Convincing Reasons why business owners in Singapore should engage tax advisory service firms

 Whether you own a small business or a large enterprise in Singapore, you will be required to pay your taxes. This may not be a problem, especially if you are just starting out, and have few customers. But as you grow, you are going to have an endless list of important business activities to carry out. While trying to keep every part of your business up and running, there is a small chance that you may forget to pay your taxes, or not pay them on time. If this happens rarely, it will be easy for you to turn things around and keep your business on the good side of the tax authorities.

However, when late tax payments become a habit or you no longer pay your taxes, you are going to get into serious trouble with the law. This, in turn, will result in fines, summons, imprisonment, and so on. If you don’t want to be in this situation, then you should employ the services of a reputable tax advisory service in Singapore.

The following article by Pwco shed light on some reason why business owners should engage a competent tax advisory and consultant.

Best practices for engaging tax agents

Tax compliance is part and parcel of every business in almost all countries. Without proper tax compliance, businesses will run into trouble with tax authorities. Fines, penalties, freezing bank accounts, Read more here.

You likely now know some gripping reasons why you should hire a competent, reputable, and a reliable tax advisor. Keep in mind that the job of a tax advisor is not just to help you comply with tax laws. A good tax consultant will also help you minimize the tax, and provide you with timeless and practical advice that will ease compliance requirement and facilitate business growth.

The following by Sbsgroup shed light on some important things you need to know about tax planning.

Singapore Tax Planning: How to Implement It in Your Business

Singapore taxation is well regulated, competitive, and comes with a slew of tax incentives, it is imperative to make tax planning in Singapore for business and investment planning. Tax is an ever-present cost of the businesses that need to be minimized Read more here.

You likely now know what tax planning is all about, and why it should never be mistaken with tax evasion. You also now know how proper tax planning can help a business minimize their tax obligation, as well as some important factors, like tax reliefs, tax rates, the experience level of tax consultants, and the policies of the IRAS you should consider when doing tax planning.

The following article by 3ecpa shed light on some things you probably don’t know about income tax service firms in Singapore.

Company Income Tax Services in Singapore

Additional charge from $300 (W/GST $321) for a company with Revenue $5 million and above (completion of additional Form is required by IRAS); additional charge is applied if the first financial period is more than 12 months. Read more here

You surely now know a couple of things about the services rendered by tax advisory firms in Singapore, and how they can help take your business to the next level. That said, you need to be very careful when picking a tax advisor. You see, if you pick an incompetent one who doesn’t know what they are doing, chances are, you are going to have serious tax- related issues, in the long run.

Final note

Running a business in Singapore isn’t just about having a great strategy or brainstorming a strategic way to satisfy the needs of your customers. It is also about keeping abreast with the rules and regulations of the IRAS and paying your tax on time.

Doing this may be difficult, especially if you have a lot of business activities to carry out. Well, if that is the case, then you should employ the services of any of the many reputable tax advisory firms in Singapore.

With their help, you will be able to minimize your tax obligation, get practical advice on addressing tax-related issues, and growing your business in the long run.

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