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Explore Galaxy Group’s expert Tax and Accounting Services, designed to simplify compliance and optimise financial management.
To navigate Singapore’s business environment effectively, understanding its strong financial infrastructure and transparent regulatory framework is key. As a global economic hub, Singapore offers a transparent and efficient system that enables businesses—whether they are a growing startup or an established multinational—to stay compliant while thriving. Its well-defined accounting and taxation landscape, including corporate and income tax rules, ensures companies can focus on growth with confidence.
The Singaporean accounting, finance, and taxation landscape presents lucrative opportunities but requires a thorough understanding of the country’s accounting and tax laws. With transparent regulations, a robust financial infrastructure, and attractive tax incentives, Singapore offers a conducive environment for business growth. Leveraging professional accounting services in Singapore can help businesses navigate these complexities efficiently. With a focus on accounting, finance, and tax implications, this section provides insight into the key considerations companies should be aware of when expanding into Singapore.
Singapore's accounting standards, financial reporting requirements, and tax regulations must be familiarised by all businesses to avoid penalties.
It is important to take advantage of Singapore's tax incentives and grants. Tax incentives, such as the Start-Up Tax Exemption (SUTE) tax exemption scheme and Partial Tax Exemption (PTE) scheme, can minimise tax exposure and maximise profitability.
Understanding Singapore's robust financial infrastructure is critical to smooth financial operations and strategic decisions.
Currency fluctuations, regulatory changes, and market volatility can pose significant financial risks for businesses, which should be identified and mitigated.
Managing accounting, finance, and tax implications presents substantial challenges when operating in Singapore. Choosing an outsourcing service provider specialising in these areas can be beneficial. Outsourcing providers understand Singapore’s regulatory landscape, financial practices, and specific details such as service tax in Singapore, ensuring compliance and efficiency. With their knowledge and resources, businesses can focus on core activities and strategic growth initiatives while minimising risks and maximising efficiency.
Outsourcing providers are familiar with Singapore's accounting and tax regulations, ensuring accurate and compliant operations.
In order to reduce overhead costs, you can outsource your tax and accounting function, which eliminates the need for in-house staff and infrastructure.
Outsourcing protects business interests and reputation against regulatory non-compliance, tax errors, and financial mismanagement.
Outsourcing services provides scalability to adapt to fluctuating business needs and flexibility to adapt to changing regulatory requirements and market dynamics, ensuring agility and resilience when operating in Singapore.
Our Singapore accounting, taxation, and finance services are tailored to meet the unique needs and objectives of each client. We provide clients with customised solutions to optimise financial operations, including assistance with calculating income tax in Singapore, to drive business growth in the dynamic Singaporean market.
Our first step is to assess a client's accounting, taxation, and finance requirements, gaining an understanding of their business objectives, regulatory obligations, and financial challenges.
We develop customised solutions based on assessment findings, aligning them with the client's business strategy and regulatory requirements.
Utilising our in-depth knowledge of Singapore’s regulatory landscape and financial practices, our team of experienced professionals can customise solutions to suit your needs.
Throughout the engagement, we provide insight, recommendations, and assistance to clients to navigate financial challenges, capitalise on opportunities, and achieve long-term success.
The Singapore Financial Reporting Standards (SFRS) are converged mainly with the International Financial Reporting Standards (IFRS). These standards promote transparency, comparability, and accountability in financial reporting. With Singapore’s growing emphasis on digitalisation and ESG (Environmental, Social, and Governance) reporting, businesses are also expected to integrate sustainability disclosures alongside traditional accounting practices.
Singapore offers a variety of tax incentives and grants to encourage business growth and investment. Key incentives include tax deductions for research and development (R&D), green initiatives, intellectual property (IP) development, and digital transformation projects. Startups still benefit from partial tax exemptions, while multinational corporations enjoy relief through double tax agreements and cross-border tax planning frameworks.
Businesses in Singapore must account for the corporate income tax rate of 17%, the Goods and Services Tax (GST) of 9%, and compliance with evolving international tax regulations such as BEPS 2.0. Companies also need to adopt accurate digital tax filing processes, stay updated on industry-specific tax schemes, and implement robust tax planning strategies to remain compliant and minimise liabilities.
Yes. Singapore has made e-invoicing and electronic tax filing mandatory for most businesses in 2025. The Nationwide e-Invoicing Network (Peppol) and IRAS digital platforms streamline compliance, reduce errors, and improve efficiency in financial reporting.
The GST rate in Singapore is 9% as of 2025, affecting both local sales and imported goods and services. Businesses must ensure accurate GST registration, reporting, and filing to avoid penalties and ensure compliance. Tax advisory services help companies avoid penalties and optimise input tax credits.
By 2025, sustainability reporting will have become a significant aspect of financial compliance in Singapore. Listed companies and larger enterprises are required to disclose ESG performance, carbon emissions, and sustainability practices, aligning with global reporting standards. Accounting firms are now integrating ESG metrics into their financial statements.
Outsourcing remains highly beneficial in 2025, as it allows businesses to access specialised expertise in payroll, compliance, tax advisory, and financial planning without the high costs associated with in-house teams. This ensures accurate reporting, reduces risks, and frees management to focus on growth and expansion.
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