TAX SERVICES SINGAPORE

Tax Compliance & Advisory Solutions - Tailored To Help Grow Your Singapore Business

Complicated tax regulations and cross-border tax complications steer time and resources away from your core business focus. At BoardRoom, we help companies locally and regionally navigate and stay compliant to current regulations with our tax services. Our certified tax planning, financial accounting, and compliance services will help you have peace of mind during reporting season while maximising your tax incentives and benefits.

01 Tax Compliance & Tax Filing Services

We help manage all your corporate tax filing and tax advisory services, planning, financial accounting, compliance and regulation matters in Singapore. Stay compliant with BoardRoom.

  • Monitoring of statutory tax filing deadlines and satisfying all necessary requirements
  • 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
  • Advice on the tax payment due dates upon receipt of the Notice of Assessment
  • Application for Singapore tax incentives
  • Application for Productivity and Innovation Credit (PIC) benefits
  • Filing of Form C and Form C-S for company income tax return
  • Personal and income tax filing services for companies in Singapore
  • Tax clearance and withholding tax services

02 Tax Advisory Services

Structuring your business units to take advantage of tax benefits requires on-point expertise. At BoardRoom, we conduct an in-depth analysis of your business structure before providing industry-leading advice on the best long-term tax solutions.

  • Tax due diligence review
  • Tax advice on inbound and outbound investments
  • Analysis of business flow and contracts
  • Tax advice on group corporate structure and business restructuring

03 GST Planning, Audit and 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 special GST registration
  • GST advisory on local and cross-border transactions
  • Health checks to avoid common GST pitfalls and to improve efficiency
  • Review and preparation of GST returns
  • Application for Major Export Scheme (MES) and renewal of MES
  • Conduction of GST Assisted Self-help Kit (ASK) review
  • In-house GST training
  • Voluntary disclosure programme
  • 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)

Convoluted tax regulations can be a headache for businesses of all sizes. Rather than getting bogged down in countless hours of tax compliance work, why not leave it to us? Our tailor-made services help you stay aligned with the latest and most tricky Singapore tax regulations. If you have any questions, get in touch with us today.

Why Choose BoardRoom?

Because we help take your business further, faster, at all stages

BoardRoom is Asia-Pacific’s leader in Corporate and Advisory Services including Regional Employee Plan Services, Regional Payroll Services, Corporate Secretarial Services, Share Registry Services, Accounting and Taxation Services, Payroll Outsourcing, and Human Resource Outsourcing.

For over 50 years, we have supported companies in navigating through complex operational and regulatory policies and cultural sensibilities. We are well-positioned in Asia-Pacific with offices in Singapore, Australia, China, Hong Kong, and Malaysia, as well as an extensive partner network throughout Asia.

BoardRoom is the partner of choice for many Fortune 500 multinational companies, public listed and privately owned enterprises.

Get in touch with our tax expert today!

YOUR POINT OF CONTACT

Chester Leong

Regional Managing Director, BoardRoom Business Solutions

1. What is the meaning of tax compliance?

Tax compliance is the act of following tax regulations and laws. Any business that is not following tax compliance is doing so at the risk of breaking the law.

Singapore has some very stringent tax laws, and it is important that your business is doing everything it can to operate within the law by paying your taxes accurately and on time.

2. What is the tax structure for expats in Singapore?

Singapore tax law is split into two categories – taxes for residents and taxes for non-residents.

Singapore Citizens, Permanent Residents, and foreigners who are employed in the country for more than 183 days in the year are taxed as residents and are subject to Singapore’s progressive tax rate.

Non-residents of Singapore are taxed at a flat rate of 15% but are not entitled to any sort of tax relief.

Please visit the link for more information on the Basic Guide on Tax Filing for Foreigners.

3. What is the tax structure for companies in Singapore?

Singapore has long been considered a haven for entrepreneurs. One of the country’s largest draws is the low corporate tax rate.

Businesses in Singapore pay 17% tax on profits – not revenue. In Singapore, there is also no capital gains tax, no dividends tax, and there is no double taxation if your company is operating overseas.

Please visit the link for more information on the Basic Overview of Corporate Income Tax.

4. How do you do tax return filing in Singapore?

Residents and non-residents of Singapore are expected to file their taxes in mid-April every year with the Inland Revenue of Singapore (IRAS). You can do so online or by mail.

If you are filing your tax return online, the deadline for filing is April 18th. For online tax return filing, you will need a SingPass or IRAS Unique Account (IUA). If you are filing your tax return by traditional mail, then the deadline is April 15th.

5. How do you calculate corporate tax returns in Singapore?

Tax returns can be prepared manually or with the help of tax preparation software. Manual preparation requires calculating of the taxable income and submitting it to the IRAS. You may also prepare and file your tax returns online using tax preparation software. After you have made the computations, you may then file your tax returns online using the IRAS portal.

You can use the IRAS basic tax calculator to calculate your taxable income. The calculator helps you in making adjustments to your accounting profit to arrive at the taxable profit. You are also able to deal with schedules such as capital allowances and expenses schedules. The calculator can also be used in filling form C or form C-S.

Tax preparation for corporations is crucial when filing your company’s tax returns. You should make sure that you calculate your taxable income from your accounting income by making the necessary adjustments. In case you want to save time and money by focusing on your business issues, you may choose to hire professional Singapore tax consultant to prepare your tax returns.

6. How to choose a tax filing service provider in Singapore?

Tax returns can be prepared manually or with the help of tax preparation software. Manual preparation requires calculating of the taxable income and submitting it to the IRAS. You may also prepare and file your tax returns online using tax preparation software. After you have made the computations, you may then file your tax returns online using the IRAS portal.

If you are looking to hire an accountant or tax filing service provider, be sure to hire a professional with experience and knowledge of Singapore’s tax regulations.

Here at BoardRoom, we have years of experience helping businesses in Singapore and the APAC region file their taxes and balance their books. Contact us today to speak with a specialist.

7. What tax incentives are available for new start-ups?

The government of Singapore provides several tax incentives to help promote entrepreneurship in the country – many of which are designed to specifically aid start-ups.

Here are some of the more popular tax incentives for start-ups…

  • Tax Exemption Scheme for New Start-ups
  • Productivity and Innovation Credit (PIC) Scheme
  • Deduction for Charitable Work
  • Double Tax Deduction for International Expansion
  • Wage Credit Scheme

Be sure to ask your accountant or tax professional about which tax incentive is best for your start-up.

8. How can BoardRoom help in taxation services?

Here at BoardRoom, we have the experience, network, and tools to set your business or start-up up for success. We have years of experience helping organisations like yours file their Singaporean taxes, so they are 100% compliant with Singapore tax regulations.

If you are ready to set your business up for success, contact us today.