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TAX AND GST SERVICES IN SINGAPORE TAX

TAX AND GST SERVICES IN SINGAPORE TAX is the amount of money or levy that is imposed by the government and is to be pay by the public.

Tax is revenue of any government which it spends on public welfare and on all the institutes runs under government and to fulfil its other expenditures.

There are several taxes in Singapore however, Singapore imposed the tax on a very low rate as compared to other countries.

Some of the taxes imposed by Singapore government are; Income tax, sales tax, property tax, corporate tax, tax on rent, vehicle tax, casino and betting tax, goods and services tax, foreign worker levy.

Inland Revenue Authority of Singapore (IRAS) is the institute who is mainly responsible to collect taxes from the public.

Property tax rate differs if you are resident or a non- resident in Singapore. Salaries are also tax exempt but the benefits other than bonuses are the tax imposed.

There are also some ways, government facilitate tax waiver or decrease. If your income is lesser than your expenses then you can apply for tax relief.

 

GST (GOODS AND SERVICES TAX) in Singapore GST is the tax that any government imposes on services and good. In Singapore, GST was imposed for the first time in 1994 at the rate of 3%.

It is the same tax which is said to be VAT (value added tax) in other countries.

 

STARTING A BUSINESS IN SINGAPORE: 

Singapore is a developing country. The strategies of the government and its tax system are very much favorable for doing business over there. How so ever it is challenging at the same time as there is tough competition because there is increasing demand from the global business market.

First of all, you need to register online with Accounting and Corporate regular Authority (ACRA) at their terms and conditions.

You need to pay the registration fee. Requirements for registration varies depends on the type of business you are planning to start. With the registration of your company, you get the company name.  Decide first what is the type of your business, whether it is local or foreign or partnership.

APPLICABILITY as you got registered your company and got a company name. In order to engage in business activities, ACRA activates your custom account. You can use this account for the application of import, export, transshipment permits or for certificates.

Another important step is to purchase a business profile which can be purchased online.

The profile provides the registration number, registration date, business activities, entity name and owner/officers of the entity.

GST REGISTRATION 

GST registration is compulsory if your annual entity is exceeding $1 million. If your current taxable income and annual revenue are expected to exceed $1 million then GST will be implemented. When you are registered for GST, you have to submit the tax at the given rate to IRAS.

PRACTICAL ADVICE

Singapore is a developing Asian country. Singapore provides an easy and affordable taxation system. It encourages new traders as they have developed a complete set up for new businessmen in order to establish their business. They provide you complete guide from online registration to complete business setup. Singapore is no.1 in the ranking of World Bank and International Financial Corporation. It’s highly favorable to invest in Singapore with confidence.

Accounting services Singapore can actually help you save your time and money. Most of these companies offer you service on a contractual basis and hence, they are dedicated to what they offer. Unlike the in-house accountants, you don’t need to pay the extra money or incentives.

It is also easier to manage an outsourced accounting service than managing a team of in-house staffs. Hence, these Singapore accounting service providers could be the best ally for your business.

Singapore Accounting and Business Services Pte Ltd

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What Singapore Accounting Services Can Offer To The Business

When you are talking about Singapore accounting services, perhaps your thoughts will only be limited to pages of spreadsheets, computers, gadgets, calculators, and lot of paperwork.

Of course, you can imagine a human accountant sitting beside a heap of accounting notes to ensure every transaction is well handled and recorded.

The truth is they offer a wide range of services to the business owner. They have proofed to be beneficial by the fact that they give you a full accounting package at an affordable cost. By hiring Singapore accounting firm, you are sure that all books of account will be updated in real time, go for an experienced firm which has been in the industries for some time to avoid any possible delay.

Following is the glimpse of what you can expect from the Singapore accounting firms to perform for you:

Bookkeeping Services:  Bookkeeping services refer to the basic and everyday accounting roles such as creating invoices for customers and preparing for their statements. Singapore bookkeeping service providers are also responsible for collecting debts and paying bills and reconciling bank accounts. The virtual bookkeeping service providers have the most professional accountants who can well manage your books by ensuring the accuracy of all business records.

Payroll Processing:  Your payroll processing is another important task that you can perform via online accounting payroll services. By outsourcing your accounting jobs you can rest assured that your entire payroll would be managed well by the experts who have real experience in this field.

Your payroll is the most important thing since your employee satisfaction mostly depends on it. The payroll service providers not only help you process payroll data in a cost-effective way but also help you manage other important tasks related to the payroll, for example, tax deductions, leave adjustment, bonuses, incentives, salary deduction etc.

Accounting Services:  The basic accounting services of your everyday needs can also be managed by the virtual accounting companies. As a business owner, you may have many different financial transactions to perform.

For example, payments and bills, annual turnovers, debts, credits, journals, penalties, profits etc. Handling all these financial transactions could be rather difficult and costlier if you want to manage the whole thing by hiring an in-house team of accountants.

Hiring Singapore accounting service providers can help you solve all these problems and will definitely save you a headache. The virtual accounting service provider will not only keep track of your financial obligations, but the company can also prepare checks for you to sign and have them mailed to you. However, it is important to limit the access to your bank accounts as well as your financial data in order to maintain the security of confidential data.

Accounting services Singapore can actually help you save your time and money. Most of these companies offer you service on a contractual basis and hence, they are dedicated to what they offer. Unlike the in-house accountants, you don’t need to pay the extra money or incentives.

It is also easier to manage an outsourced accounting service than managing a team of in-house staffs. Hence, these Singapore accounting service providers could be the best ally for your business.

Singapore Accounting and Business Services Pte Ltd

10 Anson Road #16-12,International Plaza,Singapore 079903

 

 

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Why Outsource Accounting Services is better

Many successful businesses today have taken advantage of the accounting outsourcing process. Outsourcing accounting activities is a business strategy wherein companies are provided with more equally competent support, time to focus on core activities of the firm and cash savings which can be used to spend on improving their commercial business. More and more companies are outsource accounting to drive more profits to the bottom line of their business, enabling the business to grow and develop without increasing the number of staff and support infrastructure. Companies have a better opportunity to grow with the help of available resources.

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What You Need to Stay Focused on Your Accounting

Building our own business requires lots of considerations, instead of merely about the available budget.

For small business owners, routine and accurate bookkeeping is a necessity. It means, the company owners have to focus on the accounting task, in order to make sure that there is no missing transaction which leads to business disorders. Of course, company owners know that the accounting contains transaction records, whether they are expenditures or receipts. But, some business owners cannot only focus on bookkeeping and accounting because they still have to manage other important matters in improving their business.

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Essential Accounting Tips for Small Businesses

Straightforward and rudimentary bookkeeping measures will go a long way to maintaining your small business’ viability for years and keep your investment growing. It will also help you prepare early on for filing a realistic tax return. Take a look at these following tips:

1. Hire a bookkeeper

Small-business owners take more roles than they can handle, for instance, as manager for accounting, deals, and promotingall-in-one, to save on salaries. At times, though, getting a full-time or outsource bookkeeper might be the better and wiser option as the task requires a deeper and more extensive understanding of books. A outsource your bookkeeper can help you save on salaries more as you pay only when you need the service.

Nevertheless, the little Business Administration can likewise help you manage your costs all alone to save even more.

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5 Accounting Mistakes you must look for at your Small business

Accounting errors happen all the time. Small mistakes accumulated in the end might turn things ugly.

Therefore, a good idea is to keep a check on all the probable mistakes and then try and minimise them from the start itself. With proper care and a bit of extra attention, many errors and mistakes can be eliminated.

Here is a list of common mistakes that many small business owners make during their practice:

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EU VAT CHANGES FOR 2015

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.

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USES OF FINANCIAL REPORTS

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures.

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FUNDAMENTAL ACCOUNTING

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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