What other taxes are applicable
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In Singapore, registered companies are taxed on their Singapore-sourced income and foreign-sourced income when it is remitted or deemed remitted to Singapore. They ar subjected to corporate income tax on their income. However there are also other tax types, including;
Withholding tax – This is usually incurred on top of gross revenues by non-resident companies (companies who do not have a management presence in Singapore).
Goods and services tax – This is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. Companies generally must register for GST if they incur or are expected to incur more than SGD 1mil of taxable turnover in a calendar year (total value of all supplies during the course of business, including the GST rate incurred, but excluding exempted and out-of-scope supplies or capital sales)
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