CORPORATE TAX ADVISORY SERVICES

It is common for companies to venture overseas to look for business opportunities and reducing operating cost. However, venturing overseas without conducting due diligence may lead to unnecessary cost arising. We can advise on the most tax efficient structure to repatriate your profit back to Singapore.

WHAT DOES CORPORATE TAX ADVISORY SERVICES INCLUDE?

1. Advising on the legal structure of the entity set up in overseas;
2. Advising on the tax implication(s) on financing option into the overseas entity;
3. Advising on the Transfer Pricing (TP) implication(s) relating to the related party translation;
   1. Corporate tax
   2. Goods and Services Tax (GST)
   3. Stamp duty
   4. Personal tax
   5. Custom duty

BENEFITS OF OUTSOURCING CORPORATE TAX ADVISORY SERVICES TO YTK

You are able to prevent common pitfalls and repatriate the maximum profit back to Singapore.

CASE STUDY

Scenario	The client wants to set up a company in United Kingdom (UK) to hold UK properties with other investors in Singapore. They engage us to advise them on the most tax efficient structure.
YTK action	We provided insights on the tax implications of various possible scenarios.
Benefits to client	The client is aware of the tax implications and achieves maximum savings.

GST ADVISORY SERVICES

Our managing partner, Mr Yeo Teck Keng is an Accredited Tax Practitioner for Income Tax and GST who possesses more than 10 years of in-depth experience and knowledge in financial, tax and GST and together with a team of dedicated GST specialists, our firm have a proven track record in resolving GST tax issues for our clients. With the wealth of experience gained, we are well placed to provide you with practical guidance on your GST matters.

WHAT DOES GST ADVISORY SERVICES INCLUDE?

1. GST Planning and structuring;
2. GST advisory on GST implications of new business structure;
3. GST advisory on cross-border transactions;
4. GST compliance review;
5. IRAS Assisted Self-help Kit (ASK) review;
6. Consultation and Application for GST incentive schemes (e.g. Major Exporter Schemes);
7. Perform Assisted Compliance Assurance Programme (ACAP);
8. GST due diligence review on potential acquisition targets;
9. Conduct customised in-house GST training for specific business transaction.

BENEFITS OF OUTSOURCING GST ADVISORY SERVICES TO YTK.

You are able to structure the business transactions more effectively and minimise GST exposure. On the other hand, you can aware of the GST exposure when you embark onto new business transactions. This minimise any surprise payment for GST in the future.

CASE STUDY (1)

Scenario	Client is setting up an online portal and wanted to know the GST implication based on their current payment process.
YTK action	We understand from the client on their current process and assist them to draft the payment process in the most GST efficient manner.
Benefits to client	Client avoid collecting and submitting the GST on behalf of the vendor in their platform thus ease the cash flow.

CASE STUDY (2)

Scenario	The client wants to apply for renewal of Major Exporter Scheme.
YTK action	We help the client to conduct Assisted Self-Help Kit (“ASK”) for past 12 months of GST returns, fill in R1 form and submit the R1 form to IRAS together with certified ASK Declaration Form and ASK Annual Review – Disclosure of Errors.
Benefits to client	IRAS has approved the renewal of Major Exporter Scheme application. Also, the client able to discover past GST errors early and make timely voluntary disclosure to IRAS and hence qualify for reduced or no penalty.

TRANSFER PRICING DOCUMENTATION

Transfer pricing is the pricing of goods, services and intangibles between related parties. The arm's length principle should be adopted for transfer pricing between related parties. Companies is advised to prepare and keep contemporaneous transfer pricing documentation to show that their related party transactions are conducted at arm’s length. For companies which met either one of the following criteria and are not exempted from preparing it, the companies must prepare the transfer pricing documentation.

1. Gross revenue ˃ $10 million for the basis period concerned; or
2. Transfer pricing documentation was required to be prepared for the basis period immediately before the basis period concerned

WHAT DOES TRANSFER PRICING DOCUMENTATION INCLUDE?

1. Conduct the transfer pricing studies on the Cross-border transactions between related Companies.
2. Provide recommendation to improve the transfer pricing documentation.

BENEFITS OF OUTSOURCING TRANSFER PRICING DOCUMENTATION TO YTK.

• Facilitate reviews by tax authorities and therefore help resolve any transfer pricing issues that may arise;
• Prevention of penalties imposed by Tax authority when taxpayers do not comply with the arm’s length principle and TP documentation requirement.

CASE STUDY

Scenario	A US subsidiary has a loan payable with interest to its holding company. In addition, there are related party transaction between the US subsidiary and other sister companies within the group.
YTK action	We understand the business model and supply chain of the group. We also requested the financial statements and contracts of the transactions. Once the said documents are received, we evaluated on the five methods and apply on the suitable method based on the facts of the case. We researched on the industry and understand the operations of the industry. This allows us to understand and identify the possible comparables, and make suitable adjustments. We obtained data and compute the arm’s length price with the data and adjustments.
Benefits to client	The client complies with the requirement and avoids penalty for failing to prepare transfer pricing documentation.