Tax Services

The tax landscape has changed dramatically over the last half decade. The tax regulatory regime has become increasingly transnational as it addresses unfair tax advantages engineered by global and multinational enterprises. This has been exacerbated by the digitalization of economies and businesses and the inadequacy of existing domestic tax legislation in addressing the challenges arising therefrom. This has culminated in the OECD/G20 led Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) initiative, with more than 140 countries and jurisdictions working together to implement 15 Actions to tackle tax avoidance, improve the coherence of international tax rules, ensure a more transparent tax environment and address the tax challenges arising from digitalisation.

The corollary to this tax development is that governments and tax authorities across jurisdictions are working in closer tandem with the common objective of eliminating tax avoidance, exchanging information to achieve transparency and adopting a more unified tax approach through modification of their respective domestic tax legislation to embrace international tax agreements and rules. As a consequence, companies and businesses, both domestically and globally, are required to understand and deal with multiple tax regulations and ever-increasing complex tax rules. It is, therefore, pertinent that companies develop bespoke tax strategies that are both relevant and compliant with tax regulatory requirements with regard to their businesses. SW in Singapore is resourced by qualified tax professionals that boast decades of tax experience, singly or cumulatively. The Tax Practice is comprehensive and is organized into professional teams, each specializing in specific areas of taxation. With the necessary technical skills and industrial expertise, the SW Singapore Tax Practice is in a position to offer the necessary guidance and support to enterprises and businesses. Additionally, as SW Singapore is an integral part of the international SW network, its access to the SW International global management platform, integrated operational system and overseas offices, allows the Tax Practice to leverage on these network advantages and enable it to provide and deliver seamless transnational tax solutions and international tax advice to regional and international enterprises.

The SW Singapore Tax Practice, therefore, offers a broad range of tax advisory services based on our client’s specific circumstances, financial objectives and needs. At its core, we provide comprehensive tax support from the basic tax compliance to settlement of disputes with local tax authorities, formulation of cross-border corporate structure or regional operations from a tax efficient but practical perspective, and advising corporate senior executives or high net worth individuals on their tax mitigating opportunities. SW Singapore can help you gain an in-depth and up-to-date understanding of rapid-changing tax rules, meet international compliance requirements, develop practical tax solutions and manage tax liabilities, with the objective of achieving tax efficiency and compliance on an ethical basis as demanded by the tax landscape we currently operate in.

Corporate Taxation

  • Corporate Tax Compliance for general and specialised industries (eg. Shipping, property developer, fund manager, investment companies locally and overseas)
  • Yearly tax provisioning and Estimating Chargeable Income (ECI)
  • Designated email address for IRAS Update Notice Preferences (UNP)
  • Verification of tax assessments
  • Corporate tax responses, disputes and submissions
  • Withholding Tax compliance, locally and overseas under DTA
  • Certificate of Residence
  • Voluntary Disclosure Program (VDP)
  • Tax Due Diligence
  • Tax audit assistance
  • Tax compliance for partnership and trusts
  • Tax compliance for Associations, Clubs and Management Corporation Strata Title (MCST)
  • Common Reporting Standards (CRS) registration, filing and compliance
  • Foreign Account Tax Compliance Act (FATCA) registration, filing and compliance

Individual Taxation

  • Individual tax advice and planning
  • Individual tax compliance for employees, proprietors and partnerships
  • International executive tax compliance
  • Tax equalization
  • Withholding tax compliance
  • Tax resident certification
  • Tax clearance for foreign staff leaving Singapore (Form IR21)

Key Contact

Goods and Services Tax

GST rate has increased from 7 per cent to 8 per cent in year 2023 and will be increased further to 9 per cent in year 2024 to cater for infrastructure spending, continued investment in human capital and healthcare spending, owing to Singapore’s rapidly ageing population. As the burden of GST collection and compliance falls on the taxpayer, GST is attractive in that it is an efficient tax, with a relatively low cost of collection and administration. GST revenue is also less sensitive to business cycles and is therefore more stable and predictable. From the payer’s perspective, GST is a regressive tax. The regressive impact may however, be mitigated by GST offsets in the form of GST vouchers and other non-GST related payouts. Our GST specialists stand ready to assist you in navigating and complying with the myriad of GST complexities in your day-to-day transactions.

  • GST Registration/Deregistration
  • Review of GST returns
  • Acting as Section 33(1) Agent
  • Assisting in GST scheme applications and renewal of GST schemes (eg.Major Exporter Scheme)
  • Conducting GST Health Checks
  • Assisted Self-Help Kit (ASK)
  • Assisted Compliance Assurance Programme (ACAP)
  • GST advice/ruling
  • GST Due Diligence engagements
  • IRAS’ GST queries/audit

Key Contact

Ng Ee Theng
Head of GST

Transfer Pricing

Integral to the OECD’s BEPS initiative, is the requirement to ensure the application of the arm’s length principle to related party transactions. BEPS Actions 8-10 provide transfer pricing guidance designed to strengthen existing standards, including guidance on the application of the arm’s length principle and an approach for appropriate pricing of hard-to-value-intangibles. The objective of Actions 8-10 is to ensure that pricing results are dictated by economic reality and minimise the incentive for MNEs to shift income to companies without commensurate operating resources while taking advantage of low or no-tax jurisdictions. Our team of experienced TP specialists stand ready to assist you in your needs to comply with your specific TP situations.

  • Strategic advice including TP health check analysis on all aspects of transfer pricing;
  • Master file, local file and Country-by-Country Reporting for compliance purposes;
  • Planning Study for TP policy structuring and strategic planning;
  • Economic analyses, including commercial benchmarks, loan benchmarks, and license benchmarks and other benchmarking services;
  • TP audits, mutual agreement procedures;
  • TP dispute resolution – assisting with arm’s length responses and disputes.

Key Contact

Gina Soh, Partner
Head of Transfer Pricing

Yong Xiu Wei, Director
Transfer Pricing

Tax Advisory

  • Advance Tax Ruling application
  • Tax Incentives application
  • Tax advisory
  • Tax mitigation and planning
  • Cross border transactions and investments
  • Tax structuring for mergers, acquisition, investments and divestments
  • International Tax consulting and Co-ordination
  • Common Reporting Standards (CRS)
  • Foreign Account Tax Compliance Act (FATCA)

Key Contact

Fiona Sheng FengLing
Head of Corporate Tax