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Tax Services

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Against a backdrop of intense global tax scrutiny, the worldwide tax environment is becoming increasingly complex. Our team of experienced tax professionals are responsive to help businesses and individuals across a wide spectrum of tax areas ranging from tax compliance to value-added tax planning and advisory services.

 

Business Tax

As businesses expand their operations into new markets, the complexity of managing tax risks and compliance with reporting requirements multiply. Managing the business’ tax exposure in this dynamic business landscape require in-depth expert knowledge of all relevant taxes. To maximise economic returns, it is vital for a company to put in place an effective tax plan to make the most out of the applicable tax reliefs and incentives. This is especially important for companies undergoing restructuring or embarking on new business ventures.

Our business tax services broadly cover the following:

Tax Compliance
• Preparation and filing of Singapore corporate/partnership tax returns and computations
• Assistance with withholding tax compliance matters
• Attend to queries raised by the Inland Revenue Authority of Singapore (IRAS)
• Assist with tax audits and investigations initiated by the IRAS
• Handle objections and requests for advance rulings, voluntary disclosures of errors

Tax Advisory
• Identify and pursue opportunities for Singapore tax incentives, reliefs or grants to maximise tax savings
• Examine Singapore and cross-border withholding tax and permanent establishment issues
• Advice on local and cross-border structuring to ensure tax efficiency taking into account tax losses, group relief, capital gains rules, etc.
• Review contractual agreements to enhance tax risk management
• Tax due diligence for IPOs and M&A transactions
• Advice on tax implications of fund raising activities through loans, share and asset sales
• Deal with transaction tax costs such as stamp duty
• Explore the applicability of relevant tax treaties in cross-border tax planning

 

Goods & Services Tax (GST)

In a globalised business landscape with fast changing business model and new international trend for indirect tax, it is vital for companies to be aware and stay on top of GST developments, coupled with foreseeable increase in the GST rate hike in the upcoming years, there is a need to minimise risks and avoid adverse impact on businesses. Risk of non-compliance may give rise to hefty penalties imposed by the tax authorities.

Our GST services include:

• Apply for GST registration/exemption from GST registration or de-registration
• Review and e-filing of GST returns, and assist with the claiming of pre-registration input tax claims
• Assist with replies to GST queries raised by the Inland Revenue of Singapore
• Advice on GST treatment of day-to-day business transactions
• Perform due diligence reviews
• Review and improve GST compliance capabilities through: Assisted Self-Help Kit (ASK) review for voluntary disclosure of errors, Assisted Compliance Assurance Programme (ACAP), GST health check
• Evaluate and assist in the application/renewal for GST relief schemes (e.g. Major Exporter Scheme, Approved Contract Manufacturer & Trader Scheme etc) through ASK review

 

 

International Tax 

Businesses are expanding into international markets to generate potential revenue. At the same time, countries around the world have been adapting their tax policies and rules to ensure that global businesses pay their fair share of taxes. As a result, businesses often have to contend with a myriad of complex and unfamiliar tax regulations, therefore increasing their tax risks and costs. As international tax advisors, we add value to our clients by working with them to develop a global tax strategy, leading them through tax regulations as well as providing practical tax advice and solutions. With our knowledge and experience, we are well positioned to take care of your tax needs so that you can focus on what you do best – running your business.

• Tax advice and planning for inbound investments in structuring, financing, exploring tax incentives, repatriation of earnings and exit from investments
• Country-specific study for outbound investments on the suitability of jurisdictions with focus on tax aspects
• Group structure and business substance review, rationalisation and restructuring for tax efficiency
• Cross- border M&A in relation to pre-acquisition tax due diligence, planning and structuring advice and post-acquisition integration
• Tax advisory support for cross border transactions including:
– Tax efficient structuring of transactions
– Navigating permanent establishment issues
– Withholding tax implications
– Application of tax treaties
– Review of contractual agreements

 

Transfer Pricing

Growing concerns over transfer pricing practices have led to increasing regulation and heightened documentation requirements by tax authorities aimed at preventing the erosion of their tax bases by profit shifting and other artificial means. This in turn has significantly increased the burden of compliance on companies as they have to navigate through a maze of regulations and documentation requirements in different jurisdictions to justify their related party transactions. As global tax and transfer pricing legislation continue to evolve, there is a pressing need for businesses to undertake regular reviews of their cross-border activities.

In this regard, we stand ready to assist our clients in the following areas:

Formulate and implement a global transfer pricing policy
• Transfer pricing advisory support where required including assisting with establishing and implementing transfer pricing policies that are acceptable from the standpoint of the relevant jurisdiction(s)
• Aligning transfer pricing with the client’s global business goals and objectives
• Developing transfer pricing strategies blending Singapore and overseas tax requirements (global transfer pricing)

Transfer Pricing Compliance
• Review existing transfer pricing policies
• Ensuring adherence to transfer pricing policies and regulations
• Benchmarking studies to support arm’s length pricing of related party transactions where required

 

Private Wealth and Fund Management

High net worth individuals, business owners and family groups often face challenges and difficult decisions that affect not only the success of their businesses, but also their personal goals. Whatever the end goal is (for example, public listing, entry into new markets, asset protection, protecting and extending their legacies), it is imperative to respond accordingly to evolving market conditions, new legislations and address the potential tax consequences before they arise. Our team of dedicated private wealth tax specialists work closely with clients to address the ever changing tax landscape in varied matters regarding estates, trusts or private foundations and other philanthropic activities and to help with the development and implementation of an estate plan customised to the needs of the client.

• Advice on tax-efficient structuring of investments via the various types of legal structures
• Advice on the applicability of tax incentives and/or regulatory licenses and assistance on their application
• Advice on tax issues concerning trusts, funds and fund management companies
• Assisting in the preparation and filing of tax returns for trustees, business owners and/or family members

 

Global Mobility and Expatriate Tax

In light of a globally mobile workforce, an important consideration for global employers is to ensure that they and their employees are fully aware of and comply with local filing requirements. A well-organised assignment arrangement require employers to strike a balance between competitive compensation and cost control, as well as putting in place effective policies and procedures for regulatory compliance. The same also applies to expatriates as the consequences of erroneous tax filings can result in penalties.

• Prepare, review and file Singapore individual income tax returns (Form B1), Return of Employee’s Remuneration (Form IR8A) and Cessation Return (Form IR21)
• Provide arrival/departure counselling on individual tax matters for inbound or outbound employees
• Develop tax-efficient employment remuneration packages
• Global/regional coordination of expatriate tax services
• Develop and implement tax equalisation policy
• Assist in queries raised by the IRAS, voluntary disclosures of errors, tax audits and investigations
• Apply for tax incentives/rulings

 

Personal Tax

Professionals who conduct businesses in their own names through sole-proprietorships/partnerships hold the responsibility to reflect their earnings accurately in their personal tax returns. Omissions could result in tax audits launched by the IRAS, which can be time consuming, costly and stressful. It would be wise to review your current situation and plan ahead to avoid omissions and at the same time, maximize your rightful benefits.

Our team of professionals stands ready to assist you with:
• Prepare, review and file Singapore individual income tax computations and returns to maximize your rightful benefits and claims under the existing tax legislations
• Perform a tax review of past returns and to recommend and assist in risk mitigating actions
• Assist in queries raised by the IRAS, voluntary disclosures of errors, tax audits and investigations
• Apply for tax incentives/rulings

 

Speak to our Specialist(s)

Mr Edwin Leow
Director, Head of Tax