Is it a good idea to leave your tax filing worries to the professionals?

As the business in flocking in Singapore, one shouldn’t be surprised to see several corporate services provides. But the question is – are they worthy of your trust, time, and investment? Why most of the companies in Singapore are relying on the professional auditors for annual tax filing?

Here in this article, we are going to discuss the potential reasons to hire an audit company Singapore and let them handle your tax filings.

Singapore: The business nation

For more than a decade, Singapore has been attracting potential investors, and to do that, the nation has laid certain rules. This is because the government wants to show the investors that the nation itself is ready to stand with them and help them grow while contributing to the country’s economy.

The governing bodies have digitized most of the methods to make the procedures smoother. From company incorporation to employment pass to filing annual taxes, everything is much easier than most of the countries around the world. All the governing bodies want to ensure that the companies don’t have to waste time in such bureaucracies.

That is the reason why Singapore is the Holy Grail for starting a new company. In Singapore, it is very easy to get office relocation services, tax accounting services, legal services, employment services, the company incorporation services, and several other direct or indirect business-related services.

Tax filing in Singapore

It doesn’t matter in which country you are doing business, each of them has laid a certain set of rules when it comes to annual tax filing. Almost every country has different rules and methods to file annual taxes and the most important thing is that they are3 constantly changing. In this nation too, there is no exception and that is why you need to hire an audit firm in Singapore to file annual taxes.

But most of the small business owners think that hiring auditors is a job of the big business houses. They think that it would cost them a lot as there is a nominal fee involved. But the truth is that you will be in more profit after hiring the professional auditors than handling them by yourselves.

Tax filing summary of Singapore (IRAS Approved)

To help you understand the need of outsourcing professional auditors, we have summarized the rules laid by the Inland Authority Revenue of Singapore. So, read the following thoroughly and decide for yourself if it would be profitable to hire audit companies or not.

• Along with the tax details of the company, you will have to submit the tax details of the employees as well. Self-employed business owners will have to file taxes through a different category and rules. The companies have to file annual taxes while considering the relaxations or deductions in taxes.
• If the company have special approval and connected to GIRO, they will be able to pay their taxes through installments. Based on the financial status at the end of the fiscal year, the companies will be able to apply for complete or partial tax exemptions.  
• Most of the companies these days are using CSP, so there will be two types of users at the tax portal. A tax preparer can fill in all the submission forms, but won’t be able to make the submission to IRAS. The governing bodies have given this power to the approver only, so there won’t be any confusion between the auditing company and Client Company.
• The companies will have to clear all the taxes within 3 months of the disclosure.