What do our company’s financial services include?
It includes book-keeping services, Preparation of financial statements (audited or unaudited), Tax services, GST application, GST computation and submission and payroll services
What is a book-keeping service?
The book-keeping services include entering all transacted accounting records such as sales invoices and payment vouchers into system on monthly, quarterly, half yearly or yearly basis. By the end of periodical services, the Profit and Loss, Balance Sheet Statement, General Ledger will be generated for your approval.
What is unaudited Financial Statements?
The unaudited financial statements includes directors’ report, directors’ statements, profit/loss statement, balance sheet statement, change in shareholders’ equity, notes to financial statements.
It shall be prepared in accordance with Financial Report Standard(“FRS”) prescribed by the Council on Corporate Disclosure and Governance (“CCDG”) and to give a “true and fair” view on company financial position.
It shall be signed by company directors and lay before the company AGM. A company must submit its financial statements to ACRA for its annual return filing and submit it with Form C to IRAS for tax purposes.
What are the audit exemptions?
Dormant companies and exempt private companies with annual revenue below the prescribed threshold (currently set at $5 million) are now not required to have their accounts audited for financial year beginning on or after 1 June 2004
What is GST? When is a business liable to register for GST?
GST stands for Goods and Services Tax . The company/business is liable to register for GST when its annual taxable turnover is more than S$1 million or it is currently making taxable supplies and its annual taxable turnover is expected to be more than S$1 million.
How does GST work?
Upon registering GST, a business must charge and account for GST at the prevailing rate. This is known as output tax. GST registered businesses can also claim from IRAS the GST incurred on their goods and services purchased assuming certain conditions are met. This is known as input tax.
If a business annual sales turnover is less than $1 million, can they apply GST?
Yes, under voluntary scheme. However, your company needs to remain as GST trader for at least 2 years.
What is corporate tax rate in Singapore? How often does a company required to submit its company tax?
The Inland Revenue Authority of Singapore(IRAS) has lowered the corporate tax rate from 20% to 18% from Year of Assessment(YA) 2008. The company is required to submit a tax computation and the audited/unaudited accounts together with the Form C annually.
What can we do for your company tax?
We will advise and update you on the Individual and Corporate Tax matters so that your company’s tax obligation is mitigated in a legal way. It includes:
- Calculation of the tax liability of company or individual.
- Filing of the Form C for the company’s approval and Form B or Form P for business.
- Submission of tax returns to IRAS.
- Assisting your company to verify the Notice of Assessment upon receipt of the Notice of Assessment (issued by the Comptroller of Income Tax), if necessary.
- Submission of Estimated Chargeable Income (“ECI”) within 3 months from financial year end
What is ECI? Who needs to file? What are the benefits of filing?
“ECI” stands for Estimated Chargeable Income. It is an estimate of a company’s chargeable income for a Year of Assessment (YA).
A company has to furnish Estimated Chargeable Income (ECI) within three months after the end of its financial year. IRAS will send a letter to your company towards the end of your financial year-end to notify you to file ECI. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.
If you furnish your company’s ECI within the qualifying period, you can pay your tax in installments. The earlier you furnish your ECI, the higher is the number of installments you get. To encourage you to e-File, with effect from YA 2008, the number of installments given to those who file ECI electronically is more than that given to those who file ECI using paper ECI Forms.
What is payroll service?
- Computation of monthly salary and commission.
- Maintenance of payroll file for each employee
- Provision of pay advice
- Processing of increment & bonus.
- Provision of payroll reports for monthly & annual review
- CPF e-submission
- Preparation of annual IR8A form
- Credit the salary to respective staff via internet banking
Does a dormant company need to submit accounts?
- Prior to YA 2007, a dormant company must submit its audited or unaudited accounts with Form C unless it has been granted a waiver for submission of Form C.
- With effect from YA 2007, a dormant company does not need to submit its accounts with Form C.
However, a dormant company must still submit its accounts to ACRA for its annual return filing, as there are no exemptions for filing of accounts with ACRA.
Does a dormant company need to submit Form C?
A dormant company must submit Form C unless it has been granted waiver for submission of Form C.