As a business owner, it is important to take note of the following:
- Classifying non-taxable income and expenses as taxable will result in a wrong submission
- The government has the power to review your tax submissions for the last 5 years for any wrong details
- There are specific tax rebates that can reduce your corporate tax expenses legally
A tax submission that is poorly prepared or with wrong figures can result in you paying a much higher corporate tax figure. Wrong submissions can result in a fine or even a jail sentence, which is not worth it.
At the end of the day, you want to ensure that your corporate taxes are prepared properly and submitted on time, leading to a peace of mind.
As your tax consultant, we will assist you to submit two annual submissions as required by Inland Revenue Authority of Singapore (IRAS):
- Estimated Chargeable Income (ECI)
- Corporate tax report with the suitable tax rebates relating to your business