Best Tax Lawyers in Bishan

About Tax Law in Bishan, Singapore

In Bishan, Singapore, tax law governs the regulations connected with all types of tax, including income, capital gains, corporate, and property tax. Local residents, businesses, and property owners are expected to comply strictly with tax regulations in line with the Inland Revenue Authority of Singapore (IRAS). Laws and rates may vary depending on the type and source of revenue. Mistakes in tax filing or non-compliance can result in legal complications or heavy penalties.

Why You May Need a Lawyer

Seeking the assistance of a tax lawyer can be beneficial in a variety of situations. If you are facing an audit by the IRAS, a lawyer can guide you through the process. Similarly, if you stand accused of tax evasion or fraud, legal representation is essential. Even in simple scenarios like starting a business, making significant investments, or navigating the complexities inherent in the tax code, the advice of a tax lawyer can be invaluable. Their advice can help minimise tax liabilities and ensure compliance with all relevant laws.

Local Laws Overview

Bishan, like the rest of Singapore, follows national tax laws. The key aspects consist of Income Tax, Goods and Services Tax (GST), Property Tax, and Corporate Tax. For individuals, taxable income includes earnings from employment, business, property, and other sources. The progressive resident tax rates start from 0% up to a maximum of 22%. Corporations on the other hand, are taxed at a flat rate of 17% on chargeable income. GST is a broad-based tax on domestic consumption at 7%. Property owners are also subject to tax calculated on the estimated annual value of the property.

Frequently Asked Questions

What is the deadline for filing taxes in Singapore?

The deadline for tax filing for individuals is usually 18th April every year. Businesses have to file their taxes by the 30th November of each year.

How is the residential tax rate calculated?

Residential tax rates are progressive and are calculated based on the individual's chargeable income.

What does the GST encompass?

Goods and Services Tax (GST) is imposed on the supply of goods and services in Singapore and on the import of goods into Singapore.

What are the possibilities if I can't pay my taxes on time?

If you can't pay your taxes on time, you may contact the IRAS to request a longer time to pay or to make installment arrangements.

What is Property Tax?

Property tax is a levy applied on properties in Singapore and is calculated by multiplying the assessed Annual Value of the property by the prevailing tax rates.

Additional Resources

The Inland Revenue Authority of Singapore (IRAS) is the key resource for all tax-related concerns. The IRAS website provides comprehensive information on all forms of tax, tax rates, filing procedures and deadlines. You can also seek advice from tax professionals or join local seminars and workshops on Singaporean tax law.

Next Steps

If you require legal assistance on tax matters in Bishan, Singapore, it's advisable to engage a qualified tax lawyer. Compile information covering your earnings, investments, properties and any relevant financial matters. Schedule a consultation where you can discuss your situation, obtain legal advice and determine the best course of action to ensure your tax compliance.