The Importance of Singapore Tax
Have you ever wondered on why have tax systems in Singapore? In this 21st Century of competitive environment that we are all in, have you ever heard about tax policy being a crucial part of the fiscal policy? Here’s the thing – tax policies helps in the growth of the country, and ensures that these revenue would be used for the purpose of sound public finances. With this, it also helps support the social and economic aspects of Singapore.
You know as much as I do that the Inland Revenue Authority of Singapore (“IRAS”) is the main body collecting taxes for the Government in Singapore, don’t you? Now, let me share with you some of the various types of taxes you pay that is collected by IRAS:
- Property Tax
- Stamp Duty
- Gambling-related taxes
Why tax services in Singapore?
Various countries in the world have different tax regulations. This means that even international or global firms in foreign countries such as Germany, Malaysia, Japan, Thailand, Australia, Indonesia, India, China (Hong Kong) and etc have tax rates that are not the same as Singapore.
If your business falls under the Singapore tax scheme and without tax exemptions, then you probably need professional tax services to support your business.
Do your tax computation and tax returns the right way and meet all the tax filing deadline to avoid you getting into trouble!
Business Owners, Do not be penny wise and pound foolish!
Why outsource your taxation to a third party tax agent services provider?
- You will receive unique, valuable taxation Information regularly
- You will save your time from doing the research and visiting one resource from the next
- If you need their assistance in any area, they validate answers quickly and accurately
- You can now stretch your dollar and keep what belongs to you
Important notes on tax compliance for your business:
Tax compliance refers to tax rules and regulations that your company should comply with in accordance to the taxation standards by the Inland Revenue Authority of Singapore (IRAS). This consists of tax laws which must be adhered to such as on filing tax returns and also payment of tax on time.
In Singapore, companies must report their Estimated Chargeable Income (ECI) within three months of the financial year end if they do not meet the exemption criteria for business which financial year ended October 2012 or after.
They are also required to file their tax returns with the Inland Revenue Authority of Singapore (IRAS) with a deadline for paper filing being on 30 November, for them to be tax compliance.
Tax compliance is a legal requirement for all companies in Singapore. You should therefore ensure that you prepare your tax returns and file them on time. That way, you will fulfill the role of being a responsible entrepreneur and also avoid possible civil and criminal penalties.
Tax services provided by J Accounting Services
As your tax services provider, you can now minimize your tax liabilities on the taxable profit amount in a legal way. This is done through proper tax planning, and you can receive specialized advice as well. J Accounting Services offers a comprehensive range of taxation services.
