Often, business owners are too occupied with their day-to-day business operations and leave the tax submission just before the filing deadline. As a result, they rush to prepare and file their tax return to meet the deadline and make an unnecessary mistake that results in fines and penalties imposed by IRAS.

Our role as tax agent is to assist our Clients to ensure that your corporate tax return is prepared in line with the nature of your business and ensure compliance at all times.

Our standard scope of work includes:

• Preparation of tax computation using IRAS-approved tax software
• Filing of income tax return (Form C/C-S)
• Attending to queries/audit from IRAS and where necessary, represent the Company in the submission of objection and handles any tax dispute with IRAS
• Application to IRAS for voluntary disclosures of past tax errors/negligence (if required)
• Application for certificate of residency with IRAS
• Withholding tax compliance (Form IR37)
• Filing of tax clearance for foreign employees (Form IR21)
• Application for specific tax exemption scheme (i.e. Section 13O, 13U and etc)
• Provide routine tax advice for your Company

Goods and Services Tax (GST), also known as Value-Added Tax (VAT) in other countries, is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and service in Singapore.

Compliance of GST rules and regulations remain challenging to most businesses in Singapore. With the rapid advancement of technology, IRAS has stepped up its audit of routine areas as well as specific industries.

Finova has a dedicated team of specialist, who takes proactive approach to ensure that your GST tasks and compliance are in check.

We provide the following GST related services:

• Application for GST registration
• Application for exemption from GST registration
• Review, preparation and filing of GST returns
• Attending to queries/audit from IRAS on your behalf
• Application to IRAS for voluntary disclosures of past tax errors/negligence
• Assistance in Assisted Self-help Kits (ASK), a comprehensive self-assessment compliance package that aids businesses to review the correctness of their GST submissions
• Application for GST de-registration

Some of the common offences committed by individuals on their tax compliance (as highlighted by IRAS) are as follows:

• Not filing income tax return
• Wrong declaration of trade or business income
• Incorrect relief claims
• Wrongful claim of CPF contributions for self-employed, etc.

We can assist you with the followings:

• Filing of Individual income tax return (Form B/B1)
• Partnership income tax compliance (Form P)
• Application to IRAS for voluntary disclosures of past tax errors / negligence
• AAssistance to attending to queries/audit from IRAS and where necessary, represent you in submission of objection and handles any tax dispute with IRAS

Beyond routine tax or GST compliance services, we understand that you may require consultation regarding corporate/individual tax or GST ramification on specific transactions or issues concerning your Company or business.

We have assisted our clients in the following matters:

• Successfully applied for tax exemption scheme under Section 13R for a Single-Family Office set up
• Corrected past tax returns for individual client that resulted in tax refunds from IRAS
• Provided support and guidance on GST audit and Income tax review conducted by IRAS on our clients’ tax records
• Assisted our Clients on tax requirements for corporate amalgamation in accordance with Section 34C of the ITA
• Carried out tax due diligence on a “target company” as instructed by our client (Buyer)
• Carried out GST “ASK” review on behalf of our clients for the purposes of application to renew their Major Exporter Scheme (“MES”) status

Come and talk to us for non-obligatory consultation for us to understand your needs or concerns.