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At Paul hype page, we will go through your portfolio of business and investments to build a tax efficient structure to achieve your goal.
According to Income Tax Act, the tax is imposed on the income if the source is in Singapore and income having a source outside Singapore only if it is accrued in, derived from or received in Singapore, unless specifically exempt from tax.
Thus, exemption from taxation for foreign-sourced income becomes an important factor for companies which receive such income.
In addition, IRAS mentions the following clarifications concerning foreign-sourced income:
Foreign-sourced income is only taxable if it is of a company based in Singapore. In other words, foreign-based companies with no Singapore office are able to use Singapore-based banks and fund management institutions without fear of being taxed.
you can use your foreign-sourced income to invest in additional assets outside from Singapore but your company cannot use those investments or expenses as a basis to claim for tax deductions in Singapore.
Non-income funds will be exempt from taxation if you are able to provide proof that the money has no relationship with business-related income. To do this, you should specify income and non-income and provide dates from when the non-income money was remitted to Singapore. You must show proof that the income amounts were not touched.
You can show that the money sent to Singapore is not more than the capital minus any losses incurred. IRAS will also allow you to set off any overseas losses against foreign sourced income received in Singapore.
You have lived and worked in Singapore for several years, and would like to establish Permanent Residence for you and your family.
Perhaps you have done some research regarding the benefits and responsibilities of such status. Aside from the application requirements, there are several factors that will strengthen or weaken your application.
Additionally, there are important tax implications. Paul Hype Page & Co. offers application preparation, consulting, and tax planning to assist you in the process.
Should your application be rejected, we promise to make the first appeal. We can help you apply for a preferred work visa, devise a plan to move assets to Singapore that minimizes tax, and advise you on how best to present your application as a valuable contributor to Singapore.
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In Singapore Taxation system, a Singapore PR on an individual tax capacity any foreign sourced income or investment gain will be tax free even if it is remitted to Singapore. Further, if you cannot relocate to Singapore to obtain PR status, Paul Hype Page & Co’s property investment program allows you to become tax resident and obtain relevant work visa for obtaining your PR status within 1 to 2 years
If you wish to enjoy lower tax rate and assets protection via a corporation or trust structure, Paul Hype Page & Co , Public Accountant able to set up a suitable trust or company tax structure to achieve your commercial goals.
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