Find Accountancy, Audit and Tax expertise in Singapore
- Overview
- Profession
- Tax
Overview
All of the ‘Big Four’ firms, Deloitte, Ernst & Young, KPMG and PwC, have a presence within Singapore, whilst some native firms such as RSM Chio Lim LLP are also meaningful players. The Audit Act of 1965 makes provisions for the audit of the accounts of Singapore and of other public authorities and bodies administering public funds. The Companies Act set out similar guidelines to the International Financial Reporting Standards (IFRS), the Singapore Financial Reporting Standards (SFRS). Adoption of the IFRS is considered to be advanced with all companies and foreign incorporated companies in Singapore required to compile their financial reports in accordance with SFRS. Singapore ranks second in the world in relation to resolving insolvency, coming between Japan in first place and Canada in third place, according to the World Bank Ease of Doing Business Index (2011). The World Economic Forum Global Competitiveness Report (2012-2013) ranks Singapore 5th out of 143 countries with regards to strength of auditing and reporting standards with a score of 6.1, above the world mean of 4.6.
Profession
Established in 1963, the Institute of Certified Public Accountants of Singapore (IPCAS) is the leading professional body. Qualified accountants who are members of the Institute, of which there are more than 25,000, are known as Certified Public Accountants (CPA) and are regulated by IPCAS. The Singapore Accountancy Academy was set up as the educational division of IPCAS and in 2012 had over 5,000 students from around the region. Access to the international accounting body the Association of Chartered Certified Accountants (ACCA) is good with many students choosing to join.
Tax
Singapore prides itself on being attractive to business and this is reflected in its tax regime. It is well-known for attractive corporate and personal tax rates, tax relief measures, the absence of capital gains tax, the one-tier tax system and the extensive double tax treaties. The exact figure of its corporate tax is 8.5% on profits under 300,000 SGD (US$248,310) and 17% for anything over that figure. Income tax is progressive, from 3%-20%. For non-residents income tax is levied at 15%. New business is encouraged by other financial and tax incentives which include the Pioneer Incentive, which grants income tax exemption to new businesses for up to 15 years, the Development and Expansion Incentive, and Investment Allowances. The World Economic Forum Global Competitiveness Report (2012-2013) ranks Singapore 25th out of 141 countries in terms of total tax rate. With regards to paying taxes the World Bank Ease of Doing Business Index places the country 4th out of 183 countries worldwide, coming just below Hong Kong and China.
| Accountancy, Audit and Tax organisations in Singapore | |
|---|---|
| Association of International Accountants |
|
