Your Taxes Made Hassle-Free
Staying updated with any change could be time-consuming as well as overwhelming. We can help you meet with all the latest tax regulations as you stay focused on growing your business.
The Services We Offer Include:
Table Of Content
Individual tax
As businesses are taking a leap and investing in human competencies, it is becoming quite common for companies to revamp arrangements for human resources. These changes may require some wishful consideration when it comes to rethinking remuneration packages and other applications of domestic laws pertaining to taxes.
In addition to our range of services for business clients, we also offer personal advice and assistance to individuals in tax matters including
- Creation of all income tax returns and computations
- Creation of returns for employee’s remuneration (Form IR8A)
- Creation of submission for tax clearances (Form IR21)
- Application work for any individual tax schemes
- Handling tax queries from the IRAS
- IRAS-related application work of any voluntary disclosures that involves previous tax errors/negligence
- Personalised tax planning
Goods and Services Tax
Goods and Services Tax (GST) is a type of consumption tax that is levied on items that are brought into Singapore (imported and collected through Singapore Customs). This also includes nearly every item and service that is supplied in Singapore. Business expansion and international trade thus entails the need to address any “GST” issues.
Our tax consultancy provides assistance on GST involving:
- Assessing companies’ need to register for GST in furtherance of business
- Registration for GST / Application for exemption from GST registration
- Preparation and submission of GST returns (Form F5)
- GST report review and submission to IRAS
- Assisted Self-help Kit (ASK) Review
- Assistance in the application for GST schemes
- Advisory on GST implications
Corporate Tax Compliance and Consultancy
As a reliable tax advisory firm in Singapore, we assist companies in the preparation of their income tax computations and the accompanying schedules. We also help with annual tax return required for submission to the Inland Revenue Authority of Singapore (“IRAS”) and notify you wherein a transaction might lead to other tax ramifications (for example, withholding tax compliance).
As tax compliance in Singapore becomes increasingly complex and severe we keep our clients up-to-date with Singapore tax regulations and any changes that may affect their operations In order to achieve an agreement and complete the annual assessment, we also engage with IRAS concerning the companies’ tax affairs.
Our Tax Consultancy Covers:
- Singapore General Tax Regime
- Corporate Tax Implications Of Completed And Proposed Transactions
- Withholding Tax
- International Tax
- Advisory and Application of Double Taxation Avoidance Agreements (DTAA)
- Tax Incentives Available From Relevant Singapore Authorities
Transfer Pricing
The pricing of goods, services, and intangibles between related parties is known as transfer pricing (TP).
Businesses can no longer put off establishing suitable TP model due to the rising focus of tax authorities on the need to demonstrate that their related party transactions are done at arm’s length.
Working together with our Nexia International network members, we can help you establish an appropriate model for preparing proper documentation, and assess your current transfer pricing policy.
Withholding Tax in Singapore
When a non-resident firm or individual receives an income from a Singaporean source for services given or work done in Singapore, the tax is withheld and paid to the Inland Revenue Authority of Singapore (IRAS).
Hence, IRAS must be paid a percentage of the payment whenever a Singapore company or individual pays a non-resident for the services rendered in Singapore.
Since, Withholding Tax in Singapore is dependent on numerous considerations, we can assist you with:
- Determining whether the transactions are subjected to withholding tax
- Determining the applicable rates in each scenario
- Calculating the correct tax amount
- Assist you with all statutory and filing requirements
For enquiries relating to Tax, please contact:
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Frequently Asked Questions
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Q1. Why is Singapore transfer pricing important?
As a regional hub for multinational corporations, the country’s transfer pricing regulations ensure that relevant parties do not underpay taxes and that taxable income is not distorted.
It also aids in the accurate and fair reporting of transactions between common entities and helps to avoid double taxation.
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Q2. Can withholding tax be refunded?
There are a number of withholding tax provisions that allow the amount deducted to be adjusted. However, if the tax in the annual return form has already been paid, the adjustable amount can be claimed as a refund.
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Q3. Is corporate tax in Singapore low?
In Singapore, the standard corporate income tax rate is 17 percent, but numerous incentives and breaks tend to even lower this amount in practice. Singapore has been named the ninth largest tax haven in the world in the Tax Justice Network’s Corporate Tax Haven Index 2021 due to its corporate-friendly tax regime.
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Q4. Who pays GST in Singapore?
GST is only levied by GST-registered businesses. If a company’s annual revenue exceeds S$1 million, it must register for GST which is optional for small businesses that do not meet this threshold.
