AceChamp provides a full range of services that enables business owners to focus on running a profitable business without being encumbered by laborious and unproductive paperwork. This includes specialised experience in indirect taxes such as Singapore’s GST (Goods and Services Tax). The tax professionals at AceChamp are more than capable of managing even the most intricate administrative burdens and responsibilities, to ensure that your company’s books and records will be above reproach.
GST registration has been implemented since 1st April 1994 in Singapore. It is now a mandatory requirement for companies with an annual turnover greater than one million Singapore dollars for the past 12 months, whether based on either a retrospective or prospective basis. GST is intended to be a means to lower personal and corporate income tax rates. By collecting GST, the cost of doing business is reduced, resulting in lower prices. Businesses do not suffer a tax cost since the real taxpayer is the end-user.
Companies may also opt for voluntary registration of GST. By doing so, your company would be entitled to the benefits of claiming input tax incurred in the course of your business, particularly when you make purely zero-rated supplies (exports or international services).
Our expert teams at AceChamp are trained to provide professional guidance in the following:
- GST consultation- Information on Singapore GST, advice on the pros and cons of GST registration, recommendations and planning
- Applying for GST registration
- GST compliance– Completion and submission of the GST registration forms and formalities, preparation and filing of quarterly GST returns
- Cancellation of GST registration
- GST audit
- Handling of IRAS queries
Complying with GST standards in Singapore can be daunting to business owners who may not have sufficient expertise to optimise their GST practices. Don’t risk facing unnecessary penalties because of erroneous GST submission – leverage on AceChamp’s familiarity and knowledge in the requirements of GST, and do your company a favour by enabling informed decisions!