In this page, you will learn the importance of compliance under the Singapore corporate tax regime, and how we can help you avoid penalties for non-compliance with IRAS filing requirements.
Compliance in Singapore under the corporate tax regime administered by the Inland Revenue Authority of Singapore (IRAS) is a complex matter, requiring all your corporate returns to be properly prepared and filed on time. If these legal requirements are not complied with, your company runs the risk of incurring civil (financial) and even criminal (imprisonment) penalties in the event of non-compliance.
The Rikvin Tax Compliance specialist team is well-versed in advising on Singapore tax matters, with comprehensiveness and currency being our forte. We offer more than a cursory filing of tax returns, and provide you with the value-added support of a complete suite of tax compliance services, including:
- Keeping you up-to-date with the most current Singapore tax laws and regulations (including updating you on the Singapore Budget) which may affect your company’s/ branch’s compliance requirements;
- Monitoring the statutory timelines and working closely with your company/ branch to meet the compliance filing deadlines;
- Preparation and filing of an estimated chargeable income which has to be filed within three months from the accounting year end;
- Preparation / review of monthly/quarterly tax provision calculations as well as identifying and highlighting key tax issues arising out of the review of the information and documentation that your company provides us with;
- Preparation/ review of the tax computation and Form C as well as identifying and highlighting key tax issues arising out of the review of the information and documentation that your company provides us with; and
- Advising on the tax payment due dates upon receipt of the Notice of Assessment.
Advanced Ruling System (ARS)
Additionally, if your company wishes to get an advanced ruling from IRAS on your tax treatment in view of the residency status of your company (eg. if your operations are mostly based overseas), Rikvin can assist you in the application of such for a reasonable fee.
An advance ruling is a written interpretation of how a provision under the Income Tax (Amendment) Act applies to a specific taxpayer and a proposed arrangement. Such an advance ruling by the Comptroller under the ARS is legally binding; therefore the Comptroller has to apply the law in the manner set out in a ruling made under the ARS once it is issued. This is a very useful means of significantly minimising any future disputes of tax treatment, or financial shocks arising out of the ensuing compliance.
The process typically takes up to eight weeks, and where the application is more complex, the applicant will be advised accordingly. For more information, please email firstname.lastname@example.org