Tax compliance is a must for both an individual income earner and a business, regardless of its size. Taxes, which are paid to the government in which a business or a person earns and is registered, make sure that basic services are streamed back to the country and the public.
Tax Service: Kinds Of Taxes Paid
There are several types of tax, which include corporate tax, personal tax, and goods and services tax, all of which directly affect the average business and income earner. These are the taxes collected directly from profits or personal income at a prescribed period, usually one fiscal year, identified by the law.
In Singapore, the corporate tax (at a 17% rate) is required for all incorporated companies. They are to submit an annual tax return as well as Form C to the Comptroller of Income Tax, by virtue of the Singapore Income Tax Act.
Meanwhile, the personal tax paid by an individual is relative to his or her tax residency in Singapore, albeit they are also relative to one’s level of income. Non-residents are taxed differently from residents.
The Goods and Services Tax, on the other hand, is currently set at 7%, and is paid for the import of goods, as well as the supply of goods and services available in Singapore.
Why Outsource Tax Service For Your Business
Given the very strict deadlines the state imposes on the submission of tax returns, as well as the penalties for late submissions, outsourcing is a very useful move for companies.
Providing a comprehensive array of tax services, which includes the preparation of personal or company income tax returns, filing of estimated chargeable income, and GST registration, outsourcing firms can readily and efficiently deliver requirements to avoid penalties.
Furthermore, it could also provide seasoned advise on the possible tax incentives a company can avail of under their tax classification. Singapore provides tax relief and assistance to a number of company classifications, including startup companies.