GST & Other Tax submission
GST is similar to the Value Added Tax (VAT) in many countries, it is a consumption tax on goods and services consumed locally. The current prevailing GST rate in Singapore is 7%.
It is compulsory for businesses to register for GST when their turnover exceeds $1mil per year. Businesses that do not exceed $1mil in turnover may also register for GST voluntarily.
The only exemptions are for the sales and leases of residential properties and the provision of most financial services. Export of goods and international services are zero-rated.
GST & Taxes service includes but is not limited to the following:
- GST registration on your behalf with IRAS Comptroller of GST and follow up with all queries regarding the registration
- Preparation and submission of GST Returns on a quarterly basis
- Company and personal tax compliance advisory
- Assist with preparation of tax returns for individuals, sole proprietorships and partnerships for submission to Comptroller of Income Tax
- Advice on applicable tax incentives
- Assist in application for the Double Tax Deduction (DTD) supported by International Enterprise Singapore involving participation in overseas business and market development trips and overseas market survey or feasibility studies
- Assist in application for the Productivity & Innovation Credit (PIC) supported by Inland Revenue Authority of Singapore (IRAS) involving activities on automation equipment, employees’ training, intellectual property rights, patents & trademark registration, research & development and investment in approved design projects
- Assist to liaise with Inland Revenue Authority of Singapore (IRAS) on all tax queries pertaining to the income tax returns