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For many small businesses, dealing with your company and personal tax responsibilities can be a major challenge and very confusing. Complying with current tax documentation seems complex – filled with hard-to-understand regulations and terminology. However, accurate tax calculations are vitally important to your business, not only for compliance but also to minimize your tax bill.
By reducing your tax bill, you will see benefits in your companies profit and increase cash flow for things you need.
OS1 Tax return accountants and consultants give clear, jargon-free advice through phone or email support. We will advise you on the best tax planning practices for the future of your business, and on tax-efficient ways of releasing cash from your business if you need it.
Now you can start viewing your taxes as another key towards your business’s success and value.
Take the first step to peace of mind –
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We offer valued-added Corporate Services Packages, do feel free to contact us at +65 6873-2886 or +65 9889-4776 to find out how our Packages can value-add your business!
O.S.1 uses a state of the art, integrated approach to help you navigate your corporation tax situation. Our method incorporates careful planning and total accuracy to help optimize the unique situation of your business.
Throughout the year, an experienced O.S.1 tax consultant will be on hand to advise your team on how to keep your corporation tax payments to an absolute minimum. When the end of the year comes, we will complete your corporation tax returns for you.
Using an integrated approach, careful planning, and total accuracy we will help you optimize your corporation tax situation.
For Year of Assessment (YA) 2008 and YA 2009, companies are taxed at a flat rate of 18% on their chargeable income. From YA 2010 onwards, companies will be taxed at 17%.
Income tax filing due date starting year 2009 is 30 November. The company must file a complete set of returns, including Form C, audited/unaudited accounts, and tax computation.
Corporate income is assessed on a preceding year basis.
Same as Income Tax for sole proprietorship
GST is an indirect tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate is 7%.
In general, you can assume that all goods and services are taxable. However, some specific items are exempt. These include financial services and the sale or lease of residential property.
You have to pay GST when you buy goods or services from GST-registered businesses and when you import goods into Singapore.
You must register with the Comptroller of GST in order to collect GST.
Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. You can apply for exemption only if most of your goods or services are exported or supplied internationally.
You can apply to the Comptroller of GST to collect GST voluntarily. Approval for voluntary registration is at the discretion of the Comptroller. Once approval is given, you must remain registered for at least two years.
Most businesses register for GST to claim back the GST incurred on their business purchases.
When GST rate(s) increase, it may make business sense to register voluntarily to collect GST in order to claim back GST incurred on business purchases.
When to charge GST and how to claim for refunds can be rather technical and complex, and One Source will assist and advise you on how to charge GST and how to claim a refund.
You are required to maintain your business records for all GST-related transactions for at least five years for periods on or after 1 January 2007. Records include tax invoices, receipts and credit notes.
The standard procedure is to file GST returns quarterly. You need to file your GST returns online (e-Filing) using myTaxPortal. You should always file your GST returns on time to avoid penalty fees.
You must pay the net GST not later than the last day on which you are required to file your return.
If you have voluntarily registered to collect GST, you cannot de-register your business in the first two years after registration, unless you have stopped making taxable supplies or ceased business.