Tax (Company, Personal, GST)
Why do you need tax services to manage your taxes?
The major reason is that company tax is not a subject that you can easily understand unless you are qualified in it. There are different types of taxes that you and your business will be subjected to and you must ensure that you pay all of them. Only a tax consultant who is doing the work will be updated with the latest tax benefits. Consultants can help you get the maximum benefit from the authorities. We can do filing of ECI to IRAS annually if the appointment had been arranged between your good self and our firm. We can also prepare and submit the tax returns (i.e. Form C-S or Form C and the respective relevant appendixes to IRAS) on your behalf. We can assist in preparing the tax computations and answer queries from IRAS if there is a need since tax authorities would tend to raise any kind of tax inquiries. We can be your agents in-need when you need help for the purpose of corporate tax submission.
Different income tax rules apply to different individuals, depending on their tax residence status in Singapore and nature of taxable income. Tax is generally charged on taxable or chargeable income of individuals i.e. income after deduction of eligible expenses, donations and personal reliefs.
All over the world, the rates of Singapore’s personal income tax are one among the smallest. However, you require to discover the chargeable income amount and the tax residency to know the liability of the Singapore income tax of a person. If you have difficulty to understand the rules and regulations of Singapore’s income tax, you can take the help of personal income tax services in Singapore at a reasonable price range. With tax planning, business owners can achieve an equilibrium in paying their company’s tax and their personnel tax. Our tax professionals will be able to provide advice on how business owners can maximise the benefits they can enjoy from:
- Current tax incentive schemes and
- The annual Budget Statement made by the Minister for Finance.
GST Form 5 filings for the year can be an onerous process if you are a GST-registered entity. Under the current legislation, if your annual taxable supplies exceed $1million, it is compulsory for you to register for GST. The GST that you incur on business purchases and expenses (including import of goods) is known as input tax. If your business satisfies the conditions for claiming input tax, you can claim the input tax on your business purchases and expenses.
Conditions for Claiming Input Tax
- You are GST-registered;
- The goods or services must have been supplied to you or the goods have been imported by you;
- The goods or services are used or will be used for the purpose of your business;
- Local purchases must be supported by valid tax invoices addressed to you, or simplified tax invoices at the time of claiming the input tax;
- Imports must be supported by import permits which show you as the importer of the goods;
- The input tax is directly attributable to taxable supplies (i.e. standard-rated supplies and zero-rated supplies), or out-of-scope supplies (e.g. third country sale of goods), which would be taxable supplies if made in Singapore;
- The input tax claims are not disallowed under Regulations 26 and 27 of the GST (General) Regulations.
We have professional staff that can help you on that aspect as well when the accounting records are maintained by our professional staff on your behalf.
One-stop & Hassle Free
With our wide range of professional services, we are able to provide our clients with one-stop and hassle free solutions to serve all their companies’ needs.
Our Group & Associates have a team of professionals who are Public Accountants, Chartered Accountants, Tax Practitioners, Liquidators, Lawyers, Consultants and Valuers who are ready to serve you.
We have an experienced team with many years in the accounting, auditing, tax and consulting industry.
With our huge number of satisfied customers, we can assure you of our reliable services which you will not get elsewhere. You are able to reach to the Managers or Directors in-charge of your portfolio anytime despite that our staff handling your work are very reliable too.