Singapore Tax Rate

Singapore Tax Rate

Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments. With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. For YA 2018 to YA 2019, all companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000 per YA.

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Singapore Income Tax System

1. Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income. Foreign sourced income will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

2. Singapore corporate tax rate is capped at 17% on its chargeable income.

3. Singapore personal tax rates start at 0% and are capped at 22% (above S$320,000) for residents and a flat rate of 15% for non-residents.

4. Singapore does have GST and the current rate is 7%.

5. Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents (individuals or companies) are subject to withholding tax in Singapore.

Singapore Offshore Companies Taxation

1. This type of companies is referring to non-resident companies.

2. Company is legally tax exempted if certain criteria are met as show in the following:

a. The Company has no office in Singapore (Registered address is not belong company office). The management office is outside of country.

b. No employee is in Singapore.

c. The company has no bank account in Singapore. No any income remitted in Singapore.

d. Revenue incurred outside of Singapore.

e. Suppliers and customers are foreign companies. No business conduct in Singapore

** Kindly consult us for more detail on Singapore Offshore Companies taxation.

Contact Us

If you have further queries, please contact Tannet

Malaysia hotline:603-21418908;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net , http://en.tannet.com.my

China Company Audit Report

China Company Audit Report

All companies in China are required to carry out annual compliance procedures as mandated by various governmental departments. It is crucial to be aware of the relevant deadlines as failure to carry out these procedures on time may result in extra expenses, penalties, or even revocation of business licenses. While tedious, this process is a good opportunity for companies to conduct an internal financial health check and to optimize tax efficiency, financial structure and processes, as well as internal control mechanisms for fraud prevention.

Cubes - 157 - AUDIT

China Company auditing is the process of examining the financial statements and the underlying records of the company in order to render an opinion as to whether the statements are fairly presented. Most commonly China Company auditing is performed on a company's request for the benefit of financial information users (i.e. internal and external). China Company auditing is independent appraisal performed by an independent expert of an activity or event. There are operational, technical, ecological and other types of audit. Most commonly, nevertheless, this term refers to audits of financial statements.

 

China Company auditing’s Function

Auditors of China Company auditing examine accounting and financial data and procedures to ensure accuracy and compliance with government guidelines and laws. They work to identify improper accounting or documentation and research issues in order to make recommendations to improve policies or procedures accordingly. Therefore, the main goal of an audit is to perform thorough evaluation of a company's financial records and reports and provide a company with improvement recommendations based on that evaluation.    

 

China Company Auditing Can Perform the Following Auditing Services:

1. Audit financial statements and report in accordance with statutory and other relevant reporting guidelines to fulfill compliance requirements.

2. Evaluate internal operation and accounting controls, suggest possible improvements to safeguarding and control company resources.

3. Provide specialized audits and reports including audits for mergers, acquisitions, stock exchange listing and litigation purpose.

4. Providing the follow up with Inland Revenue Department and Taxation matters.

5. Co-ordinating multi-jurisdiction audits and accounts for trading SME.

6. Restructuring the management accounts for publishing company.

7. Advising an SME on its financial and accounting structure for tax compliance purposes.

8. Working with regional manufacturing SME on forensic accounting in anticipation of acquisition by a major industry player.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

 

Malaysia Audit report

Malaysia Audit report

An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by Malaysia Audit Act 1957.  When a Company preparing financial statements for completion, they often must contain an auditor's report from an external accountant or auditor. This document evaluates the financial statement's validity and reliability.

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An auditor's report is ultimately intended to provide reasonable assurance that there are no material errors within an organization's financial statements. Auditor's report is useful when the companies are going to loan fund from third parties such as government, bank or new investor.

 

In addition, relevant authorities required every local company to complete their audited account and lodge in with annual return each calendar year. Submission of tax also replies upon on audited account. 

 

Preparation of the auditor's report

After auditing an organization's financial statements, the auditor will prepare their own report where they share their opinion about the validity and reliability of the financial statements.

 

The auditor is expected to provide a true picture of the organization and their financial statements. In the report, they must also state their connection to the financial statements, as well as whether they work for the company externally or internally.

 

The auditor can also express any reservations or additional information that they may have in the auditor's report. For example: if the auditor disagrees with the organization about the valuation of an asset, and they believe that this has a substantial impact on the financial statements, they should state this in their report.

 

The following report variations may be used by a licensed auditor:

  1. A clean opinion, if the financial statements are a fair representation of an entity's financial position.
  2. A qualified opinion, if there were any scope limitations that were imposed upon the auditor's work.
  3. An adverse opinion, if the financial statements were materially misstated.
  4. A disclaimer of opinion, which can be triggered by several situations. For example, the auditor may not be independent, or there is a going concern issue with the auditee.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

Taxes in Malaysia

Taxes in Malaysia

Income tax in Malaysia is imposed on income accruing in or derived from Malaysia except for income of a resident company carrying on a business of air/sea transport, banking and insurance, which is assessable on a world income scope.

Tax

Who is taxable?

All persons staying in Malaysia for more than 182 days are considered as residents under Malaysian tax law, regardless of nationality. All persons staying less than 182 are regarded non-residents and are taxed on a different scale. Apart from that there is a third group of persons who are exempt from taxation. This applies to those who are employed in Malaysia for less than 60 days in a year, who are aged over 55 years and receive Malaysian pension or persons who are receiving interest from banks.

 

Expatriates who are in Malaysia under the “Malaysia My Second Home Programme” (MM2H) are not required to pay tax on their pension or income remitted from abroad. Apart from this, all income achieved in or derived to Malaysia is liable to tax.

 

Malaysia has an Agreement for the Avoidance of Double Taxation for several countries. For further details, you may go the website of the Malaysian Inland Revenue Board

 

Taxes in Malaysia

1) Corporate Income Tax

A company, whether resident or not, is assessable on income accrued in or derived from Malaysia. The current corporate income tax rate (for assessment year 2008) is 26%. The rate will be further reduced to 25% for assessment year 2009. A company carrying on petroleum upstream operations is subject to a Petroleum Income Tax of 38%. Currently, corporate tax is based on the imputation system. With effect from assessment year 2008, the current imputation tax system will be replaced, over a transition period of 6 year, with a single-tier tax system. Under the single-tier system, profits are taxed only at the company’s level and dividends received are exempted from tax.

 

2) Personal Income Tax

Whether an individual is a “resident” in Malaysia under the Malaysian Income Tax Act 1967 is determined by the duration of his stay in the country. Generally, an individual residing in Malaysia for 182 days or more in a year has resident status. A resident individual is taxed on his chargeable income at a graduated rate from 0% to 28% after deducting relevant tax relief. There are also available tax rebates. A non-resident individual is liable to tax (on income earned in Malaysia) at the rate of 28% without any personal relief.

 

3) Withholding Tax

Withholding tax is imposed on certain payments made by residents to non-residents such as interest, royalty, technical fees and rentals for moveable properties. The resident has the obligation to withhold tax when making the payments and to pay the amount within a certain time, failing which the resident is liable to pay a penalty equal to 10% of the unpaid tax and the total sum shall be a debt due to the Government. Due to double tax agreements, residents in some countries may enjoy exemption or reduced withholding tax rates.

 

4) Other Taxes

Sales Tax is imposed at the import or manufacturing levels at a general rate of 10%.

Service Tax applies to certain prescribed goods and services, including certain professional and consultancy services in Malaysia, at a general rate of 5%.

Import duty is imposed at ad valorem generally.

Excise duties are levied on selected products manufactured in Malaysia.

Stamp duty is imposed on various written legal documents that are executed in Malaysia. For documents executed outside Malaysia, stamp duty is applicable if the document purports to affect a transfer of subject matter in Malaysia.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

China Company Tax Advisory

China Company Tax Advisory

China taxation is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay, or evasion of or resistance to collection, is punishable by law. Taxes are also imposed by many administrative divisions.  Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent.

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In the current tax system, China's taxation includes taxation on turnover (including value added tax, consumption tax, business tax and customs duty), taxation on profits/income (including corporate income tax for enterprises with foreign investment and foreign enterprises, and individual income tax), taxation on property and deeds (including real estate tax, contract tax and stamp duty), and taxation on natural resources (including resources tax), which are respectively in relation to different objects of taxation.

 

Moreover, China's taxation can be categorized into central taxation, local taxation, as well as local and central sharing taxation, in terms of revenue attribution and collection jurisdiction, according to which, the tax preferences and tax rates enjoyed by different corporations are always different.

 

Major Taxation in Mainland China:

•Corporate Income Tax

•Value Added Tax

•Business Tax

•Consumption Tax

•Real Estate Tax

•Land Value Added Tax

•Stamp Duty

•Customs Duty

•Individual Income Tax

•Tax Planning for Levying Value-added Tax in Lieu of Business Tax

 

Services provided as China Company Tax Advisory

•Application and Advisory for Tax Preferences

•Tax Declaration

•Individual Income Tax Declaration for Foreign Nationals

•Tax Planning of Fixed Assets

•Long-Term Tax Advisory

•Customs Duty and Goods Tax Advisory

•Domestic Investment Structure Assessment

•Transfer Pricing Service

•Provision of the Latest China Taxation Ordinances, Amendment of Rules and Regulations, as well as Practice Bylaw Materials.

•Diagnosis of China Taxation

•Tax Planning for Levying Value-added Tax in Lieu of Business tax

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

The advantages and disadvantages of outsource accounting in Malaysia

The advantages and disadvantages of outsource accounting in Malaysia

Malaysia Outsourcing Accounting Services, Tannet group offer clients a full range of book keeping and accounting services in Malaysia to a wide range of clients operating across a broad spectrum of commercial, industrial, professional and non-profit sectors.


Accounting.

Advantages of Outsource Malaysia Accounting

1) It will strengthen your competitive advantage.

2) Our customized service will help you to fulfill your desires.

3) It will reduce your operating cost by providing efficient accounting services with low cost.

4) It will save your time and efforts from managing your accounting department.

5) It will provide high data accuracy which will make your business error free.

6) It will provide high privacy and security which will make you feel comfortable.

7) Our smart time management will help your work done just in time.

8) Our reliable service will let you free and concentrate more on your core business.

9) It will make your business free from the hassles of managing employees and records.

10) We will provide you innovative and creative solutions which will make your business latest and updated.

 

Disadvantages of Outsource of Malaysia Accounting

1) Take longer time for communication as the experts don’t work physically in your office.

2) Slow in respond if there is any problem as it takes time for the expert’s team to look back to your file.

3) Lack of security on confidential information as you have to send all your financial information and records to an outside provider.

4) Less control of your own account as different provider work in different ways and method.

 

In a nutshell, the pros of outsourcing are better than in-house accounting. The cons of outsourcing could be solves by choosing a good and quality provider to avoid any uncertain risk.  Our services included:

1. Account Reconciliation

2. General Ledger Maintenance

3. Payroll Processing and Administration

4. Cash Flow Management

5. Filing account documents

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP:   http://www.tannet-group.nethttp://en.tannet.com.my