These 10 points are designed for those investing into Singapore and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.
September 2024
- A company incorporated in Singapore is not automatically a tax resident in Singapore.
- For a Singapore-incorporated company to obtain the tax advantages of a treaty between Singapore and another country, it needs to be a resident of Singapore.
- Since Singapore’s first appearance in the 1948 Olympics, it has won a total of five medals; one gold, two silver, and two bronze medals.
- Taylor Swift’s Eras Tour that sold out in Singapore is estimated to have added around SGD 300 million to SGD 400 million to Singapore’s economy in the first quarter of 2024.
- Singapore has been ranked second place as the world’s most business-friendly environment and easiest place to start a business.
- It is not required to withhold tax on dividend payments, even if there are withholding tax rates ascribed to dividends in some of the Avoidance of Double Taxation Agreements (DTAs).
- Payments made to a non-resident director, regardless of their physical presence, are taxable if the payments are from a tax resident company in Singapore.
- The date of payment of director’s fees is the date they are voted and approved at the company’s Annual General Meeting.
- The Certificate of Residence (COR) is a letter issued by the Inland Revenue Authority of Singapore (IRAS) to certify that the company is a tax resident of Singapore for the purpose of claiming tax benefits under the double tax agreement.
- The maximum limit to how high buildings in Singapore can be built is 280 meters.
This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice.