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 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.
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