Singapore GST Services Presented By Rikvin
Rikvin, a leading Singapore based business registration firm assists foreign businessmen in Singapore GSTService GSTregistration. GSTis a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate for GSTis 7%. “The concept of Goods and Services Tax (GST) is patterned from Valued Added Tax (VAT) in other countries and is a new form of tax in Singapore. GSTwas implemented on 1st April 1994 in Singapore. The standard of GSTAct is also patterned from the UK VAT legislation and New Zealand GST legislation. The Inland Revenue Authority of Singapore (IRAS) is a government agency that administers, assesses,collects and enforces payment of GST,” Rikvin said. Rikvin also pointed out the objective of GST that is to lower personal and corporate income tax rates while maintaining a fairly reasonable revenue basefor the government. A brief overview on GST– definition, registration requirements, GSTreturns and GSTschemeswere discussedon the presentation. First, it was discussed who can register to GST. These are Sole proprietorships, Partnerships, Limited Liability partnerships, Companies, Clubs, associations, management corporations or organizations, Non-profit organizations, Statutory boards and Government bodies. Then, it was also discussed the reasons why there is a need to register for GST including the privilege to claim back the GST incurred on their business purchases, privilege to claim GST refund when GST paid exceeds GST collected and privilege to claim GST incurred on business purchases when GSTrate increase. Lastly, Rikvin presented each of the GSTschemesincluding GSTassistance scheme, Major Exporter scheme (MES), Licensed Warehouse scheme and Zero GSTWarehouse scheme (ZGS). About the Publisher: Rikvin has successfully provided foreign and local entrepreneurs assistance to form a Singapore company . The firm provides a full spectrum of corporate services under one roof for Singapore company registration , accounting, tax, work passand related compliance services for individuals and companies worldwide.
Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you are in our neighborhood and want to discussany aspect of our service then feel free to come in to our offices during business hours. Appointments are welcome but definitely not necessary. Rikvin PTELTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887 Fax (65) 64382436 http://www.rikvin.com