In essence, it shows that while other measures have been made to compel firms to move up the productivity ladder, Singapore still offers one the lowest effective corporate tax rates in the world, after rebates and tax exemptions are calculated.
Singapore (PRWEB) March 12, 2013
Singapore Company Incorporation Options specialist Rikvin has today made its Singapore Corporate Tax available on its website. The tool, which is free and the first of its kind in Singapore, has been designed specially for entrepreneurs and locally-registered firms that wish to estimate their effective corporate tax rates for YA 2013.
The easy-to-use tool calculates a firm’s net payable corporate taxes based on its chargeable income generated during the basis period of 1 January 2012 to 31 December 2012. In addition to the Startup Tax Exemption (SUTE), the calculator automatically incorporates the newly-announced 30% Corporate Tax Rebate into the summation.
Commenting on the use of the calculator, Ms. Christine Lim, General Manager of Rikvin said, “Although Singapore corporate tax filing season is still months away, we decided it is important to offer our esteemed clients and followers a tool which reflects the most recent corporate tax updates announced in the Budget, and as soon as possible. By estimating one’s chargeable income, a firm can determine its Estimated Chargeable Income (ECI) ahead of the tax season. This then puts it in a good position to tap the best of benefits for filing the ECI earlier.”
Further analysis by Rikvin shows that although the Singapore corporate tax rate has remained unchanged since 2010, more enhancements have been introduced to lower the tax burden of Singapore registered firms and startups.
“Calculating the estimated payable corporate taxes also helps a firm to understand that the amount of corporate taxes that it stands to pay in YA 2013 will be significantly lower compared to a year ago, due to the rebate announced in this year’s budget statement. In essence, it shows that while other measures have been made to compel firms to move up the productivity ladder, Singapore still offers one the lowest effective corporate tax rates in the world, after rebates and tax exemptions are calculated,” she added.
The corporate tax calculator complements Rikvin’s Singapore Personal Income Tax Calculator, which was made available to the public less than two months ago.
“Please note however, that this tool is intended to provide a general overview of your tax position, at best. You are encouraged to seek professional advice from qualified tax consultants before making any decisions,” added Ms. Lim.
To use the calculator, please visit: http://www.rikvin.com/corporate-tax-calculator/.
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Established in 1998, Rikvin has since partnered with thousands of investors, entrepreneurs and professionals in their pursuit to access business opportunities overseas. Rikvin’s areas of expertise include company incorporation, offshore company setup, accounting, taxation and other related corporate services. Rikvin is also a licensed employment agency with the Ministry of Manpower (MOM) and offers a full spectrum of work pass services for foreign professionals who wish to relocate to Singapore.
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
+65 6320 1888