Reduce Your Costs With Proper Tax Accounting
Annual Tax Return Filing
Corporate tax filing, Singapore
Tax filing is a requirement in Singapore. Shorts Business Services offers impeccable taxation services Singapore to all the clients and ensures compliance with Singapore's statutory tax rules and regulations. Our team of taxation professionals takes care of all your taxation needs, including corporation tax services, personal tax, property tax, and GST filing in Singapore. We assist you in tax planning and making strategies that are suitable for your business.
What Is Taxation Accounting?
Taxation accounting refers to the rules and methods derived for the preparation and generation of tax returns on the assets and liabilities mentioned in the record of business owners and individuals. It helps in preparing statements required to show compliance with tax policies. Thus, taxation accounting provides a complete guideline to arrive at payable tax and its profits.
Submission of GST Return
Every entity in every country is responsible for engaging in taxation accounting. Rules and guidelines may differ; however, individuals, corporations, partnerships, business owners, and other entities have to file the income tax.
Personal Income Tax
Overview Of Taxation In Singapore
The taxation system of Singapore is one of the most efficient and profitable systems in the world. Singapore taxation is business-friendly and facilitates various benefits to entrepreneurs and new start-ups. The tax rates are relatively low and competitive in Singapore compared to the other countries, which results in a major influx of foreign trading and business in the region.
Moreover, the Singapore tax system has several features that attract business owners to invest in the country. The GST rate in Singapore is only 7% that is the lowest in the world. Singapore taxation is territorial and single-tier, which means it avoids double taxation, and the company only has to pay a tax rate on the profits. Further, the dividends for shareholders are also exempted from taxation. In Singapore, there is the complete absence of capital gain taxes on fixed assets and foreign exchange.
Competitive personal and corporate tax rates and several tax exemptions and tax incentives enhance the features of Singapore tax benefits. Shorts Business Services offers taxation services Singapore to provide tax solutions to all entrepreneurs, business owners, and individuals. We facilitate you in many aspects of Singapore taxation and help you with personal tax filing, corporation tax services, GST filing, tax planning, and consultation about the Singapore tax system.
Why Do You Need Taxation Services Singapore?
Compliance with the Singapore tax regime is a complicated matter. Businesses are required to file their tax return and submit proper documents annually. If you fail to comply with the conditions of the Inland Revenue Authority of Singapore (IRAS), your company can be penalised for non-compliance. Tax agents can assist you in complying with the tax statutory and tax planning in Singapore.
Companies offering taxation services in Singapore do more than just filing for tax returns. These firms are experts and professional at offering tax services. They are aware of the Singapore rules and regulations for tax filing and keeps you updated about the compliance guidelines. Tax services include the monitoring of timelines and deadlines to file the tax on time.
Moreover, their experts prepare and review reports on a weekly and monthly basis. It helps in identifying any tax issues, and you can take timely measures to resolve them. These firms also provide all types of tax services, including corporation tax services, personal income tax services, property tax, and GST filing.
What Tax Services Do We Provide In Singapore?
Being a provider of tax services in Singapore, Shorts Business Services offers complete tax solutions and fulfils all your tax needs. Our services cover various aspects of the Singapore taxation system and ensure tax compliance as per the rules.
Corporate Tax Services
Our tax professionals offer comprehensive corporation tax services and guide you about its fine details. We facilitate in being compliant with the Singapore tax rules and help you with tax planning. Our services include identifying any potential tax risks, filing your company's taxes, and applying tax exemptions/incentives wherever required.
Personal Income Tax
Our services include guidance on personal income tax filing and planning. Payable personal income tax is determined by a few factors, such as the amount of income that is chargeable, tax residency, and the tax rate. We help you file annual tax and assist you in managing any tax issues that can arise.
Goods And Services Tax (GST)
Goods and Services Tax (GST) is referred to the tax consumption on the sale and purchase of all the goods and services in Singapore. Singapore's GST rate is the lowest in the world at 7%, and companies need to register for GST. We help you with GST filing, including completion of forms and document preparation.
Withholding Tax Services
Withholding tax refers to the tax levied on the payment to a non-resident company by Singapore's resident companies or individuals. A certain amount of the payment is withheld and paid as tax to the Inland Revenue Authority of Singapore (IRAS). We assist in determining the amount of the tax and filing it with proper guidelines to the payee or the source.
A percentage of the annual value of your property is charged as tax. This percentage is different for owner-occupied and rented homes in Singapore. Shorts Business Services provides assistance in filing property tax accurately on time.
Taxation Advice And Consultancy
Moreover, our firm offers guidance on all taxation matters and takes care of your tax needs. We provide valuable advice on tax filing and planning. Our experts can also assist you in compliance with statutory and tax exemptions or incentives.
Tax Filing For Residents And Non-Residents In Singapore
Tax residency is a significant factor in determining the amount a company has to pay in taxes. Businesses and organisations operating in Singapore are put into two categories as tax residents and tax non-residents. Tax residents are those companies that have the management and control of the business within Singapore. The place where the Board of directors makes decisions and holds strategic business meetings decides the location of the company’s management, based on which the company is determined as resident or non-resident. Even if one of the directors of the company is a Singapore resident, making decisions and controlling business management from Singapore, the company is declared as a tax resident company in Singapore.
In contrast, all those organisations in which the directors are foreign and hold important business meetings to take strategic decisions from some other country are termed tax non-residents in Singapore. The branch of any foreign business is also determined as a non-resident since the parent company is handling its business matters. Even if the company's day-to-day functions are being dealt with in Singapore, the company will remain tax non-resident.
All the tax residents companies of Singapore enjoy several benefits and advantages that tax non-resident companies cannot avail. It includes various tax exemptions, incentives, and low tax rates. It includes tax exemption schemes for new start-ups and exemption on foreign-sourced service profits under specific conditions. Moreover, the resident companies do not have to pay tax on fixed assets. Companies with a profit up to S$100,000 can also enjoy tax exemption for almost three years.
Get The Best Taxation Services Singapore
At Shorts Business Services, we offer a complete set of taxation services Singapore. Our services encompass all types of taxes applicable in Singapore and assist you in following the statutory regulations issued by IRAS. We aim to make your business function smooth and daily life hassle-free. Feel free to contact us for tax services and planning in Singapore!