Tax Planning is Key to Maximizing Cash to Owner
It is the time of year now when business owners need plan to minimize their overall tax leakages after 1 hard year’s working in business. If a business owner leaves more in his business, there will be more business profits available to be taxed. He can either move some of his profits away […]
Why Are Some Business Expenses Not Allowed For Tax Deduction By IRAS?
There are various provisions of the Singapore Income Tax Act that have been applied in arriving at the tax adjusted loss / profit. In very broad terms, some of the basic principles are that the expense allowed must be “wholly and exclusively in the production of the (company’s) income” (Section 14(1) of the income Tax […]
Withholding Tax liability In Singapore
A payer must withhold tax when certain types of payments (e.g. interest, royalty, services etc) are made to non-resident companies. When to File and Pay Withholding Tax? The e-filing of withholding tax and payment are due on 15th of the second month from the date of payment to the non-resident. If you are […]
How To Maximize Your CPF Cap For Your Tax Planning?
Tax Planning Tips : How to maximize your CPF cap as Personal Relief to your Personal Chargeable Income by declaring some of your company profits in the form of year end bonus to yourself? Received some enquiries yesterday to explain and illustrate how to maximize CPF cap as a form of year-end Tax Planning […]
Fraudulent PIC Claim
Please do not try to be “creative” in order to claim your PIC, it’s not worth it ! IRAS takes a serious view of taxpayers who defraud the government. Offenders convicted of PIC fraud will have to pay a penalty of up to 4 times the amount of cash payout fraudulently obtained, & a […]
Group Tax Relief
Early this week I was doing some tax planning with a business owner who owns more than 10 companies directly under his name. Some of these companies are doing well, some are not. When I asked if he would like to save some taxes via GR, he stared at me blankly… When I did […]
Who is a Tax Agent?
An oversea prospect client was asking me yesterday about the significance of Tax Agent in Singapore : – who are they & how are they working with Inland Revenue Authority of Singapore on tax compliances and tax obligations ? Let me share some insights here… A tax agent is a person who prepares the […]
Goods & Services Tax (GST)
Recently we have received a few enquiries regarding Goods & Services Tax (GST), how does it impact business cost, compliance cost, bookkeeping workflow, and why there is a saying for GST registration – “when you are in, you are out”… What It Is and How It Works ? * GST is a broad-based […]
Do Not Treat Your Quarterly GST Submissions Lightly!
Ignorance of the law is not an Excuse… Below are 2 common areas of GST filing mistakes, hope they can help you be more aware : (1) Disallowed Input GST Tax Claims Regulations 26 and 27 of the GST (General) Regulations do not allow the following expenses to be claimed as input tax: […]
Feeling The Urge To De-Register GST To Stay Competitive Or Conserve Your Cash Flow?
I received some enquiries recently on de-registering GST to remain competitive, increase their bottom line and to conserve some cash. Consider this… Eg 1) You are in the F&B industry, and by charging GST on a cup of coffee you are selling would render your pricing not competitive in the vicinity. Eg 2) […]
