will i still pay taxes when my company went bankrupt?
A lot of entrepreneurs are building their own printing company and one of those entrepreneurs include me. But of course, there are some things that are inevitable. I have been scammed and I invested to this company. It turns out that they are those scammers that always get away because of their good defense and highest quality lawyers. I have no choice but to close my company because it went bankcrupt. And that is why I'm wondering if I'm still going to pay my taxes.
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A debtor can voluntarily file for bankruptcy in Singapore if they owe and cannot repay debts of at least S$15,000. If the debtor is declared bankrupt, their assets will be sold and the proceeds put into a bankruptcy estate. This excludes any assets that are protected from bankruptcy, such as HDB flats.