How to save on Business Taxation in Singapore?
In general, deductible business operating expenses are those entirely and absolutely incurred in the production of income. The Singapore government has allowed for tax deductions on several areas of operations for businesses, and ignoring them is as good as leaving money on the table. Here are some of the most commonly overlooked areas: Office Renovations In Singapore, companies can claim deductions on the cost of renovating business premises, up to a total of $300,000. These costs cover a wide range of applications, from lighting to bathroom fittings and even certain decorations. The deduction needs to be claimed over three consecutive years, starting from when the costs are incurred. You also need to keep supporting documents, including a list of work done and related costs, for five years. Therefore, remember to file these invoices during your accounting . Research and Development Incentives for research and development are considerable in Singapore – up to 100% o...