The progressive corporate taxation Singapore has made the nation a preferred destination for business incorporation, when compared to the tax system of Hong Kong, says the Singapore’s leading tax consultant, TaxationServices.com.sg.
Singapore -- (SBWIRE) -- 12/02/2013 -- Asia’s two most promising and ideal business hubs, Singapore & Hong Kong have long been progressive in their respective tax systems. However, on account of many reports and findings, including the latest World Bank Report, Singapore has been rated as the top business destination for entrepreneurs. There are certain aspects about corporate income tax Singapore that makes it edge past the Hong Kong tax system.
“Singapore has always been recognized as an attractive business destination due to its progressive tax rates. Although, Hong Kong has been neck-to-neck in its competition with Singapore as a perfect business hub, the Singapore regime’s pro-business initiatives have ensured that Singapore taxation ( http://www.taxationservices.com.sg/singapore-taxation-services/tax-system-tax-rates/ ) remains one of the most compelling reasons for the entrepreneurs both local and abroad,” said the business head of TaxationServices.com.sg
First and foremost, the Singapore corporate tax rate 2013 stands at 17% as compared to the 16.5% flat rate of Hong Kong. However, the presence of effective rates for corporate income tax Singapore has given a huge boost to the newly setup companies, whereby they are exempted from paying tax for their initial S$100,000 profits for the first 3 years of incorporation.
Furthermore, all the Singapore companies can avail partial tax exemption whose taxable income is up to S$300,000. Apart from the flat rate, Hong Kong does not provide any relief for the newly incorporated companies and also the established ones. Also, the presence of GST Singapore which stands at 7% makes the Singapore business entities recognized as established enterprises by their global investors and public.
Additionally, Singapore personal income tax system offers tax benefits to its citizens unlike the Hong Kong regime. The benefits include 30% tax rebate for Singapore citizens aging less than 60 years and 50% tax rebate for above citizens above 60 years of age. Also, Singapore has over 70 double tax agreements (DTA) as compared to the 37 treaties signed by Hong Kong.
TaxationServices.com.sg which is a leading Singapore tax & accounting services provider reiterated the impact of taxation Singapore on the number of foreign entrepreneurs starting a company in Singapore by stating that the demand for Singapore tax services has increased manifold over the last few years, which is much higher compared to the Hong Kong counterparts.
TaxationServices.com.sg is one of the leading and rapidly growing tax service providers in Singapore offering services pertaining to corporate income tax Singapore, Singapore personal income tax, GST filing, Singapore property tax, withholding tax and double tax. The firm’s able team of tax consultants ensures a speedy & accurate resolution to all the tax compliant matters of Singapore businesses and individuals.
In addition to the aforementioned services, the firm also provides services in relation to company incorporation, accounting & auditing, corporate secretarial, payroll and immigration visas.
35-B Hongkong Street,
Singapore - 059674
Tel: +65 67289142