Goods & Services Tax
Goods & Services Tax What is GST? Goods and Services Tax (GST) is a tax levied on import of goods, and all taxable goods and services in Singapore. GST was introduced in 1994 to allow Singapore. All goods sold in Singapore or services rendered in Singapore will be taxable unless it is exempted from GST. Goods sold overseas or services rendered outside of Singapore may also be exempted from GST. GST-registered business will charge GST on the goods and services that they provide. The GST-registered business will then account for the output tax to be paid to IRAS every quarterly. A GST-registered business is able to claim back the GST paid for business purchases or expenses depending on industries, if the supplier they purchased from is another GST-registered business. How to determine if your company needs to be GST Registered? As a business, you are required to register for GST when your taxable turnover for the past 4 quarters is more than $1million. You may also voluntarily register for GST even if your taxable turnover does not reach $1million. What are the benefits and cost of registering GST? When you register the business for GST, you must take the following factors into consideration: You have to follow the responsibilities of a GST registered businesses Charge and account for GST on standard-rated supplies File GST returns on time every accounting period Paying the GST on time Keep proper records Display prices with GST Issue Tax invoices with GST Registration numbers Inform IRAS of change in business particulars If your suppliers are GST-registered, you will be able to claim back the GST paid to them. If your customers are not GST-registered, your business’s gross profit may reduce if you maintain selling price of your goods before and after registration of GST. If you decide to increase the selling price of your goods, you may lose the sale of the goods. You may also benefit if your goods fall into the Zero-rated supplies where you will be able to claim for the GST paid when purchasing the goods. What We Do? GST Application (Mandatory / Voluntary) Application for GST Exemption GST Deregistration GST calculator and ASK annual review Quarterly GST Deadline email reminder Preparation of GST Tax Report and F5 return General GST Schemes For more information, you may contact us at sales@businesstaxaccountancy.com.sg or call us at 6250 4321
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;
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