of $10,000.

Companies need not factor in the CIT Rebate when filing their ECI for YAs 2017 and 2018 as IRAS will compute and allow the rebate automatically.

IRAS has started to revise the tax assessments of companies that filed their YAs 2017 and 2018 ECIs previously and received Notices of Assessment (NOAs) that did not take into account the CIT rebate changes. The affected companies can expect to receive the revised NOAs and refunds for excess tax paid by end Apr 2017. If the company is paying the tax on ECI by instalments, the revised instalment plan will be issued to the company with the revised NOA.