Any conversation about the top travel destinations and business hubs feature a mention for Singapore.

The country stands out to be a haven for investors and business operations owing to their effective legal structure and attractive tax regime.

Appealing corporate and personal tax rates, absence of capital gain tax, tax relief measures, and one-tier tax system are only some of the tax system’s salient features.

Hence, proper planning and litigation for investors and individuals alike have paved the way for the demand of tax law attorneys.

Taxation in Singapore is localized as per jurisdiction.

Tax Rates

Companies and individuals can be taxed only on Singapore sourced income or when the foreign income is remitted to Singapore.

Corporate taxes are around 17% and, thus, invite the opportunity for the development of a competitive market.

Goods and Services Tax (or GST) has been instated to increase steady revenue for the government.

Personal tax rates in the country start at 0% and are capped by 22%.

Singapore has a single-tier tax system that translates to no applicable taxes on dividends. Singapore also has 50 bilateral tax treaties that support companies by minimizing tax payments.

Tax Types Lawyers Can Help You

Tax lawyers provide comprehensive guidance to navigate the numerous domains of tax law in Singapore.

Here are some of the standard taxes in the country –

• Income Tax – charged on the income of individuals and companies.
• Property Tax – applicable to owners of a property and applicable rental charges.
• Motor Vehicle Tax – charged on motorized vehicles to limit ownership rights and road traffic.
• GST – indirect taxation on usage or purchase of goods and services.
• Customs and Excise Duty – limited to specific items like motorized vehicles, petroleum, tobacco, liquors, etc.

Tax lawyers are adept in handling corporate, finance, and real estate transactions and all the charges that accompany them.

They also provide an array of additional services that pertain to tax audits, employee benefits, transfer pricing, international tax, etc.

Tax Lawyers Services

Here is a list of legal services that tax lawyers provide but the list is far from exhaustive –

• Equity Capital Markets (including IPOs)
• Asset finance
• Bankruptcy, financial restructuring, and insolvency
• Capital markets and financial instruments
• Corporate and partnership tax
• Dispute resolution and litigation
• Employee benefits and executive compensation
• Energy taxation
• Fund formation and related tax matters
• Wealth and private client, including trusts and estates
• Risk advisory
• Tax-exempt finance
• Tax planning
• Transfer pricing

The Income Tax Act of Singapore is the sole authority over matters of taxation in the country.

To ensure your finances are efficiently handled as an individual or an organization, having a tax lawyer in Singapore is always beneficial.