Rikvin Provides Income Tax Singapore Consultancy Services The Inland Revenue Authority of Singapore [IRAS] is the taxing authorities of Singapore. It requires all companies to file their corporate income tax and financial statements each year. Rikvin provides taxation services to companies in the form of consultancy, filing, and payment; and to earning individuals. Some industry-specific companies enjoy tax incentives in the form of reduced tax rates or even exemptions. Each year, as they file for their corporate income tax, the rates are reduced. Among the filing obligations it has with IRAS are the Form C, and the Financial Report both the audited and unaudited.
“The Form C is a declaration form given to all companies. It shows the income of each company. Even if the company is not earning, it still shall file the form,” assures Rikvin. November 31st of each year is the deadline for submission of corporate income tax return. Besides the Form C, the companies shall also submit the audited and unaudited Report.
“The Financial Report consists of balance sheets and income statements; supporting notes and disclosure of significant accounting policies used by the company; disclosure of company’s operations, and the interests of the shareholders and directors,” cites Rikvin. Beginning November 2007, these Financial Reports are prepared in XBRL format.
“Companies with annual turnover sales for the financial year not exceeding S$5 million and have no more than 20 shareholders who are all individuals are exempted from filing the audited report,” says Rikvin. On the other hand, if the company has a corporation for a shareholder, or the turnover sales do not exceed S$5 million, and the shareholders are more than 20, it must audit its accounts. Failure for compliance with these requirements will incur penalty or court prosecution. Meanwhile, earning individuals from a business, vocation, or a profession should also file their personal income tax every year on the 15 th of April.
“This includes the Singaporean citizens, permanent residents, and work visas holders who have stayed and worked in Singapore for more than 183 days,” Rikvin explains. Companies are responsible for providing Forms IR8A to their employees, indicating the remuneration and benefits-in-kind for the previous calendar year beginning March 1. Rikvin can assist individuals by providing tips on how to save on taxes, determine the applicable authorized deductions from chargeable income, prepare and file the tax forms, and register for a new account with IRAS. Moreover, Rikvin assists in compliance requirements with ACRA; obtaining business licenses and permit, company incorporation, and accounting services.
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 Singapore company registration, income tax Singapore 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.
â€œOur 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.â€? 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 : email@example.com Website: http://www.rikvin.com/
Published on Apr 24, 2011
The Inland Revenue Authority of Singapore [IRAS] is the taxing authorities of Singapore. It requires all companies to file their corporate i...