It is important to have a professional tax agent to give you valuable advice and accurate tax computations to ensure your business is in compliance with Singapore statutes and laws. Accounting DNA does all this while also providing the most efficient corporate tax saving advice to maximise tax benefits. In addition, your company can load off the extra time spent rectifying issues with IRAS by allowing us to file the correct data for you from the get go.
The following are some taxation processes that every company must ensure to adhere to:
- All companies must file Estimated Chargeable Income (ECI) within three months from the end of their financial year except for companies that qualify for the administrative concession and those that are specifically not required to file.
- Companies incorporated in Singapore are required by law to submit their annual income tax return by 15 December each year (e-filing).
- Companies are required to prepare Form C/ Cs, tax computation and schedules as part of the income tax filing requirement.
Our Singapore Taxation Services include:
- Submission of Estimated Chargeable Income (“ECI”) filing
- Preparation and Submission of tax computation & Form C/Cs to Inland Revenue Authority of Singapore (IRAS)
- Sending you a reminder about the deadline to be met for ECI filing, GST filing and Annual Tax filing.
- GST Registration – Voluntary / Compulsory
- Preparation and Submission of GST return (Form 5)
Working out Corporate Income Taxes requires specific expert knowledge in order to have a comprehensive understanding to best manage a company’s taxes. For instance, to understand whether the income is taxable or if the expenses are deductible, we need to understand the nature of them. Not all business expenditures can be claimed in full in one year.
It is an offence not to declare all assessable income. It is important to note that claiming deductions of expenses that were not incurred for company purposes is not deductible, and claiming personal expenses in the company tax is a wrongful act. Certain company expenses are claimable as part of expenses, however, they are not deductible in the tax computation. E.g.: sales staff’s private car fuel expenses can be reimbursed from the company but they are not deductible in the tax computation.
We will send you reminders when the deadline is drawing near and ensure that the company meets the deadlines of ECI filing, annual tax filing. If you do not file the tax return on time, there will either be a penalty incurred or fines imposed.
Goods and Services Tax
As a GST-registered company, you’re authorised to collect GST from your customers on behalf of the government. As such, it’s important to know which types of revenue are entitled for GST collection on behalf of the government.
If your company does a wrong billing, which involves collecting GST from revenues that are not entitled for GST collection, this is considered a violation which may result in a disruption in your cash flow.
Also, a wrongful deduction of fees from customers may pose problems for your business in the future. Such mistakes not only raise issues with IRAS, it may also result in your company losing a valued client. If convicted of any offences, you will be liable to pay a penalty and shall be fine and in worse cases, serve imprisonment time.
This is a daunting task for many business owners as GST registered companies always face difficulties in determining whether GST is claimable. But with our professional advice, we will guide your company in identifying the claimable items in GST reporting. To better understand how Accounting DNA can help you navigate this complex process.
We will constantly keep our clients posted on the relevant processes with regards to the steps we have taken from the beginning till date.
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