In Singapore, companies have to fill several forms and documentation on an annual basis to submit its tax. These tasks are often time-consuming and are quite technical. This is why hiring a corporate services provider to handle all the compliance work can help you stay focused on what really matters: developing and managing your business.
One of the most important annual filing for companies is the corporate tax filing with the IRAS. The corporate tax rate in Singapore is a flat 17%, which can be lowered by various tax incentives granted by the government. Every year, the deadline for corporate tax filing is on November 30th (for paper filing) or December 15th (for e-filing).
Outsourcing this corporate tax filing can allow finance and accounting executives to have more time to manage the business while being sure it complies with current regulations. Here are some other perks:
Ongoing compliance with tax laws
Singapore’s tax laws are always evolving, to stay competitive in the global market and to keep attracting new businesses. It can be hard to stay updated for accounting teams who have other tasks to handle as well, even more so when there are several changes in the same year.
But corporate service firms are specialized in such matters, and they stay informed all year long to be able to help their clients. Thanks to their different customers, they also know sector-specific regulations and can advise your company to the best. This means that in-house accountants and finance executives can go back to their usual duties without fear of non-compliance.
Efficient data collection
As mentioned before, tax corporate filing deadlines are at the end of the financial year, the peak season for accounting executives who have to handle the books’closure and prepare the budget for next year.
In this period of rush, it may be hard to take the time to collect all the data necessary to ensure your company gets all the tax savings it is entitled to. However, when your tax preparation is outsourced to a corporate services firm, they handle the collection of data throughout the financial year and free your finance teams to find the necessary information for the filings.
Protection of sensitive data
You cannot file corporate tax returns without accessing your company’s sensitive financial data. But when you are on the move, or just out of office, you can only do so while connecting to public networks which you can never be sure are safe.
On the other hand, corporate services firms handle confidential customer information on a daily basis and are therefore well-equipped to protect these data form hacks or leaks. They offer a safer environment for sensitive financial data to be manipulated without being compromised. They will also keep you informed on the latest security issues and help you comply with data privacy rules.
The accuracy of the data is paramount to corporate tax filings. Not only must the figures be exact but the accountants have to be sure they are in line with the latest tax laws during the entire financial year.
It may be quite difficult for in-house accountants to find the necessary time to be this thorough with the filings. Corporate services providers have the means to ensure that level of care and prevent any oversight. Moreover, they can guaranty your filings are all done before the specified deadline, protecting you from late payment penalties.
Why Ace Success?
Ace Success Pte Ltd aims to be the one-stop service provider for all your corporate needs in Singapore. We focus on assisting companies to reach greater heights by reducing their time spent on unproductive back-end business processes. Time-consuming filings can be especially harmful for SMEs and startups which need to concentrate on business development and profitability.
We can handle tax filings(corporate, individual, GST) for you, as well as any of your corporate compliance needs, and enable your business to thrive.
Our dedicated team of professionals looks forward to meeting you and to offer our expertise, attention to detail, personalized service and efficiency to build a long lasting relationship.