Rikvin Provides Singapore Corporate Tax Filing Services 

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

by Martin Nuke Sunday, March 20, 2011
In Singapore, a part of the reason why companies are subject to auditing is their annual obligation to file corporate tax with IRAS. In Asia Pacific, Singapore is among the few economies to have maintained a relatively low taxation rates on a corporate and personal level.

For newly registered private limited companies that become a tax resident, tax exemption awaits them for the first three years.

“The first S$100,000 revenues are tax free, while the next S$200,000 is halved by 50%,” chimes Rikvin’s business consultant, “and for revenues starting S$300,000 and up, a mere 17% tax is levied upon it.”

Rikvin is a business solutions creator in Singapore. Among other things, it bestows corporate tax filing services for all registered companies.

For companies to qualify for tax exemptions, they must satisfy certain requirements.

“A company must be a tax resident for that year of assessment, has no more than 20 shareholders throughout the basis period pertaining to its year of assessment, and all shareholders are individuals with one that maintains at least 10% of shares,” explains Rikvin.

Those that do not qualify for tax exemptions, they are not left without any incentives. To motivate entrepreneurial growth among registered companies, companies are taxed by 4.5% only on their first S$10,000 chargeable income, and 8.5% for the next S$290,000.

Business-specific companies too, are given tax incentives in the form of reduced corporate tax rates.

The taxation policy in Singapore is attractive. Some tax exemptions cover foreign-sourced dividends, foreign branch profits, and foreign-sourced service income.

“In the recently-concluded Avoidance of Double Taxation Agreements, Singapore also bestows tax benefits to companies coming from economies with which the city-state has forged an agreement,” explains Rikvin.

As part of their requirements, Companies must submit their corporate tax return every 31st of October as the deadline. Included in the documents for submission are Tax Computation, Form C, and Director’s Report.

Says Rikvin: “The Tax Computation is based on the Estimated Chargeable Income of the company, while the Form C is a declaration of income document, and Director’s Report contains unaudited financial statements like the balance sheet and income statements. It also comprises of supporting notes and disclosure of significant policies applied by the company.”

The Singapore corporate tax filing services offered by Rikvin is part of its accounting services. Its team of dynamic accountants is abreast of the latest knowledge and skills in accounting it assists companies in preparing required documents. The firm also uses state-of-the-art software to process accounting functions.

Also encompassing the business solutions are company incorporation, processing of work visas, nominee services, bookkeeping, payroll, and virtual office services.

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

Rikvin provides 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 Martin Nuke
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