Taxes & GST
Taxes & GST
File income tax return with IRAS
Unsure how to file taxes for your business?
Tax filing for Sole Proprietorship / Partnership / Limited Partnership / Limited Liability Partnership
If your business has not been registered yet, check out the following guides to learn more.
After your business has been registered, access the Start-Up Kit to obtain customised information to guide you in your first Income Tax Return filing with IRAS.
Tax filing for new companies
If your company has not been registered yet, check out the following guide to learn more.
After your business has been registered, access the Start-Up Kit to obtain customised information to guide you in your Annual filing with ACRA and Income Tax Returns with IRAS.
Register for GST
You will need to register for GST when:
- your taxable turnover exceeds $1 million or
- you can reasonably expect your taxable turnover in the next 12 months to exceed $1 million
If your taxable turnover does not exceed $1 million, you may still choose to voluntarily register for GST after carefully considering of the obligations and responsibilities. Apply for GST registration here.
How to calculate my taxable turnover?
Company
Total Taxable Turnover = combined revenue, fees and income from:
- all business activities
- sole-proprietorship businesses owned by the company
- rental of commercial properties
- rental of furniture & fittings
Partnership
Total Taxable Turnover = combined revenue, fees and income from:
- all partnership businesses with same composition of partners
- rental of commercial properties
- rental of furniture & fittings
Sole Proprietorship
Total Taxable Turnover = combined revenue, fees and income from:
- all businesses
- self-employed profession or vocation
- rental of commercial properties
- rental of furniture & fittings”
Click here to learn more
Being GST-registered means:
- you have to charge customers GST for the goods and services you sell locally. The GST collected is called Output Tax.
- you can claim back GST paid on your business purchases (e.g: ingredients and materials). This is called Input Tax.
- you have to file GST returns for each prescribed accounting period. If Output Tax is more than Input Tax, you have to pay the difference to IRAS. If Input Tax is more than Output Tax, you will be refunded by IRAS.
Learn all about GST with these short introductory videos.