TaxSavvySG

First-month tax set-up for a new Pte Ltd

Company just incorporated. What tax steps come first?

The situation

There is no tax filing in month one, but you should set up Corppass, note the ECI date and track the GST S$1 million threshold.

The law

  • Income Tax Act 1947: Estimated Chargeable Income: ECI filed within 3 months after financial year end; waiver if revenue up to S$5 million and ECI nil
  • Goods and Services Tax Act 1993, Fourth Schedule: Registration required when taxable supplies exceed S$1 million (retrospective or prospective view)

What it means for you

Good records from day one make the start-up exemption claim easy. If you expect to sell above S$1 million in 12 months, GST registration may be needed early. Voluntary GST registration now needs InvoiceNow.

What to do

  1. Set up Corppass for the company.
  2. Open a business bank account.
  3. Start bookkeeping from day one.
  4. Track 12-month sales for GST.

We can do this for youIncorporate a Singapore private limited company and complete first-month set-up: SGD 1,800

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