Skip to main content

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.

Labels:
Location: Singapore

Comments

Post a Comment

Popular posts from this blog

Corporate Consultants Offer The Best Support To Businesses

Businesses in any country need the support of consultants because they cannot do all the work by themselves. This is particularly true with small and medium companies that don't have a large workforce to attend to every job. Such companies depend on the support of service providers who have experts for every job. It is mostly compliance-related jobs that the companies depend on these consultants for. This is because the consultants can ensure that the job is done on time and the companies will remain within the legal framework. Many tasks must be completed within a timeframe and submitted to the authorities like tax returns. Availing of corporate tax services in Singapore helps the companies in this job. Be Tax-Compliant With Corporate Tax Services In Singapore Companies and individuals have an obligation to pay their taxes on time. For this, they must first calculate the tax and submit their returns. This is not something you can do without the support of a tax expert. The...
1 comment
Read more

Outsourced Services Help You Run Your Business

Most companies want to run a lean operation. When you employ lesser people, you can run the business smoothly. Many problems can be avoided when you don't have too many people working in the company. Managing manpower is very difficult. This is especially true for medium and small companies where there is no elaborate HR set up and the boss must manage everything. As the owner of the company, you will be focusing your attention more on expanding the business by bringing in more sales. You cannot concentrate on the matters pertaining to the employees. When you have a lesser number of employees it is easier to manage by yourself. This is why you need to hand over some of the work to the business consultants. The Benefits Of Outsourcing Apart from reducing the number of employees, outsourcing your tasks has another big advantage. You get the benefit of experts in different fields. There are many tasks like tax filing in Singapore which is a cumbersome job that is best done by...
1 comment
Read more

Some Important Services That Are Required For Establishing a New Business

There is no denying the fact that starting a new business is always very challenging. It does not matter what sector it represents. Almost every business needs some assistance from professionals you can help them in completing various business documentation and other issues. If you are thinking to start a business then you also must have options some formalities appropriately. For this reason, knowing these required matters is very important. We will provide you with a good source of help that can help your business to establish itself perfectly. Hopefully, this discussion will be a reason to solve many issues as well that is directly related to your new business. Why establishing a new business can be challenging? Businesspersons from each sector can understand that establishing a new business can be very challenging sometimes. Many potential reasons may lead the process of establishing a business towards many challenges. Now we can give you a handful source of potential challenges ...
Post a Comment
Read more