Taxation Services
Our dedicated team is committed to assisting you and your business in fulfilling your tax obligations effectively.
Tax compliance
In today’s business landscape, decisions often depend on their tax implications, involving strict adherence to income tax laws. In Singapore, it is mandatory for all companies to submit their Estimated Chargeable Income (ECI) within three months after the end of the financial year, followed by the final tax return by 30 November each year.
The Inland Revenue Authority of Singapore (IRAS), the tax authority, imposes penalties for late filing and inaccuracies in tax returns. Singapore offers enticing tax exemptions and incentives for entrepreneurs, making it a preferred location for businesses. Companies seek to manage and structure their investments and business transactions, both locally and internationally, to optimize their tax liabilities within the existing regulatory framework.
Our service offerings
Groundwork brings together experienced tax professionals with profound expertise in offering tax advisory and tax compliance services. We specialize in assisting you with filing estimated chargeable income and final tax returns for your company. Simultaneously, we collaborate to identify tax strategies that align with your company’s needs, minimizing tax liabilities while ensuring compliance with the Singapore Income Tax Act.
An effective tax strategy has evolved into an integral component of practical and well-rounded business solutions for businesses. For individuals, we also provide support in organizing your financial affairs in the most tax-efficient manner possible.
We meticulously prepare your tax returns, maximizing deductions and exemptions, and manage the filing of income tax returns for both you and your company. We maintain your tax filing system systematically, tailored to meet your current requirements in Singapore.
Individual Income Tax Services:
Preparation of personal tax returns.
Handling queries and investigations by tax authorities.
Tax clearance for expatriates.
Managing voluntary disclosure & compliance.
Structuring remuneration packages to enhance tax efficiency.
Key Filing Deadlines for Companies:
For December Year-End Companies (i.e. FYE 31 December 2021 – YA2022):
Estimated Chargeable Income: by 31 March 2022.
Final Tax: by 30 November 2022 (YA2022).
For March Year-End Companies (i.e. FYE 31 March 2022 – YA2023):
Estimated Chargeable Income: by 30 June 2022.
Final Tax: by 30 November 2023 (YA2023).
For June Year-End Companies (i.e. FYE 30 June 2022 – YA2023):
Estimated Chargeable Income: by 30 September 2022.
Final Tax: by 30 November 2023 (YA2023).
Business owners will receive step-by-step guidance from our team to meet these requirements.
How do we assist you?
Groundwork compiles tax returns based on accounting records and associated supporting documents (scanned or hard copy) to validate the accuracy, completeness, and validity of your company’s business transactions. It’s important to note that some companies may be required to furnish IRAS with financial statements complying with Singapore Financial Reporting Standards and the Singapore Companies Act.
Our comprehensive tax services:
Preparation of tax computation and relevant tax schedules.
Completion of pertinent tax return forms (e.g. ECI, Form C).
Submission of the requisite documents to IRAS upon your approval.
Handling appeals and objections.
Assisting in responding to tax queries.
Optimizing the utilization of tax losses.
Offering advice on the consequences of late or non-filing of tax returns.
Please be aware that all supporting documents (e.g. invoices, receipts, etc.) must be retained for a period of five years. IRAS may conduct tax audits by scrutinizing books and records to ensure compliance with the Singapore Income Tax Act.
Fee structure for taxation services
Groundwork offers the following one-time fees for corporate taxation services:
Dormant Company: SGD 200
Semi-Dormant: SGD 350 onwards
Active Company: SGD 500 onwards
Group Company: SGD 1000 onwards
Groundwork offers the following one-time fees for individual taxation services: SGD 400.
The ultimate fee is contingent on the complexity and volume of transactions, as discussed and agreed with you.
For assistance or to explore more about our taxation services, please use the contact form, and we will promptly reach out to you.