Singapore’s agreement with the Russian Federation for the avoidance of double taxation comes into force on 16 January 2009 following the completion of ratification formalities. The provisions of the Agreement shall apply to income derived on or after 1 January 2010.

The Agreement, which is Singapore’s 60th agreement for the avoidance of double taxation, encourages and facilitates cross-border trade and investment between Singapore and Russia through the lowering of tax barriers and the better definition of taxing rights between the two nations. The main provisions under the Agreement include the following:

a) Lower withholding tax rates are imposed on dividends, interest and royalties. The tax rate for interest and royalties is 7.5% while the following rates apply to dividends:
i) 5% (for corporate shareholders holding at least 15% of the share capital and has invested at least US$100,000 or its equivalent in other currencies);
ii) 5% for the Government; and
iii) 10% (for other shareholders) (more…)

Singapore’s agreement with the Russian Federation for the avoidance of double taxation comes into force on 16 January 2009 following the completion of ratification formalities. The provisions of the Agreement shall apply to income derived on or after 1 January 2010.

The Agreement, which is Singapore’s 60th agreement for the avoidance of double taxation, encourages and facilitates cross-border trade and investment between Singapore and Russia through the lowering of tax barriers and the better definition of taxing rights between the two nations. The main provisions under the Agreement include the following: (more…)

Under the current start-up exemption scheme, a newly incorporated company can claim full tax exemption on the first S$100,000 of chargeable income and 50% exemption for next S$ 200,000 of chargeable income. A company that qualifies should have been incorporated and tax resident in Singapore, and have no more than 20 shareholders of which at least one individual holds at least 10% of total number of issued ordinary shares. The full tax exemption is available for the first 3 consecutive Years of Assessment.

The Minister has proposed the start-up exemption scheme to be extended to companies limited by guarantee, subject to same conditions imposed on companies limited by shares, with effect from Year of Assessment 2010. (more…)

A Singapore Property tax is a tax levied on properties in Singapore. This includes all types of properties such as HDB flats, factories, offices and vacant land. If you or your business owns property, you are liable to pay property tax.

The amount of property tax you have to pay per year is a percentage of the Annual Value of the property which you own. The Annual Value is the estimated yearly rent the property can fetch if it were rented out. The tax rate for owner-occupied residential property is 4% per year. The tax rate for all other properties is 10%.

Property taxes must be paid by 31st January each year. The Inland Revenue Authority of Singapore (IRAS) will compute the annual tax you need to pay and send you the bill in December. Instructions on how to pay property tax are also included in your bill. (more…)