Asiabizservices Elaborates On Income Tax Singapore Matters 

Asiabiz assists professionals as they compute their income tax. Asiabiz also assists private limited companies, subsidiary companies, and branch offices as they prepare documents to be submitted along with corresponding tax forms.

by Ashley Varghese Friday, April 29, 2011
Companies have an annual corporate income tax filing duty with IRAS every 30th of November. Meanwhile, individuals earning salary from employment, and profits from business, trade, vocation, and profession as a partner in a partnership or as a sole proprietor have an annual personal income tax filing obligation with IRAS every 15th of April.

“Within the context of investments are profits accumulated from properties in the form or rental fees, royalties, and premiums,” cites Asiabiz, a company in Singapore assisting companies, businessmen, and employees in all their needs and legal obligations.

Asiabiz adds: “The personal income tax obligation shall also include revenues collected from dividends, interests, and investment income.”

The filing of personal income tax obliges individuals earning more than S$22,001 yearly, including Singaporean citizens, permanent residents, and foreign employees and businessmen through work visas such as Personalized Employment pass, Employment pass, and Entrepreneur pass.

Employees await the filled-in Forms IRA8 orIR21 from their employers every 1st of March. Information that must be declared on the said forms are the remuneration and benefits-in-kinds that every employee enjoys, date of employment, and personal details of the concerned employee.

“Before the salary is taxed, it is deducted first with expenses, personal reliefs, and donations made to qualified charities,” Asiabiz explains, citing the inclusion of personal reliefs as parent relief and support of dependents, reliefs for tuition fees and qualified courses, earned income relief, premiums paid on life insurance policies, and professional development expenses.

On the other hand, the expenses cover the spending related to employment and rental profits.

Asiabiz assists professionals as they compute their income tax. Says Asiabiz: “We advise businessmen and employees on how to save on tax. We also help in assessing the applicable deductions from their wages or profits from trading or vocation in computing the tax.”

Asiabiz also assists private limited companies, subsidiary companies, and branch offices as they prepare documents to be submitted along with corresponding tax forms.

“A tax computation is among the statements to be prepared by these companies,” Asiabiz continues, “it is a declaration of income showing the net profits and net loss as recorded on the company’s account and which shall help determine the amount of income subject for taxation.”

Another declaration is Form C, filled-in by companies with information regarding the income from carrying on any business or trading in Singapore.

“It supports the income declared on tax computation statement,” Asiabiz adds, “Each company regardless of the profits shall file the Form C.”

Companies that have zero-income shall file a NIL Form C.

Both the Corporate tax income and personal tax income services are just among the specializations of Asiabiz. The company, established in 1998 is an expert in company incorporation procedure for foreign companies, investors, and local residents. Its assistance extends beyond the registration. It encompasses accounting, obtaining business licenses and permit, virtual office, and search engine optimization.

About the Publisher:

Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:

AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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