Corporate Tax Compliance in Singapore is getting more complex due to constantly changing in Singapore tax laws and the ongoing regulatory scrutiny of Inland Revenue Authority of Singapore (IRAS).

Our Tax compliance specialist team is well equipped with the latest tax laws and practices. The services we deliver are more than those of ‘classical tax return’, you will be assured that all the returns are properly prepared and submitted to the regulatory authorities in accordance with the stipulated timeline, with the value and insight being delivered.

Our broad spectrum of corporate tax compliance services include:

• Posting you the update of Singapore tax regulations (including Budget updates) which may affect your company/ branch and compliance requirements.
• Monitoring the statutory deadlines and working closely with your company/ branch to meet the compliance filing deadlines.
• Preparation and filing of an estimated chargeable income which has to be filed within three months from the accounting year-end.
• Preparation or reviewing monthly/quarterly tax provision calculations based on your information and highlight any tax issues identified in the course of our preparation or review of the information provided.
• Preparation or reviewing the tax computation and Form C based on your information and highlight any tax issues identified in the course of our preparation or review of the information provided.
• Submitting the finalized tax computation and Form C to your company/ branch for your signature and agreement before filing with the IRAS.
• Advising on the tax payments due dates upon receipt of the Notice of Assessment.
• Assistance to attending queries from IRAS.

Rapid globalization has led to an increasingly dynamic business environment where businesses continually explore and expand into new territories. This has significantly impacted the mobility patterns of global talents and workforce as businesses become more globally connected than ever before.

Employees are also proving to be increasingly mobile, travelling to-and-from various jurisdictions for short-term overseas assignments or long-term relocations. As Singapore establishes itself as the country of choice to be based in for such multinationals and individuals, tax compliance and optimization are increasingly becoming more prevalent.

Whether it is alleviating the tedium of personal tax compliance or assisting companies/individuals with personal tax planning arising from international assignments, our Personal Tax Services team is committed to helping multinational and expatriates effectively manage their personal tax issues.

Our broad spectrum of personal tax services include:

• Preparation of income tax returns and tax computations for individuals and partnerships
• Preparation of returns of employee’s remuneration (Form IR8A) and tax clearance (Form IR21)
• Assistance to attending to queries from IRAS
•  Application to IRAS for voluntary disclosures of past tax errors/negligence
• Local personal tax planning and advisory

We believe that our pool of dedicated tax professionals is fully equipped with in-depth knowledge undergirded by vast practical experiences to assist you with your personal tax planning and personal tax compliance matters.

What is GST?
Singapore’s  Goods and Services Tax (GST), in fact, is a consumption tax levied on import of goods in Singapore as well on the supply of all kinds of goods and/or services in Singapore, unless they are exempt or zero-rated. GST is nothing but an indirect tax which is expressed as a percentage. Singapore’s GST is levied at the rate of 7% of the selling price of goods and services. The end-user is usually the ultimate payee of GST.

Being a GST registered company, you will enjoy claiming 7% of input tax from IRAS for business expenses or purchase incurred by you. However, the downside is that you will need to collect output tax from your clients for revenue generated by sales of your goods and/or services.

In Singapore, it is compulsory for businesses with the turnover exceeding million per year to register for Goods and Services Tax.

If you wish to enjoy the benefit of being GST registered even though you do not exceed million in turnover, you may apply for voluntarily GST registration.

Reporting of GST is normally done on a quarterly basis for businesses who are GST registered. GST preparation can be daunting to business owners who may not have the expertise to do it themselves and they may risk facing unnecessary penalties from IRAS for erroneous GST submission.

At ACCORP, we offer the full spectrum of professional GST assistance in the following areas:

Dealing with the IRAS

• Application for GST registration / de-registration
• Preparation of submission/ruling to the IRAS for tax concessions
• Managing and responding to IRAS queries
• Making the voluntary disclosure of errors to the IRAS to mitigate penalty exposures
• Managing IRAS audits/investigations

Compliance Support

• Review and e-filing of GST returns
• Conducting GST Compliance Review (GST Health-check)
• Conducting Assisted Self-help Kit (ASK) review
• Conducting in-house GST training customized to specific business transactions

GST Advisory

• Advice on GST implications involving business start-up, new business arrangements, and cross-border transactions
• Assisting with dispute resolutions
• Review and advice on internal controls for GST reporting
• Review and advice on accounting system logic for GST coding