Tax Experts Help Companies Prepare Tax Returns

Posted by Ai-Accountant on June 19th, 2019

Taxation is common to almost all countries in the world. It is the way in which the government earns money to provide the necessary facilities to the people. Tax is collected by the governments in various forms. Singapore too collects its taxes from companies and individuals. The tax rate in Singapore is one of the lowest in the world. This is one of the main reasons why many companies are attracted to open their offices in Singapore. The nation also offers a lot of tax exemptions and rebates to companies.

Getting Support for Tax Compilation

Compiling your tax is not a simple matter. When it comes to companies there are several factors to consider when preparing the tax. There are many expenses which can be deducted from the taxable income. There are some types of incomes which are not taxed in Singapore. You need a person thorough with the tax rules to advise you properly on the tax matters. A wrong calculation or failure to pay your full taxes can earn you a penalty.

There are consultants who offer tax filling services in Singapore that will be of great help to companies who don’t have their own tax experts. Most companies don’t employ a tax consultant themselves as it will be too expensive for them. The service provided by the independent consultants are of very high quality and cost much lesser than having own consultant.

Services Provided By Tax Consultants

One of the main factors that decide the percentage of tax you pay in Singapore is the tax residency. You must get a certificate that you are a tax resident of Singapore to get all the benefits that the government offers. The tax consultants can help you get the certificate of residence which will get all the benefits offered for resident companies and workers in Singapore. This service is offered along with the other tax services as part of the Singapore tax offered by the consultants.

The corporate tax is calculated on the basis of the statement that you submit to the IRAS. This statement called the Estimated Chargeable Income statement will tell the department how much of your income can be taxed. This report must be prepared very carefully after deducting all the expenses for which you can claim tax exemption. The tax consultants will help you in preparing this report.

Avoiding Double Taxation

Singapore doesn’t charge tax on companies for their earnings outside Singapore. There are some conditions to be met for this. The tax consultants can help you understand this and claim your exemption for the earnings abroad. The consultants will let you know the various conditions and help you avoid double taxation as part of their income tax in Singapore.