Corporate Tax Planning

To save on the tax bill, companies should be aware of the tax deductions and exemptions under the laws when they file their tax returns.

The followings are some of the deductions that companies can claim:

  • » Costs incurred on renovation or refurbishment works carried out between Feb 16 last year and Feb 15, 2013.
  • » Companies that buy commercial vehicles not exceeding 3,000kg for business use can claim capital allowance over three years, compared with six years previously.
  • » Trade losses or unutilised captial allowances for the year, up to $200,000 can be carried back to the previous three years, inder the loss carry-back relief scheme announced in this year’s Budget.
  • » Staff training costs are deductible.  If firms receive government grants, only the actual costs they bear are deductible.
  • » Retrenchment costs incurred in streamlining operations are deductible.

Our fee for the abovementioned services to be provided range from $ 200 onwards, based on case by case basis.

Client list available upon request.

The followings are some of the deductions / benefits that companies can claim:

  • » Fixed monthly allowances instead of reimbursement paid to staff for using their private cars for job duties. Such fixed monthly allowances are tax deductible for company.
  • » Qualifying costs incurred on renovation or refurbishment works carried out for business premises from 16 Feb 2008.
  • » Trade losses or unutilised captial allowances for the year, up to $200,000 can be carried back to the previous three years (subject to conditions).
  • » Group relief (GR): under the GR system, the unutilised capital allowances/trade losses/donations of the current year of one company will be deducted from the assessable income of the other company of the same group (subject to conditions).
  • » With effect from 1 Nov 2008, an employer who tops up his employees’ CPF Minimum Sums on his employees’ behalf, will enjoy tax deduction for such top-up.
  • » Contractual retrenchment payments: such contractual retrenchment payments refer to those provided for in employment contracts or collective agreements with trade unions.

For further enquiries or a non-obligatory quote, please send us an enquiry.