Taxation Services

 

 

 

Taxation Services

STARTING FROM S$180

There are many businesses in Singapore, which have tax implications, which they might not able to resolve on their own. For instance, it is required all businesses in Singapore to submit their income tax and financial reports together to the IRAS (Inland Revenue Authority of Singapore) authority.  This work becomes hectic for many small and mid size businesses in Singapore and they need experts to manage their financial reports and income tax filing requirements on their behalf.

So, if you also find it difficult to manage your company’s income tax and financial reporting work on your own, you should not be late to call us and avail our best offered taxation services now!

We entertain our corporate clients by serving them with statutory and IRAS compliance taxation services for their companies and enable them to stay away from issues related with income tax and financial reporting matters in their businesses.

In Singapore, 30th November is the date of subsequent financial year in the country. However, every business is required to file its income tax or return along with financial report to the government till the same date. Thus, we help the businesses to take reminder of the same through us as well as get prompt and hassle-free services for annual audit, income tax filing and financial reporting to be done by us within time frame.

To manage our patron’s all income tax and financial planning or reporting projects, we have a team of experienced accounting professionals, taxation and financial experts too. They have massive experience in handling all accounting, financial, and tax related matters of client’s business and can resolve them adequately. Moreover, they can file for annual tax and financial reporting on behalf of the client’s firm to the IRAS at right time.

So, do not be late to avail our valued Taxation Services, which are complied with IRAS and other government rules in Singapore. We also provide you with well-organized tax and investment plans that will help you in managing annual expenses of business as well as save money.

Our experienced accounting managers and taxation experts will assist you in filing audited or un-audited accounts and tax planning as well. Apart from that, we help businesses in Singapore in the following areas:

  • Calculating annual tax return and filing for the same.
  • Submission of Form C and C/S for filing income tax
  • Providing support in preparing documents for calculating taxable profits
  • Do successful tax planning for businesses
  • Providing accuracy in income tax calculation works
  • Timely addressing of all inquires generated by taxable authority in Singapore.
  • Do the best tax audits of companies
  • Corporate tax calculations
  • Planning for right investments for tax efficiency
  • Keep eyes on all taxation updates and assess the precisely
  • Fund transferring and management

Thus, it will be a wise decision, if you apply for our cost-effective, reliable and professional taxation services in Singapore.

For Sole Proprietor and Partnership

Our best offered Taxation Services conclude:

  • Proper calculation and filing of income tax of sole-proprietor
  • Computing taxation of partnership businesses and filing for the same
  • Effective coordination with IRAS for filing taxes and finding answers pertaining to queries of sole-proprietor and partners regarding income tax return.

3-In-1 Compliance Package

Our 3-in-1 compliance package includes the following services at different charges:

  • Tax Calculation— U.P. $S 180
  • Compilation of Financial Report —U.P. $S 600
  • Submission of Chargeable Income Tax — U.P. $S 30
  • Secretarial Works— U.P. $S 380

Thus, it is convenient for customers to apply for desired services through us and do the right management of tax, income, and filing for them through us as per IRAS and ACRA norms in Singapore.

IRAS COMPLIANCE

According to Inland Revenue Authority of Singapore (IRAS), the companies which have qualified for audit exemption and have chosen not to have their account audited, they are also required to apply for unaudited accounts. The companies having unaudited accounts, which are prepared in accordance with Singapore Companies Act., they also need to come with company director’s report and statement too.

(1) Tax Exemption Plans for New or Startup companies in Singapore

According to tax exemption scheme, if you have a new or startup company in Singapore, then it will get full exemption on the first $100,000 on normal chargeable income. Furthermore, you will get 50% exemption on the next $200,000 on normal chargeable income up to initial 3 years.

The next 50% tax exemption will be applicable on the $290,000 on normal chargeable income.

(2) Partial Tax Exemption Plan for All Level Companies in Singapore

Under this scheme, all the companies, which lie under limited by guarantee category, they can also get benefit of 75% tax exemption on the first $100,000 on normal chargeable income.

(3) Rebate on Corporate Income Tax

The provision of tax rebate on corporate income tax is applicable for all level companies in Singapore. However, it will help them to grow their businesses or revenue easily. It is applicable for YA 2013 to YA 2017.

  • Company will get 30% corporate income tax rebate, if income limit is at $ 30,000 per year of assessment (YA) for year 2013 to 2015.
  •  Company will be benefited of 50% income tax rebate, if income limit is at $20,000 per year of assessment for year 2016 and 2017

ESTIMATED CHARGEABLE INCOME

What is Estimated Chargeable Income (ECI)?

The estimated chargeable income is the total estimation of annual income of a company, which lies under taxable slab set by the government. Every company in Singapore, which is governed by IRAS is required to submit its estimated chargeable income within 3 months of end of financial year. However, after the yearly assessment (YA) of 2013, a new concession is applied to the companies with financial year ending on October 2012 or afterward.

We at, Singapore Incorporation Services are committed to render genuine and accurate estimated chargeable income tax services as per industry norms in Singapore.

Note: Our fees for ECI service is at only S$30

Why and When Should You File for ECI?

It is necessary to file for estimated chargeable income tax (ECI) of the company, if its annual income comes under the taxable category.  The income tax paid by the companies to the government will indirectly will benefit them or to the countrymen. As the government invests the ECI amount collected from companies in favor of welfare of citizen and providing numerous facilities to them. Thus, it is a good contribution by every company in favor of the nation to pay some profitable amount of revenue to the government to utilize it for betterment of the nation.

The companies lie under taxable revenue or income, they need to file for ECI within 3 months after ending of financial year. So, if your firm come under the same slab, you should not be forget to file for ECI on time.

 

Administrative Concession

The Singapore government may also provide some administrative concessions to the companies, which have financial year ending on October 2012. These companies will not be liable to file for estimated chargeable income (ECI) tax. Here the conditions applied for availing administrative concessions by the companies, if they:

  • Do not have annual revenue more than S $1 million on the financial year
  • Their ECI is NIL.

What Happens When You Get Failed to Apply for ECI?

In case, you fail to comply with ECI tax of your company to IRAS, the authority will issue Notice of Assessment (NOA) that will be based upon your annual income or estimation of taxable amount. If you are not agree with NOA sent to you or amount of assessment charges to be paid, then you will get the one month time period that will start from date of issuing NOA. In this period, you will have to send objection reasons in written to the IRAS, otherwise, the estimated amount in NOA would be considered as final to be paid. Thus, you need to file for ECI of company on time to avoid unwanted NOA notice or penalties.

GST REGISTRATION

Business-Advisory

It is necessary for all level companies to file for GST registration, as it is the Goods and Service tax, which is quite similar to Value Added Tax (VAT) applicable in many countries. This tax is applied for companies indulged in goods and service businesses in the market. In Singapore, the GST tax rate is up to 7% for all types of goods and service businesses. However, every company has to file for the GST registration for its business, but it depends upon the types of business you have. Thus, there are varied types of GST is applied on the goods and service businesses in Singapore.

  •  If you have business in Singapore, you first have to identify the type of GST registration needs to apply for.
  • If you are indulged in domestic goods and services business in Singapore, you need to comply with GST registration process wisely.
  •  For import businesses in Singapore, GST is needed to be filed that will be charged by Singapore customs at the import stations or harbors in the country.
  • GST is not applicable for export businesses, sale, and lease of residential property and on financial service businesses in Singapore too.

Thus, it is much needed for companies in Singapore that they have recognized their business type and applicable GST taxes for them as per guidelines of Inland Revenue Authority of Singapore (IRAS).  Once you find your business applicable for GST tax, you are supposed to file for GST registration on time without fail.

The companies in Singapore, which have been registered their GST, they are required to file for their returns on quarterly basis. Once you get registered for GST, you must comply for the same at least for next 2 years at least.

We at, Singapore Incorporation Services Pte. Ltd., can assist you in filing your company’s GST tax and its registration to be done with IRAS. We assure for submitting GST of your company quarterly by us without fail. Moreover, we do keep eyes on any update about GST and IRAS guidelines regarding GST, if any, we will intimate about the same to the clients on time. We do registration of GST on behalf of company with IRAS authority and do follow up all GST submission processes legally and in an organized way. You can also get more details about GST benefits and its online registration from our accounting and taxation professionals too.

We enable our patrons to get the accurate computation of GST for their goods and service businesses in Singapore and will also streamline GST filing with IRAS by following legal procedure. Furthermore, we can also do cancellation of GST registration as per requirement of the client.

Documents Required for GST Registration in Singapore

You must have to be aware of all legal documents and procedures applicable for applying GST registration of business in Singapore. Below are some required documents and information about the same:

  • Provide you with details of business profile approved by ACRA.
  • Submitting financial report or latest 2 months details of sale and purchase listing of business, if it is less than 2 years old.
  • Provide with 3 copies of invoices raised by suppliers that should include shipping documents too.
  • Also, give details of 3 latest invoices (including shipping documents) issued to the customers by your side.

What is Voluntary GST Registration?

It is a kind of self registration of business done by the dealer in order to get listed in the GST framework. To avail benefit of it, it is necessary that both business units and dealers have done their GST registration successfully.

Who is Eligible to Applying for Voluntary GST registration?

(A) The start-up or new businesses in Singapore, which have just started their sales, they need to apply for voluntary GST registration.

Documents Required:

  • Give details of business profile approved by ACRA.
  • Submit financial report or latest 2 months details of sale and purchase listing of business, if it is less than 2 years old.
  • Provide with 3 copies of invoices raised by suppliers that should include shipping documents too.
  • Provide with 3 latest invoices (including shipping documents) issued to the customers by your side.

(B) The businesses, which have not started their sales, they also need to comply with GST registration.

Documents Required:

  •  ACRA approved business profile details
  •  Submit copy of contract done between your company and dealers, accepted sales, and purchase order too.
  • Provide with copy of rent agreement for office, warehouse, shop, etc.
  • Give details of business approval or License or work permit or registration number provided by high authorities to run business in Singapore such as ACRA, IRAS, etc.
  • Submit signed copies of sale and purchase agreements of property.
  • Details of last 2 months purchase listing along with 3 copies of invoices generated by suppliers (including shipping documents).

GST RETURN

We offer an assessment that determines the impact of GST registration on your company and customers. Based on the assessment, we will advise you on the optimum GST filing cycle for your company. We offer monthly, quarterly and biannual GST filing.

Our service also includes providing advice on compliance matters as well as any incentives provided by the government for voluntary registration.

We offer a comprehensive range of GST services including:                                          *Fees range from $S 180 per quarter!
  • Reviewing and e-filing GST returns
  • Applying for GST registration or deregistration
  • Compliance Support
  • Managing IRAS audits and investigations
  • Managing and responding to IRAS queries
  • Making voluntary disclosures of errors to the IRAS to mitigate penalty exposure
  • Advising on GST implications involving business start-ups, new business arrangements and cross-border transactions.
  • Conducting in-house GST training customized to specific business transactions

PERSONAL TAX

What is Personal Tax?

It is the tax applied on the personal income of an individual. This tax differs from earnings of firm’s income, instead, it is meant for earnings of owner or shareholder of the firm at personal level, which can be his or her salary or other allowances. However, one whose salary lies under the personal tax slab set by the government then the person has to file for personal income tax as per the norms.

Why Need Personal Tax Services?

The individual, who own the high salary package, meeting the threshold of income tax or over of it, he or she is liable to pay tax of income too. To calculate right taxable amount, self assessment of personal tax, and other financial planning, you need to apply for the professional tax services offered by experts.

Personal Tax Services in Singapore

The personal tax in Singapore is applicable for those, who earn income in Singapore only. The individual or Singaporean earns in overseas, is not subjecting to pay income tax or he is out of the taxable barriers. However, the Singapore government welcomes foreigners and individuals, who earn foreign currency for the country.

The Singaporeans, who have spent at least six months of their employments in overseas, they will be treated as the non-residents for the year of assessment as per the overseas employment norms. However, the earnings made by Singaporeans in overseas will not be concern of personal income tax or will get relaxation from it.

We at, Singapore Incorporation Services Pte., Ltd., are also engaged in providing you with the best personal tax services, which are followed by the taxation norms of ACRA in Singapore. Our personal tax services will entertain one for the following things:

  •   Personal tax planning
  •  Succession tax planning
  •  Expatriate tax planning
  • Estimating salary package
  • Calculation or compilation of personal tax

Note:  Our personal tax services starts from $S 180

 

What is the Due Date of Personal Tax Filing in Singapore?

As per the law, due date of annual return or personal income tax filing to IRAS in Singapore is 15 April of every year. Inland Revenue Authority of Singapore (IRAS) carefully inflicts individuals to file their income tax on time. It is suggested, to file personal tax to avoid fines or court prosecution.

In Singapore, the income tax is assessed as per the preceding calendar of every year ends on 31 December. However, it is requested to file your income tax by 15 April of every year as per the taxable slab set by the IRAS. One can receive income tax pay bills from IRAS from May to August.

We are committed to provide our patrons with accurate and well-computed income tax filing services that will entertain individuals for personal tax services as follows:

  • Making registration of new tax payers.
  • Right computation of taxable amount of one as per his or her annual income or package.
  • Providing possible tax relaxation to individual that is applicable to him.
  • Preparing Form IR8A / IR21 for office employees.
  • Doing assessment of tax filing year and time period
  • Apply for extension of deadline of tax payment, if needed
  • Right advice and planning for tax relaxation
  • Assessment of one’s payment and refund
  • Calculating taxes of director’s fees or remuneration
  • Computation of equity gains
  • Taxation of varied bonuses
  • Double taxation and exemptions
  • Compilation of taxes for IRAS Enforcement
  • Calculating penalties for Negligence, Non-Filing & Late Payment
  • Voluntary Disclosure

Thus, we are one stop source in Singapore to avail all sorts of personal tax services for individuals and help them to gain prospective benefits for the same and stay out any taxation issues of personal earnings easily.

Contact Us For First Free Consultation