Home  >   Services  >   Tax Services

Tax Services

tax-services-nexia-ts

 

Against a backdrop of intense global tax scrutiny, the worldwide tax environment is becoming increasingly complex. Our team of experienced tax professionals is 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

For both domestic businesses and multi-national companies, compliance in an environment with an increasing number of tax rules together with more rigorous and coordinated enforcements by tax authorities, continues to pose a challenge. As local businesses expand operations into new markets, the complexity of managing tax risks and complying with reporting requirements multiplies.

 

• Prepare, review and file Singapore corporate/partnership tax returns
• Identify and pursue opportunities for Singapore tax incentives, reliefs or grants to maximise economic returns
• Review contractual agreements to minimise any unfavourable terms in order to enhance tax risk management
• Handle objections, requests for advance rulings, voluntary disclosures of errors, tax audits and investigations
• Conduct in-house customised workshops
• Attend to queries raised by the Inland Revenue Authority of Singapore
• 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.
• Explore the applicability of relevant tax treaties in cross-border tax planning
• Prepare and review reports required to float companies
• Advice on tax implications of raising finance, share and asset sales
• Deal with transaction tax costs such as stamp duty, property tax and indirect tax

 

Goods & Services Tax (GST)

In a globalised business landscape with fast-changing business models and increasing flows of goods and services across borders, keeping pace with the increasing prevalence of VAT/GST requirements can be a challenging task. Risk of non-compliance may give rise to adverse impacts on business cash flows as well as hefty penalties and composition costs imposed by the tax authorities.

 

• Apply for GST registration or de-registration
• Attend to queries raised by the Inland Revenue Authority of Singapore
• Review and improve GST compliance capabilities through:
– Assisted Self-Help Kit (ASK); or
– Assisted Compliance Assurance Programme (ACAP)
• First time application or renewal of ACAP status
• Handle voluntary disclosure of errors
• Assist in GST audits or investigations
• Prepare, review and file GST monthly/quarterly returns
• Evaluate and assist in the application for GST relief schemes
• Conduct GST health checks and customised workshops

 

 

International Tax and Transfer Pricing

In an increasingly global and interconnected world, international transactions between related party entities are becoming more myriad and complex and subject to increasing scrutiny by global tax authorities.

 

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 multi-national enterprises, as they have to navigate through a maze of regulations and documentation requirements in different jurisdictions in order 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:
• Outbound and inbound tax advisory support including tax efficient structuring, permanent establishment issues, withholding tax, repatriation of earnings and exiting of investments
• Pre-acquisition planning, structuring advice and due diligence followed by post-transaction integration for cross-border M&A transactions
• Country-specific planning including suitability of jurisdictions with reference to tax aspects
• 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)
• Benchmarking studies to support arm’s length pricing of related party transactions where required

 

Private Wealth

High net worth individuals, business owners and family groups face challenges 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, tax planning, succession to a family member, or sale), it is imperative to respond accordingly to evolving market conditions, new legislations and address the potential tax consequences.

• Advice on tax-efficient structuring of investments
• Advice on trust and other tax issues
• Assist in the preparation and filing of business owner’s tax returns and/or family members individual tax returns

 

Global Mobility

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 requires employers to strike a balance between competitive compensation and cost control, as well as putting in place effective policies and procedures for regulatory compliance.

 

• 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 Inland Revenue Authority of Singapore, voluntary disclosures of errors, tax audits and investigations
• Apply for tax incentives/rulings

 

Speak to our Specialist(s)

Mr Edwin Leow
Tax Director