TAXATION SERVICES
PERSONAL TAX SERVICES
All taxpayers are generally required to report their income to the Singapore tax authority, IRAS, only if their annual income is more than $22,000 or net trade income is more than $6,000. It should be reported by April 15 (paper filing) or 18 April (e-filing) every year.
For individuals, they should ensure their income(s) and relief(s) are reported in accordance to the Singapore tax law. Failure to do so may attract unexpected penalty. One common mistake that taxpayers made is failing to claim tax reliefs that the taxpayers are entitled to. This means that the taxpayers have paid more tax than they should have paid.
WHAT DOES PERSONAL TAX SERVICES INCLUDE?
- Computation and submission of Form B/B1 to IRAS;
- Objecting to IRAS’ assessment;
- Handling IRAS’ queries; and
- Filing Form IR21 to IRAS;
BENEFITS OF OUTSOURCING PERSONAL TAX SERVICES TO YTK
Foreigners who are unsure of the filing process and Singapore Tax Resident who owned multiple Sole Proprietorships and properties will find a peace of mind when their taxes are taken care by a professional like us.
CASE STUDY
| Scenario | A client is leaving Singapore soon and he wants the tax clearance to be settled before he leaves Singapore. IRAS disagreed with the initial assessment. |
|---|---|
| YTK action | We immediately objected to IRAS and IRAS revised the initial assessment before the client is leaving Singapore. |
| Benefits to client | The client is assured that his tax has been settled before he leaves Singapore. |
CORPORATE TAX SERVICES
All taxpayers are generally required to report their tax return to IRAS. It should be reported by 30 November every year.
Singapore corporate tax law may be a complex and daunting task, we can assist you in submitting the tax return accurately in accordance to the tax law and on time.
WHAT DOES CORPORATE TAX SERVICES INCLUDE?
- Preparation of the tax computation of the company;
- Submission of Estimated Chargeable Income and Income Tax Returns;
- Raise objections to notices of assessment raised by the Inland Revenue Authority of Singapore.
BENEFITS OF OUTSOURCING CORPORATE TAX SERVICES TO YTK.
Companies that are under tax incentive schemes or fund management companies that require complex reporting will find a peace of mind when engaging a professional like us.
CASE STUDY
| Scenario | The client has a group of companies. They wanted to maximise tax saving. |
|---|---|
| YTK action | After analysing the Company structure, we assist to advise on applying Group Relief to reduce their tax payable. In addition, we use various scheme and tools to help to lower the tax payable. |
| Benefits to client | The client is able to reduce their overall tax payable. |