Taxation Services

It is well known that preparing your taxes can be somewhat stressful, that’s why it’s important to have all needed paperwork in hand.  Many forms need to be filled out and many documents need to be submitted in order to complete that process smoothly.   Either you are an individual needing help filing your taxes or a corporation, we certainly can assist you with this very involving task.

Our tax agent services mainly involves the tax filing to the Inland Revenue of Singapore (IRAS) and the preparation of tax computation, a process of converting the Singapore Financial Reporting Standards (SFRS) based financial statements into the tax based financial statements.

Your firm or you, as an individual, might also wish to be assisted in tax planning, as part of our taxation services, to better minimize your tax liabilities, legally (that is tax avoidance). We can certainly help you with that organization project and you are assure that the tax planning will be done in line with all legislation in place in Singapore, to our knowledge, so you will not have bad surprises down the road.

First of all, it is essential to mention that whether you fall into the category individuals or corporations, you will be taxed according to taxable income for the previous financial year.  So, for example, all taxable earnings from 2014 will be taxed on the year of assessment (YA), in that case, YA2015.

Individual

In Singapore, everyone may use tax services, as everyone needs to file taxes once a year.  Unless you are specifically exempted under the Income Tax Act (ITA) or by an administration concession, you will be required to pay income tax every year if you are receiving employment income as part of the workforce in Singapore.

This also covers self-employed individuals when they make taxable income in the course of running their business in Singapore. Now, for individuals who are unemployed but receiving income there are as well some specific tax regulations our experts can explain in details to you and make sure you comply to, once again, the specifications of the ITA when filing.

If earnings in Singapore are taxable, so are investments. Yes, in fact, any individuals investing in properties, shares, unit trusts and more, in Singapore will be liable to pay taxes as well unless they are exempted.

Some might not aware that, individuals working outside of Singapore (overseas, on behalf of the government or through a partnership in the South East Asian republic), would also obligated to pay taxes, if the said employment is an extension of the scope of the employment in Singapore.  If you are curious who are lucky enough to get exemption from paying taxes, they are individuals earning taxable income less than $22,000 in any year or those making exempted income specified by the ITA.

Companies

When it comes to companies, the tax computation process can be even more complicated but interesting.  Compared to individual tax, there are a lot more can be done to maximize the tax benefit. Using us as your trusted tax agent, our panel of experts will gladly take over this sophisticated process off your hands.

There are so many aspects, exceptions and specific details to your situation, you really want to consult an expert if you have any hesitations or questions regarding the filing.

You might want to educate or let your expert educate you about some particular tax vocabulary to help you better handle the tax function. For instance, some very particular forms have to submitted to IRAS yearly if you are filing as company, including the ECI (Estimated Chargeable Income), as well as Form C-S or Form C (Corporate Tax returns). Failing to file the tax documents timely might cause you putting thousands of dollar sit unproductively in IRAS’s bank account, fine and penalties as well as other unnecessary hassle.

There are so many regulations, exceptions and specifications on how to file your taxes, it is certainly important to follow the laws in place to help you avoid any eventual headaches.

Investing in tax agent services like ours will truly bring you peace of mind as our experts know the subject thorough enough to guide you on how to file properly and efficiently.  So, go ahead, consult with us, your time is important, as an individual or as a corporation manager, you will benefit from hiring the tax agent you trust to help you not only file your taxes but give you the best advice for your financial well-being.

Imagine the amount of stress you will take off your shoulders as you are relying on our team of experts at Back Office Consulting to take care of your taxes needs for you.