Tax Planning and Compliance
All countries in the world require businesses to pay taxes, in some form or another. And although it is every business owner’s goal to earn profits in the best possible way, they cannot evade their tax liabilities just to save some bucks. However, due to increasing taxation pressure and substantial amount of taxes, especially in developed countries, some company owners are forced to evade taxes in order to keep their businesses afloat. Countries like Australia, France, Italy and the United States have recorded higher rates of tax evasion cases because business owners there are required to pay taxes that are as high as 30% to 40% of their profits.
Singapore has a different approach when it comes to taxation. For one, the Accounting and Corporate Regulatory Authority is implementing strict incorporation laws in order to make sure that all businesses that will operate in the country are accounted for. The stringent process defines the probability of tax evasion cases but it does not guarantee that there will be zero occurrence of such offense. On the other hand, the Inland Revenue Authority of Singapore or the statutory board that is responsible for collecting personal income tax, corporate tax, property tax, goods & services tax, betting taxes and stamp duty, has provided tax schemes that will lower the amount of payable taxes in a bid to encourage people to pay the taxes on time and in full amount. Both the IRAS and ACRA are playing vital roles in ensuring that business owners will be prosecuted once they fail to pay the right amount of corporate tax. People and businesses that will be charged with tax evasion will also need to pay huge fines and penalties and they could face possible imprisonment. Simply put, business owners in Singapore are required to comply with the law and do proper tax planning.
Why Do You Need Tax Planning?
Effective business management requires tax planning and compliance. And although Singapore has a one-tier tax system with a flat corporate rate of 17%, it is still important for business owners to do tax planning in order to have sound guidance on business and investment decisions. Implementing tax-saving strategies will also enable businesses to remain competitive in the global market.
As one of Singapore’s most reputable tax consultancy and accounting firm, EAPAC will help you take advantage of all available tax-saving strategies. We can provide you with technical support required to comply with the tax law. Our team includes expert accountants and attorneys who have the expertise in all areas of income, estate and corporate taxation. We can come up with a well thought-out tax planning strategy that involves legitimate methods of tax-optimisation to ensure that your business is well-protected. Our committed staff will take time and effort to understand your business, your current financial standing and your future plans before developing a tailored tax plan.
Our tax planning and compliance services include:
- Identifying tax incentive opportunities to optimize tax benefit
- Applying for tax and other related incentives
- Applying for advance tax rulings
- Assisting with tax audit reviews
- Preparing and submitting income and corporate tax returns and computations
- Attending to regulator’s queries and tackle tax issues and disputes
- Pursuing tax objections and tax position with tax authorities
- Goods and services tax (GST) registration, as well as assistance in filing the property tax, stamp duty, trust tax and partnership tax.
- Statutory tax filings.
All of these services are aimed at helping our clients focus on income-generating activities rather than being stuck with the tedium of tax compliance. Let EAPAC take care of your tax planning and compliance needs. Call us now or click the button below to speak with our expert tax advisors.