If you are running a business in Singapore, you should be aware of all standard corporate and income tax rules as per IRAS (Inland Revenue Authority of Singapore). The IRAS Singapore authority is responsible for collecting revenue for the country by charging income tax (ranging from 0% to 22%) from individuals and corporate taxes (17%) from businesses. Besides, every business has to pay GST tax (7%) to the IRAS authority as per the rules. So, if you are intending to apply income tax, GST tax, and corporate tax in Singapore, you need to refer websites of the IRAS authority and explore updated rules for calculating and filing taxes for individuals and businesses. Also, you can take the aid of tax agents and third-party tax filing service agencies to calculate and file your income or business taxes as per the rules.
Before you apply for filing income tax or corporate taxes in Singapore, you should calculate the taxes accurately. For this, you may take the services of experienced charted accountants or income tax service agencies in Singapore. Such agencies will serve you with the correct and reliable income tax service and file for the same on time. Once you get done with the calculation work, you move to the step to file tax online through e-Filing or myTax portals. Many individuals and businesses do prefer such websites to file tax online which is an easy and secure option for them.
Here are some significant steps you need to follow for apply income tax and GST filing in Singapore.
1. Register a Tax Reference Number (TRN)
If you are filing individual or business tax for the first time in Singapore, you have to register a tax reference number first. Once you generate the TRN number, you will be able to apply the tax as a sole trader, company, or trust to the government as per IRAS (Inland Regularity Authority of Singapore) rules. You will get the TRN number issued by Revenue by applying it online from websites of e-Filing or myTax Portal in Singapore.
2. Determine Your Tax Status
The tax rates for individuals and businesses may vary as per their earnings or annual revenue. Hence, you need to determine the status of your business type and impose income tax rates accordingly. On the other end, you should identify the tax rules applicable to your business type and calculate taxes as per the tax laws. If you are unaware of such things, you can consult a professional tax agent or business experts in Singapore. They will help you identify your business type and its category to know the right taxable slab and laws. Thus, individuals and companies in Singapore must identify their business types and pay taxes according to the rules.
3. Register for Income Tax
You will have to obtain a genuine income tax registration number for filing income tax or GST filing Singapore. For this purpose, you need to register for an income tax number from the IRAS authority. Once you will get notified by the authority, IRAS will issue a notice for registering your business for income tax filing. Make sure, you apply for income tax registration in Singapore within two weeks of starting your business. Hence you need to follow legal steps to register income tax in Singapore from IRAS without fail.
4. Prepare Tax Documents
Your business tax or personal income tax filing process in Singapore should start by preparing all relevant tax documents such as financial statements, tax filing forms and attachments, tax calculation statements, previous tax receipts or invoices, and so on. You need to make ready all the relevant documents required during the process and ensure every paper is correct and attached to the tax file. You may further clarify tax return documents from authorized tax agents in Singapore.
5. Check for GST Tax
Every business or individual has to pay a 7% GST tax on buying and selling products or services to the government. Make sure, you calculate GST tax for business accurately and apply for GST filing in Singapore as per the IRAS rules. You can apply for GST tax for business online from the myTax portal on either a monthly or quarterly basis. The business needs to file for GST tax within 1 month after filing the F5 return. If you fail to file for GST for any month, you still have to file for a Nil return for that particular month. For more details, you can consult the tax agents or consultants in Singapore and know your GST taxes.
6. Calculate and File for Returns
Once you get registered for income tax filing or GST filing by the IRAS authority in Singapore, you may start the process of calculating and filing ITR as per the tax laws in the country. The IRAS authority may give you the flexibility to file for returns on a monthly, quarterly, or annual basis at per convenience of businesses or individuals. But, you need to ensure that you calculate the right business or income taxes according to the earning or annual revenue generation and file for the same to the government on time. If you find it difficult to calculate income tax for individuals or businesses, you may get income tax services in Singapore from authorized tax filing service agencies. Also, you can outsource the tax calculation and filing work of your business to third-party taxation service firms in Singapore and be relaxed.
7. Check for Tax Assessment
It is also necessary to check for the assessment result issued by the IRAS authority after filing an income tax return or GST tax to the government. If you find the tax assessment report genuine or as per your filing, you can show consent for the same or respond or file a disagreement appeal for the same.
Thus, above are some genuine steps involved in filing income tax, business tax, and GST tax for one and a company in Singapore as per the IRAS rules. You can clarify more rules and tax laws for the same from legal tax authorities or refer websites of IRAS Singapore online.
If you are unable to follow all the above steps for tax filing for individuals or businesses in Singapore, you may take income tax services from authorized business tax and accounting service agencies in the country. Such agencies play a vital role in serving small to mid-size businesses and employees to calculate their income taxes and business taxes according to their earnings and annual revenues. If you a company and wants to file business tax or GST tax for it, you should take the service of a licensed tax filing agency in Singapore. The agencies are responsible for helping businesses to calculate the right income tax, GST tax, and other imposed taxes as per their tax laws and category of business.
Now, the question is how to find a generic income tax filing service agency in Singapore to get a reliable tax filing service.
Here are some points to consider that help you find the best tax filing service firms in Singapore:
• You should deal with a licensed or authorized GST tax filing or income tax service agency in Singapore, which has proven records for serving valued tax calculation and filing services to individuals to companies.
• Do not forget to make the right analysis of knowledge of charted accountants about current tax laws for filing income tax and GST tax for businesses as per IRAS rules.
• Check for online reviews and clients’ feedback for their tax calculation and filing services given to previous clients.
• The charges imposed for serving income tax calculation and filing services by the agencies for individuals or companies should be as per the industry rules.
You should not skip identifying all the above few things to find a verified business tax service agency in Singapore.