TAX and GST

Singapore Taxation Services

Tax assessment is a complicated field for most business owners. Our Advisors reach out to you and help you in minimizing your tax liability while ensuring compliance with the tax regulations. We ensure that your tax filings are done in accordance to regulatory requirements and that you taken advantage of all the tax reliefs and deductibles availed to you.

If you are the owner of the business, these are some key issues for your consideration:

  • What is your aggregate exposure to income tax on both the company and personal level?
  • Are you aware of available tax incentives which are applicable to your company?
  • Should your company be registered as a GST trader?
  • Are your current operations structured in the most tax efficient way?
  • Are your tax filing done in accordance to regulatory requirements? Have you taken advantage of all the tax reliefs and deductibles availed to you?

 

Tax assessment is a complicated field for most business owners. Let our advisors reach out to you and help you in minimizing your tax liability while ensuring compliance with the tax regulations.

Our singapore taxation services include:

  • Tax planning consultation – We assess your current tax situation and advise you on potential avenues of tax minimization.
  • Preparation of Corporate Income Tax Computation and Submission of Tax Filing
  • Preparation of Personal Income Tax Computation and Submission of Tax Filing
  • Registration as a Goods & Services Tax (GST) Trader
  • Preparation and Submission of Goods & Services Tax (GST) Returns

 

GST return submission  GST is a self-assessed tax and businesses are required to continually assess the need to be registered for GST. GST registration falls into two categories: compulsory registration and voluntary registration.

Compulsory registration

Registering for GST is compulsory when

  • the turnover of your business is more than 1 million SGD for the past 12 months - known as the retrospective basis OR
  • you are currently making sales and you can reasonably expect the turnover of your business to exceed 1 million SGD for the next 12 months – known as the prospective basis.

Please note that failing to register will attract penalties. There are anti-avoidance provisions to ensure that entities are not established merely to keep turnovers less than the threshold and thereby avoid registration.

Voluntary registration

You may apply to voluntarily register for GST if you are not liable to compulsorily register and you satisfy the following conditions:

  • Your annual turnover is not more than 1 million SGD, or
  • You only supply goods outside Singapore (out-of-scope supplies), or
  • You make exempt supplies of financial services that are also deemed as international services

The advantage of voluntary registration is that you can enjoy the benefits of claiming input tax incurred in the course of your business. This is especially so when you make purely zero-rated supplies (exports or international services). Please note, once you are voluntarily registered, you must remain registered for at least two years and you have to maintain all your records for at least five years, even after your business has ceased and you have deregistered from GST. You may also have to comply with any additional conditions that are imposed by the tax authority.

 

 

Every GST registered Company has to submit their GST return timely. Non submission of GST return will be subject to immediate and heavy penalty.

Our services

  1. GST advice and planning
  2. GST Preparation, Computation and Submission
  3. GST Audit.