The city state with a transparent and non- bureaucratic administrative and business climate makes the most appropriate and effective use of taxes collected for developing itself into a robust and vibrant economy. In Singapore, a quasi-territorial tax system is normally followed and Corporate Tax Filing Services in Singapore are becoming increasingly popular.
Inland Revenue Authority of Singapore (IRAS) levies income tax on earned incomes by individuals and the corporates in accordance with prevailing income tax act. Timely preparation and filing of tax returns are mandatory in Singapore and any non-compliance usually attracts civil and financial penalties.
You need to use the right forms to file your taxes in Singapore. There are two forms that companies can use to declare their income for tax filing purposes.
All companies must select either Form C or form C-S and accurately fill the form to provide complete and accurate income of the company and tax filing services in Singapore always be of help in the right selection.
All companies for 2020 YA compulsorily do e- filing of tax returns and by 15th December, 2020, and Tax Filing Services in Singapore come in handy in this regard.
For Singapore Tax resident companies with business overseas, their foreign sourced incomes are normally deposited in Singapore for availing benefit from the foreign sourced income exemption scheme (FSIE).
In case, the foreign sourced income for a Singapore resident company is taxed twice both in foreign and Singapore, foreign tax credit (FTC) scheme of IRAS allows the company for claiming tax relief either through Double Tax Relief (DTR) or Unilateral Tax Credit (UTC) depending of Double Taxation Treaties with the other countries.
Claiming of Tax relief under FTC or FSIE scheme is only valid in case the Singapore based company is taxed in a foreign country where the headline tax rate exceeds 15%. Ready help in proper computation and appropriate filing of such Tax reliefs is extended by “tax filing services in Singapore”.
If you are running a business, handling company taxation can really be very taxing at times. Especially in Singapore where tax laws are often revised along with criteria for tax reliefs and reduced tax rates, being updated on current tax laws become imperative and will invariably shift your focus from core business and competencies.
Even if you employ someone to handle your tax matters, there is hardly any guarantee that your employee would deal with Singapore’s complicated and ever changing tax issues effectively. Moreover, finding a tax expert in Singapore is usually difficult and comes at a high cost, and employee turnover is also very common in this city state.
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© 2024 IMC Group. All Rights Reserved.
© 2024 IMC Group. All Rights Reserved.
© 2024 IMC Group. All Rights Reserved.
