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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.

    2020.03.24 15:44

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Do people who are handicapped excempted to tax?

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When I loan from someone are they suppose to add taxes?

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What law do taxpayers violate when they ask for more?

To be honest, if this was reported, the both of you will face aproblem; The taxpayer for being dishonest and asking for more which is basically used the victims disadvantage at the situation while the victim for having outdated record book. It can actually be the cause for the possible forced shutdown of the company.

Middleman to contact all the person in debt

Although it is nice to have a person who will be in charge of the notice, if you are going to think about it, you have a variety of choices. There is social media nowadays that can be used as a platform to communicate with the ones in debt. It will also be less hassle to use social media, plus you do not need to pay someone to do some tasks for you. But if the middleman you're going to use is someone that you trust so much, then it is still up to you.

Is the taxes that have been added to me is legal?

Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no capital gain or inheritance tax. Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring a few exceptions. If the company is not doing the right tax deduction you can report them to the IRAS.

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