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| *The Commerce Journal>>>Other Taxes |
I am a Singapore resident with an offshore bvi company. Income from my BVI company is this taxable? |
I have a Singapore Company and a BVI Company. The services that I carry out in Japan are taken up in BVI company. But Singapore company signs the contract with my Japanese customers as agent for my BVI company. Will there be tax payable on the income from Japan that is paid to my BVI company? I think this is offshore services so should be tax-free? Your question is too complex with serious ramifications to trust an answer here. In theory a BVI company doing business outside of Singapore is not tax liable. However by signing the contract in Singapore you might have created a liability. Another question IRAS would ask is what is the remuneration of the BVI's Singapore Agent and what funds have been remitted to Singapore. You really should contact a good Company secretary/accounting firm preferable with International exposure. |
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