For an individual or a company any monetary transaction falling under the category of earning income in Singapore is liable to be taxed as per the Singapore Tax Laws. Hence the individuals or the corporate entities have to follow the law of the land when it comes to paying taxes. Ignorance about the tax laws and the subsequent failure to pay the appropriate taxes is no excuse and is not liable to be excused by the Singapore Tax Authorities.

What is more intriguing for an individual or a company is the exact amount of taxes to be paid and also the right time to pay it. Hence this calls for the need to seek the services of the Tax preparation companies who have a team of Tax Advisors or Tax Consultants who can guide an individual or a company on tax matters and relieve them of their burden to pay income tax. When it comes to paying taxes it is a matter of great significance that you should not end up paying.

As far as providing guidelines to tax payers is concerned a general outline can be laid out for them here. But for going into greater details and to avoid any complications, seeking the help of our Tax Company is recommended.

• Year of Assessment (YA): According to Singapore Tax Laws the Year of Assessment (YA) is considered to be from 1st of January to 31st of December i.e. the Calendar year and the tax is payable on the basis of the income of the previous year, thus for the income earned from 1st of January 2012 to 31st of December 2012, the tax will have to be paid in the year 2013. The tax is paid annually.

• The tax payable is based on the source principle which means only that income earned at Singapore or it may have been derived from overseas but received in Singapore will be liable for tax payment. However there is an exemption for any income arising from sources outside Singapore and received in Singapore on or after 1st January 2004, by an individual (other than partners of a partnership)

The Finance Minister of Singapore has announced lot of changes in the tax assessment for the year 2013. In order to know in detail about the changes you can log on to the concerned page given on our website. Different tax rates apply to different tax residents or non-residents. Hence it is advisable that for tax advice, seek tax assistance from the tax preparation services offered by our company who specialize in Singapore taxation services.

Tax relief is another matter which is to be taken into consideration while paying the taxes. Benefit should be availed of those reliefs given under specified heads. The attestation of various documents to pay the tax and also to avail reliefs is a matter of professional guidance which is available with us. So to give yourself a fair chance and to be sure that you have paid the right amount of tax in Singapore please give us a call get set all the matters related to Singapore Tax.