TAXATION

TAXATION

Did you know that in Singapore we have the Income tax act, the GST act and the Companies act that would affect how you prepare your tax returns?

If you have a business that spans the globe, you have to be familiar with double tax agreements signed with other countries, withholding tax regimes overseas, import taxes, export taxes…etc.

Our Solutions For All Tax Related Services

We perform tax work for sole proprietors, partnerships and corporations (large and small). Compliance work mainly concerns reporting the Estimated Chargeable Income which comes due 3 months after the company’s financial year end as well as the yearly reporting due on 30 November.

We assist companies in looking at the tax impact of their trading activities. Companies usually forget about how taxes would affect their bottom line during the quotation process to their clients. Issues like foreign GST, stamp duties, business taxes, sales taxes, withholding taxes are overlooked resulting in reduced margins which could have been avoided.

Transfer pricing documentation is essential for companies that deal with its related parties established in different countries. Although income tax authorities only require companies with large turnovers to prepare such documentation to be submitted, it is often encouraged to prepare transfer pricing documentation as a defensive and pricing strategy.

When faced with tax queries or complaints from adversaries, it would be good that contemporaneous documentation had been done to defend against allegations of transferring profits or tax evasion charges.

Companies that look at their pricing policies by benchmarking against other companies also allow for the finance team to assess the competitions as well as analyse the activities of rival companies.

A tax treaty is an agreement that is bilateral, that is between two parties. This essentially means that two countries come together in order to resolve issues involving double taxation of passive as well as active income of a company. These tax treaties usually determine what is the amount of tax that a country can apply to the company’s income. Double tax treaties are complicated. When preparing to do business overseas, it is always advisable to understand the impact of foreign taxes on the company.

A certificate of residence is a document that is issued by the competent tax authorities. A certificate of residence is issued to the owner by the country where the company is liable to pay tax on the profits. The application to receive a certificate of residence is a complex and tedious application that has to be filled out carefully with the required proofs and necessary details of the company. If the application is incorrect, there are chances of the application being rejected and the company not getting a tax id.

No company or individual wants to pay double the tax than actually required. We will be able to assist you in forward planning or applying the tax reliefs for foreign taxes paid.

A Permanent establishment is a fixed place of business that usually gives rise to value added tax liabilities or income tax liabilities in a particular jurisdiction. The company in question has many options for doing business in the foreign country without triggering the permanent establishment clauses and being liable to pay tax in both countries. In order to understand what exactly would trigger a permanent establishment clause, the treaty has to be carefully read and interpreted by tax and financial analysts.

A Team of Chartered Accounts & Accredited Tax Advisors.

We provide value for money services with our very reasonable rates.

A Team of Chartered Accounts & Accredited Tax Advisors.

We provide value for money services with our very reasonable rates.