Payroll in Singapore

Updated on August 17,2017
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Singapore is one of the most developed economies in the world, and it also became one of the most representative markets for developing and retaining talented employees, with a high degree of skills and knowledge. Investors interested in opening a company in Singapore are advised to know the local legislation in terms of payroll; if you need to find out more details on this subject, our Singapore accounting company can provide you with an in-depth presentation on this subject. 

Salary in Singapore 

The Employment Act specifies that a salary in Singapore refers to the remuneration received by an employee in exchange for the work activity he or she performed in the benefit of the company. The salary is usually negotiated by the employer and the employee, and it is delivered as prescribed by the employment contract

A salary does not include elements such as payments for overtime work or bonuses given by the company; our Singapore accountants can provide you with more information on the elements which are not included in the salary. 

Payroll services in Singapore 

According to the Singapore legislation, a company set up here has several options for performing the payroll procedures. Some of the most representative payroll services provided by our Singapore accountants refer to the following: 

- gathering information about the wages that have to be paid to the employees;
- payroll activities;
- centralization of wages and taxes related to salaries;
- delivering the pay slips;
- reporting to the management of the company;
- consultancy dedicated to the employees on matters related to the salaries;
- registration with the local taxation authorities.

An important aspect, which can be further explained by our accounting firm in Singapore, is that companies with more than 15 employees are required to file employee’s income information on the online platform available at Income Revenue Authority of Singapore (IRAS), no later than 1st of March. 

If you need further information on the payroll in Singapore, please contact our accounting firm, which can provide you with assistance on this matter.