In Singapore, a private limited company with less than twenty shareholders qualifies for the Exempt Private Company (EPC). In this regard, the Private Limited Companies operate as the most favorable business entities in the country. Singapore permits the entrepreneurs to choose the ideal type of enterprises, depending on their scope of their business. The EPC came into existence in 2003. The EPC enjoys reduced compliance requirements, and it is a favorite option for many business entities because it requires minimal taxation procedures, which translates to less tax filing services.
Despite the ECP leniency on the private limited companies, it is important to adhere to the tax regulations of the country. Tax implications can affect the running of the business because of the hefty penalties that IRAS gives to business that fail to observe to the Singapore’s taxation laws. The best thing for a business to do is to comply with the IRAS, or else face the consequences of being padlocked.
Tax Filing Services as Required by IRAS
The taxing procedure is usually a daunting task because of the heavy penalties that result from failing to submit tax returns before the stipulated deadline. Tax requirements apply to every company that operates in Singapore and EPC still needs to arrange and present accurate accounting records, maintain proper accounting records and prepare the financial records in compliance with the Singapore FRS (Financial Reporting Standards).
A business might not have the capacity or the expertise to preparing the statutory records required for the IRAS. In this regard, business enterprises can outsource the tax filing services from as established consulting firm who are financial service specialists. The company can reduce the cost or operation and increase the productivity once the taxation procedure is out of their hands. Financial specialists can advise the company accordingly, and inform them about new tax regulations.
The IRAS requires various documentations depending on the type of business entity. The taxation body requires the Estimated Chargeable Income (ECI) of a company. In addition, a company should file for Corporate Income Tax Return (Form C and Form C-S). A company should apply and submit the goods and service tax (GST) compliance certificate. In fact, there are many more services required by the IRAS and every business entity should adhere to, for instance, detailed tax computation. Fortunately, the reliance Consulting Company offers comprehensive tax filing services, and they ensure that a company fulfilled all the taxation requirements demanded by the IRAS.
It is important for all business entities to be compliant with the IRAS because compliance is the core of successful business operations. The company can avoid the hefty tax penalties that can slow down or cripple the company operations. Effective and timely tax filing services are an integral part of a successful company.