Goods & Services Tax
GST Filing in Singapore Goods and Services Tax (GST) is a tax applied to most goods and services in Singapore. If your business sells taxable goods or services, you must follow GST rules to avoid penalties and ensure smooth operations. GST filing in Singapore is vital for businesses to stay on track with the Inland Revenue Authority of Singapore (IRAS). Failing to file correctly can lead to fines. Overview of GST Filing Requirements Your business needs GST registration if its taxable turnover exceeds SGD 1 million over the last four quarters. If your turnover is below this amount, you can still choose to register voluntarily. GST filing in Singapore happens quarterly. Make sure you file on time: January to March: Deadline by April 30 April to June: Deadline by July 31 July to September: Deadline by October 31 October to December: Deadline by January 31 Late or incorrect filings can cost you a fine of SGD 200, plus another SGD 200 for each additional month the return is late.
Read moreCorporate Tax Compliance
Corporate Tax Compliance For all Singapore incorporated Companies, it is essential to file your taxes correctly and on time. However, with the rapidly expanding financial business market, filing your taxes is more complex and confusing than ever. We work with you to ensure your company remains up-to-date with the latest Singapore tax regulations and doesn’t miss any financial deadlines. With a good tax specialist to help you, you’ll be ahead of the game. Singapore’s has adopted a Single-Tier Corporate income tax system since 2003 and has one of the lowest marginal tax rate in the world. And you could save even more if you took advantage of all the corporate tax benefits the government offers. At Business Tax Accountancy, we work with you to identify and apply smart tax strategies that really work to save you both time and money. With Business Tax Accountancy, your company can easily navigate the complex world of corporate tax. Our skilled professional taxation experts not only correctly file your corporate taxes, minimizing your tax liability risk, but also help you discover and take advantage of huge tax savings, rebates, and other government tax benefits applicable to your situation. What we do In-depth Corporate Tax Analysis and advice for maximum tax benefits and savings Assist in preparation of Corporate Tax computation and relevant schedules E-Filing of tax form ECI/C-S/C for your Company Ensure your taxes are filled correctly and dealing with any queries raised by the IRAS with no hassle for you Other taxation services we offer Withholding tax Foreign tax credit Group relief Carry Back Relief Auto Inclusion Scheme (AIS) Application of waiver for dormant companies Productivity and Innovation Credit Scheme (PIC) [Ending in YA 2018] For more information, you may contact us at sales@businesstaxaccountancy.com.sg or call us at 6250 4321
Read moreIndividual Tax Compliance
Individual Tax Compliance For all Singaporean or Permanent Resident, it is essential to file your income tax correctly and on time. However, many of the taxpayers have little knowledge of the deductions that they are able to claim. There are actually many types of reliefs that you may be eligible for. We work with you to ensure that your tax submission is accurate and on time. We will claim all eligible tax deduction(such as rental expenses, business expenses, medical expenses, personal reliefs, deductions on donations) Common Filing Mistakes Every year, you are required to file for the individual income tax. You are to submit the income tax return by 15Apr(paper) or 18 Apr(e-file). Many of the taxpayers file their income tax on time. however, there are many common mistakes that result in an inaccurate filing. Some of the common mistakes highlight: Wrong declaration of trade/business income Incorrect relief claims, Wrong claim for CPF Contribution Not submitting supporting documents when requested Submitted inaccurately but did not re-file within the 14days of submission or by the deadline, whichever is earlier. An inaccurate filling, regardless if it is intentional, may result in penalties, fines, and imprisonment under the Income Tax Act Filing inaccurately with no intention to evade tax may cause the taxpayer to: Face a penalty of up to 200% of the amount of tax undercharged; Be fined up to $5000; and/or; Be imprisoned up to three years; Filing inaccurately with the intention to evade tax may result in more serious charges and the taxpayer may: Face a penalty of up to 400% of the amount of tax undercharged; Fined up to $50000; and/or; Be imprisoned up to five years;
Read more