Rikvin Handles IRAS Personal and Corporate Tax Preparation In Asia Pacific, Singapore remains to have relatively the lowest corporate and personal tax rates. The good thing about taxation policy in Singaporeis that employees can choose whether their wages have automatic tax deductions or they personally prepare their personal tax returns with IRAS. When it comes to companies, however, they are required to maintain auditing. Upon incorporation with ACRA, it must appoint an auditor. Rikvin creates business solutions for all business problems, and business processes for the convenience and efficiency of business especially the SMEs. It includes among others, the compliance requirements both for companies and for their employees, particularly the preparation and filing of tax obligations.
“Tax residents in Singapore are given tax exemptions upon meeting certain conditions for newly registered. All other companies unqualified for such exemptions are still given tax incentives,” explains Rikvin’s female business consultant. She adds: “Tax exemptions include exemption for the first S$100,000 business revenues, and 50% cut on the next S$200,000. Meanwhile, revenues accumulated from S$300,000 and above have a standard flat rate of 17%.”
“Tax incentives in the form of exemption or reduced tax rates are given for industry-specific companies which may fall short of the requirements to qualify for tax exemptions,” Rikvin continues. In light to this, companies must file their tax returns with IRAS and their unaudited as well as audited accounts within 6 months before the scheduled Annual General Meeting as part of their annual requirements. Rikvin has a team of accountants to assist foreign companies in preparing for the requirements for compliance. It provides assistance in preparing the balance sheets, budget flow, estimated chargeable income, Form C, and the Director’s Report. Meanwhile, as for employees, Rikvin also extends an equally competent personalized service in assisting them or filing their annual returns in their behalf with IRAS every year. The calculations for taxes on a personal level require similar accuracy in preparing for the documents of a company. “The highest tax rate for residents is 20% while non-residents are taxed on a standard rate of 15%,” utters Rikvin. In addition, the taxes are also computed based on the salaries, bonuses, and other benefits-in-kinds. IRAS is strict in implementing its laws especially for non-compliance. About the Publisher: Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Income Tax Singapore Preparation, Singapore company setup and providing professional services relating to financing and compliance services. Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.
“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”
For more information, visit: Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 Email : firstname.lastname@example.org Website: http://www.rikvin.com/