It's Tax Filing Time in Singapore

It's the time of the year to file for taxes again and I like to do it fast and get it out of my way.

I called up IRAS today and found out a few more things regarding e-filing for my partnership company.

Just for your info, especially if you are a new company that may not know these:

• Medisave contribution is compulsory for individuals who earned net income of $6,000 and above.
  
  • For eg. Profit is $10,000 and Partner A's share is 70%. Partner A will have to contribute to his Medisave but Partner B who is holding 30% doesn't have to.
  • The rates can be found here.

• Personal income tax filing (From B/B1) is required after you've filed Form P
  
  • This is even so if you've received the letter from IRAS informing that you do not need to file your personal income tax as it will automatically be done for you.

• Only Entertainment for Others falls under Allowable Business Expenses
  
  • Which means that food and drinks you buy for yourself is not allowable. Hmm... hard to split right?