TAX COMPLIANCE AND FILING

We can help manage all your corporate tax filing, compliance and regulation matters in Singapore.
Our services include :
Corporate tax
• Preparation, review and submission of finalised tax returns
• Submission of the finalised tax return and computation to clients for signatures and agreement prior to filing
• Filing of Form C and Form C-S for company income tax returns with Inland Revenue Authority of Singapore (IRAS).
GST Compliance
Our work is useful for keeping companies compliant with Singapore GST regulation compliance, laws and tax filing services. Our GST services include:
• GST advice on start-up issues
• GST registration and return filing
• Pre-registration GST input tax claims
• Application for GST registration
• Review and preparation of GST returns
• Handling of IRAS queries
• Filing of F7 error correction forms
• GST advice on the implication of de-registration of GST
• Filing of GST Forms 8 (final return) and 9 (de-registration)

General Information

Accounting and Tax Requirements
Inland Revenue Authority of Singapore (IRAS) requires companies to submit certain documents on an annual basis, which are set out below:

Estimated Chargeable Income (ECI)
An estimate of the company’s chargeable income for the Year of Assessment (YA). This should be submitted within 3 months after the financial year end.

Financial Statements
Comprising Profit and Loss Account, Balance Sheet, Cash Flow Statement and Equity Statement and Notes to the Financial Statements.

Tax Returns
Audited or unaudited financial statement accompanied by a tax computation form (known as the Form C or Form C-S) should be submitted by 30 November in the following year following the financial year end of the company.

Goods and Services Tax (GST) Information

Known as VAT in some other countries, GST is the tax on the supply of goods and services in Singapore and also applies to the importation of goods into Singapore.
As a business, you must register for GST when :
• Annual taxable revenue exceeds S$1 million;
• Company manufactures taxable supplies and its annual taxable revenue is expected to exceed S$1 million.
If your business taxable turnover does not exceed $1 million, you may still choose to voluntarily register for GST.

Responsibilities of a GST-registered Business

1. Charge & account for GST on standard-rated supplies
For supplies of goods and services made in Singapore, you need to charge and account for GST.

2. File GST returns & pay tax due

All GST returns must be submitted within one month from the end of each accounting quarter.
If there is no transaction, a “NIL” GST return must still be filed.

3. Keep proper business & accounting records
You must keep all business and accounting records for at least 5 years.
4. Display prices with GST
Any price displays, advertisements, publications or quotations in respect of goods or services made to the public must be inclusive of GST.
If both GST-inclusive and GST-exclusive prices are displayed, the GST-inclusive price must be displayed at least as prominently as the GST-exclusive price.

5. Issue tax invoices with GST registration number
You are required to issue tax invoices/customer accounting tax invoices for your standard-rated supplies.
If the total amount payable for your supply (including GST) does not exceed S$1,000, you may issue a simplified tax invoice.
Your GST Registration Number should be reflected on all your tax invoices, simplified tax invoices and receipts.