Does it make sense to form a company if I wish to save on income tax? - Seedly
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Anonymous

Asked on 06 Nov 2019

Does it make sense to form a company if I wish to save on income tax?

For a freelancer doing Digital Marketing work?

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Gabriel Tham
Gabriel Tham
Level 9. God of Wisdom
Answered on 06 Nov 2019

Here is the table for corporate tax rates https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Corporate-Tax-Rates/

You should compare this with your personal income and see which is higher. In any case, if you form a company, you probably need to declare a salary for yourself which is also taxable.

And you also need to account for your company's books and accounting. Cannot anyhow use company funds for personal uses.

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