Taxation
Preparation of Corporate Taxation Computation
All companies are required to file their corporate income tax yearly as long as one has incorporated a company in Singapore.
From year of assessment ("YA") 2020 onward, the deadline will be 30 Nov. Filing corporate tax in Singapore requires the submission of Form C-S/ C. This requires the preparation of corporate taxation computation, contemplating what expenses are tax deductible and what incomes are taxable.
Goods and Service Taxation("GST") Registration and Submission
When to register for GST ?
Registration of GST is dependent on the value of your turnover. The current law suggests that a firm needs to register for GST if
-
Taxable turnover at the end of the calendar quarter (i.e. 3 months ending Mar, Jun, Sep or Dec) prior to 1 Jan 2019 and the past three quarters is more than S$1 million or
-
Taxable turnover at the end of any calendar year on or after 1 Jan 2019 is more than S$1 million.
-
If at any time, taxable turnover is reasonably expected to be more than S$1 million in the next 12 months
Submission of GST
In Singapore, GST (Goods and Services Tax) is a value-added tax that is levied on the consumption of goods and services. GST submission is the process of reporting and paying the GST collected from customers to the Inland Revenue Authority of Singapore (IRAS). Businesses registered for GST are required to submit their GST returns on a regular basis, typically quarterly or monthly, depending on their turnover. The GST submission process involves reporting the amount of GST collected and the amount of GST paid on purchases, and paying the net GST liability to IRAS. Accurate and timely GST submission is crucial for businesses to maintain compliance with GST regulations and avoid penalties. Additionally, businesses can benefit from claiming input tax credits on their purchases, which can reduce their overall GST liability. Therefore, it is important for businesses to have a sound understanding of the GST submission process and engage qualified professionals to ensure compliance with GST regulations.
Taxation Advisory
Tax advisory is an essential service for companies in Singapore, helping them navigate the complex tax system and ensuring compliance with regulations. Singapore has a competitive tax regime, which encourages investment and entrepreneurship, but also requires businesses to have a thorough understanding of tax laws and regulations. Tax advisory services assist companies in planning and managing their tax liabilities while minimizing their exposure to risk. These services cover a range of areas, including corporate tax planning, GST (Goods and Services Tax) compliance, transfer pricing, and international tax structuring. By engaging our tax advisory services, companies can optimize their tax position and focus on their core business operations.
Why choose us?
Corporate taxation and GST are standardized processes but leveraging on information gained from these process can help to identify gaps in a company's taxation processes. This is one of our key differentiating point as compared to purely doing compliance work.