Tax Services Singapore

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Tax Services

Singapore’s pro-business environment and its most business-friendly regulation, which takes into account important factors such as, business licensing, taxes, credit legal rights and investor protection, coupled with the stable political structure, well-established judicial system, presence of strong domestic institutions and corporate governance practices, Singapore had successfully attracted businesses and corporations from across the globe to set up their presence in this region.

We have helped clients from the US, Europe, Middle East, Australia, India, China and Bangladesh to set up their entities in Singapore and while doing so, we are able to give insights on the advantages of setting up and doing business in and through Singapore.

With globalisation, cross border transactions has become a day-to-day thing. Doing business in Singapore means, companies often will have to deals with cross border transactions. Whether as a supplier or customer, there are specific tax rules / regulations that businesses have to be aware of when dealing with cross border transactions. Taxation can be complicated with its vast tax laws and jargons.

At Kudos CAS, we provide ease of mind to business owners for their corporate tax matters as well as to the individuals for their annual tax filings.

We will use our professional judgment in preparing the Company’s tax returns. Whenever we are aware that a possibly applicable tax law is unclear or that there are conflicting interpretations of the law, we will explain the possible positions that may be taken on your return.

As the Company’s tax agent, we will assist with the following tax compliance matters:

Corporate tax compliance services

Prepare and submit the estimated chargeable income (“ECI”);
Prepare and submit the tax computation and tax return i.e. Form C / Form C-S;
Reviewing and explaining the basis of the tax computation prepared by us and the position taken regarding deductibility and chargeability of particular transactions and the degree of disclosure required;
Review and verify the Notice(s) of Assessment (“NOA”) issued by Inland Revenue Authority of
Singapore (“IRAS”) and where required, lodge an objection on the Company’s behalf and upon the Company’s instructions;
Correspond with IRAS in respond to queries raised and where necessary furnish information and supporting documents requested; and
Prepare and submit Form 45 (Withholding tax form) as and when required

Personal and other tax compliance services

Prepare Individual income tax return (Form B/B1)
Prepare and submit Partnership income tax return (Form P)
Correspond with IRAS in respond to queries raised and where necessary furnish information and supporting documents requested.
Prepare and submit tax clearance form for foreign employee (Form IR21)
Tax returns of employee’s remuneration (Form IR8A)

Corporate tax consultancy services

For businesses or individuals with unique transactions or have encountered tax issues (corporate or individual) or seek to clarify certain tax implications on its transactions, we will provide consultation to you regarding the corporate / individual tax ramification on specific transactions or issues for the Company or individual under Singapore tax jurisdiction according to the Singapore Income Tax Act.

We do not offer investment advice nor do we recommend specific programs for investment.

We will use our professional judgment in preparing the Company’s tax returns and in providing the corporate tax consultancy. Because of the extreme size and complexity of the tax law, and the frequent changes in the tax law from time-to-time, we may need to devote some time to search through various reference sources to find answers to questions about various tax issues. Before undertaking more hours of such research, we will contact you and give you the options:

(1) to authorize us to continue the research, or

(2) to seek help from a person who specializes in that segment of the tax law.

Over the years, we have successfully assisted our clients who had encountered the followings: –

Recovered overpaid taxes from IRAS resulting from overpayment of taxes in past years of assessment. The overpayment was as a result of reporting their income in the wrong year of assessment;
Corrected errors in past years of assessments due to errors discovered in the company’s accounts at a later date;
Assisted clients in catching up with the preparation of their overdue income tax returns (5 years) and therafter, works with their in-house accountant to ensure timely compliance; and
Assisted a client who had been operating sole-proprietorship business for many years and converted the proprietorship into a private limited company as part of the client’s risk management review exercise as well as tapping on the incentives that are available to a private limited company.

Do come and talk to us if you have encountered any issues or wish to understand / clarify tax issues.

Goods and Services Tax (“GST”) Compliance Services

Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.

GST exemptions apply to the provision of most financial services, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.

While it may seem simple, GST can get complicated and complex for specific industries.

Our team comprised of individuals who are Accredited Tax Practitioner (GST) and well trained on the job to handle your GST matters.

Our periodic GST compliance services include inter-alia: –

Review the Company’s GST records and verify selected transactions to supporting documents to ensure accuracy;

Analyse major fluctuations in the standard-rated supplies, zero-rated supplies, exempt supplies and taxable purchases declared during the financial year.

Perform a reconciliation of the total Revenue from the GST records to the management accounts of the relevant period, obtaining reason for discrepancy and where necessary propose standard, adjusting, or correcting journal entries to your accounts

Prepare a summary of the necessary information and complete the GST return (GST F5) and upon approval by the Management, submit the duly completed GST F5 to IRAS within 1 month of the end of the relevant period.

Assisted Self-Help Kit (“ASK”) Annual Review

Businesses may make mistakes in their GST returns at various levels:

Transaction level – e.g. wrong treatment applied or no supporting documents to substantiate the GST treatment; or
GST reporting level – e.g. extracting wrong data for GST F5 reporting, specific GST adjustments such as input tax apportionment are not made on consolidated figures.

GST registered businesses are encouraged to conduct ASK Annual Review for GST returns filed in each financial year as regular reviews will help you detect errors early and avoid costly penalties.

We also have good experience in the “Assisted Self-Help Kit (“ASK”) Annual Review”.

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