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PREPARING AND FILING TAX RETURNS IN SINGAPORE

Calculating the tax a firm owes is an important part of preparing financial statements for Singapore companies.

This calculation is usually prepared by a qualified tax specialist. Following this, it is approved by the company’s Directors and then by shareholders at an Annual General Meeting (AGM).

It must be noted that the payment of tax in Singapore is deferred to next calendar year. As such, when Singapore companies pay tax, it is for previous financial period.

It is common practice for Singapore companies to submit their tax returns a long period after the tax calculation was prepared.

Therefore, it is essential to have a responsible tax specialist deployed as to avoid being negligent by submitting the tax return late – a scenario that leads to the imposition of penalties on the company and Board of Directors.

Our professional team can assist you and your company in preparing, conducting and filing tax returns in a timely and efficient manner.

Please feel free to contact us at any time if you need assistance with such matters or have any queries.