Rikvin Provides Assistance In Filing For An Income Tax In Singapore 

by Ericson Ash Friday, April 29, 2011
For the Year of Assessment 2011, all individuals earning more than S$22,001 yearly shall file their personal income tax return on or before April 15th. Included within the taxing period are the revenues earned from January 1, 2010 to December 31, 2010.

Rikvin provides assistance to all individuals in preparing the documents needed for their filing obligations.

“Companies have the responsibility of providing form IR8A to their employees. In this form, certain details are provided by the employer. Among these are the remuneration and the benefits-in-kind received by each employee during the previous calendar year,” Rikvin’s female business consultant remarks.

She adds: “Employees including foreign nationals holding S pass and Employment pass, and under certain conditions, the Dependant pass, shall be taxed on a personal level, unless their tenure of work in Singapore did not last for 183 days.”

However, if a certain individual earning below S$22,001 receives an order from IRAS to file his or her income tax, that individual should oblige.

The personal tax rates in Singapore are single-tiered and progressive depending on the amount of income received. Nevertheless, non-resident individuals are charged on a standard tax rate of 15%.

Rikvin explains that IRAS provided a formula on how to compute the taxation on income:

“The Taxable Income is obtained after the Total Income is deducted with expenses, donations, and personal reliefs.”

Meanwhile, corporations are also obliged to file their corporate income tax with IRAS every November 31st.

“They should prepare Form C and financial accounts, both the audited and unaudited,” quips Rikvin.

Newly incorporated companies enjoy tax exemptions for three consecutive years for their first S$100,000 accumulated revenues. Thereafter, another 50% off on the tax is made for subsequent revenues amounting to S$200,000.

As part of it attractive taxation policy, existing companies that are industry-specific are given tax incentives in the form of exemptions or reduced rates. Under the Avoidance of Double Taxation treaty that Singapore maintains with other countries, some companies are given tax reliefs.

In filling-in the Form C, companies must indicate real-time revenues before the tax exemptions, incentives, and reliefs shall be given.

Rikvin’s service offering assistance in preparation of documents for submission is in line with its accounting services, wherein, Rikvin’s accountants perform bookkeeping and participate in drafting the financial accounts including the Director’s Report.

As a business solutions creator, it also assists companies in filing the annual returns with ACRA, which is fulfilled before and after the Annual General Meeting is held.

About the Publisher:
Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, income tax Singapore and providing professional services relating to financing and compliance services.

Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”

For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Website: http://www.rikvin.com/

Rikvin offers Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Ericson Ash
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