Tax Season in Singapore - How to pay tax as a business owner
In Singapore, businesses are required to pay taxes to the Inland Revenue Authority of Singapore (IRAS).
If you are a business owner, you should follow the Corporate Income Tax rules in Singapore. You can find more information here: https://www.iras.gov.sg/taxes/corporate-income-tax/basics-of-corporate-income-tax/basic-guide-to-corporate-income-tax-for-companies
Here are the steps to pay your business taxes in Singapore:
Register for taxes: Register your business for taxes with the IRAS and obtain a tax identification number.
File your taxes: Submit your tax returns to the IRAS by the due date. The tax return must contain information about your business's income and expenses for the financial year.
Pay your taxes: Once your tax return has been processed, the IRAS will send you a Notice of Assessment (NOA) which will show the amount of taxes that you need to pay. You can pay your taxes by mail, GIRO, or online through the IRAS e-Services portal.
Keep records of your taxes: Keep records of all the taxes you have paid and the corresponding tax returns for at least five years.
It's important to note that different types of businesses may have different tax obligations, it's best to consult with a tax professional to understand the specific requirements for your business.
It's also important to be aware of the deadlines for filing and paying taxes, as penalties may be imposed for late submissions and payments.