Be Compliant With Outsourced Tax Services

Tax is the duty of every citizen of the country. Declaring the correct tax amount that is payable and paying the same on time is essential for the country to run properly. It is with the tax money that the government can provide citizens with various facilities. Companies must also ensure to calculate the tax properly and declare the same on time. Tax filing must be done as per the guidelines are given by the IRAS in Singapore. But calculating tax and preparing the returns is not something that can be done by anyone. It needs experts and the wisest thing for small and medium companies to do is to avail tax services in Singapore from competent companies. 

Availing Tax Services In Singapore For Timely Filing Of Tax

Availing the services provided by the tax consultants will help you to file your tax returns on time and run your company within the legal framework. Taxation in Singapore is one of the lowest and very easy to follow. There is a single point corporate tax at 17% which is one of the lowest in the world. But what is difficult for the small and medium companies is to correctly know how to calculate the tax.

There are various exemptions and rebates that the government offers businesses in Singapore. All tax resident companies in Singapore get an exemption from corporate tax for the first three years up to a turnover of S$100,000 each year. Various other exemptions are available. Only a tax consultant can properly guide you in this matter and help you avail of all the benefits and reduce your tax burden legally. 

Proper Collection Of Data And Preparation Of ECI

When you give the job to the tax consultants, they will ensure all the data required for the calculation of tax is collected properly. Your company accountants will be too busy with their regular work that it may not be possible for them to assimilate all the necessary information needed to calculate the tax. This may end in your wrongly calculating the tax and sometimes paying more because you didn’t deduct something that you could legally claim.

As per the IRAS, all companies must first create the Estimated Chargeable Income statement which will give the income that is liable to be taxed. This statement must be submitted well in time to avoid getting a tax notice from the IRAS. When you outsource your tax work the consultants will help in the preparation of the ECI in the proper manner and submit the same on time. 

Increased Security And Better Technology

When the data is saved in the company’s computers, they can be targeted for attack by criminals. Losing such data will mean collecting everything again and a waste of time. Tax consultants in Singapore employ much better security features and also ensure that they have a back up which can be immediately deployed to complete the tax computation work. This will help in making sure that filing an annual return in Singapore is done on time without attracting a penalty.

Tax consulting companies also use advanced software for the purpose which means they can do the work without any mistakes. Many small and medium companies cannot afford to install software for this purpose. Apart from the regular tax work these consultants also help in the registration and calculation of GST which is another very important tax that companies must pay. Tax consultants also keep themselves updated with the latest tax laws and hence can keep your compliant with the tax laws.