Singapore Tax Guide: Acquiring a GST Registration Number
As per Singaporean legislation, individuals and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). Companies that apply for GST are given a GST registration number for identification purposes. GST registered companies may then file tax claims for business expenses as well as submit quarterly GST returns…
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Tax Dept
Singapore audit exemption for Private Limited Companies
In accordance with the Singapore Companies Act, private limited companies are required to have their financial statements audited by an auditor or public accountant at least once a year unless they pass the criteria for audit exemption. Proper records are required to be maintained by the company and be made available to auditors conducting the…
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Dev Team
Basic Roles and Features of Accounting Firms in Singapore
Accounting firms exist as an entity to provide professional accounting services to businesses. There are many areas of service that an accounting firm can provide, and they are not just confined to purely bookkeeping activity. Some of these include corporate finance, business recovery and liquidation, corporate secretarial and financial management advisory. Auditing and Statutory reporting…
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Dev Team
A basic guide to GST F5 Form Submission to IRAS
By legislation, GST registered companies are required to accomplish and report their GST claims to the Inland Revenue Authority of Singapore (IRAS) through the standardised GST F5 Form. Goods and Services Tax or GST is a broad-based consumption tax charged in addition to the price of imported goods, as well as a wide-ranging category of…
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Tax Dept
Conditions for becoming a GST Registered Company in Singapore
By Singaporean legislation, the Inland Revenue Authority of Singapore (IRAS) is tasked with the administration of taxes for individuals and companies in the city-state. When filing annual income tax returns, a GST registered company may claim back GST incurred on business expenses and quarterly GST returns are submitted to IRAS. What is GST? Goods and…
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