XBRL Filing: Corporate Tax Filing service in Singapore

Tax filing service in Singapore

In today’s business environment, corporate service provider Singapore should be well thought out and considered when dealing with the incorporation of the company. The IRAS continues to put a lot of emphasis on tax compliance matters, and that’s why it’s important that a company engages a  tax filing service in Singapore for such services as they are well conversant with all the statutory and compliance requirements. When taxes are effectively managed; it helps minimize the risks of getting the company and its activities exposed negatively. 

When considering the incorporation of a company in Singapore; it’s important to note that there are key tax compliance issues that should be adhered to. Business owners are required by law to prepare financial statements for the annual filing of income tax filing service in Singapore. The return should be submitted within six months after the end of the financial year. XBRL filing has become a format for business information reporting. It’s required for the filing of financial statements, and companies should be well conversant with how to do the filing if not, then working with corporate service provider Singapore can be of help.

XBRL is normally used for different types of financial reporting and that’s why working with an expert is important. XBRL tax filing service in Singapore is based on an extensible markup language or XML which is the universal format for filing data on the World Wide Web. To ensure that your financial records are accurately filed, you should consider working with expert CA firms in Singapore that clearly understand financial matters. XBRL has become a significant component in the filing of income tax in Singapore and has also been incorporated in other places worldwide. Engaging a corporate service provider that clearly understands how it all goes is vital. 

Corporate Tax Filing

Every company in Singapore is required by law to comply with tax filing. In order for the companies to stay abreast and keep up with the ever-changing business environment and regulations; working with CA firms in Singapore can be of great help. Corporate tax filing can be evolving, and it takes a high level of expertise for the filing to be undertaken with a high level of accuracy. When you work with a reputable corporate service provider such as Onestop; your company will be able to get a personalized tax strategy that can help manage your companies risk exposure. 

XBRL filing singapore

Here are some of the notable changes that have taken place in the year of assessment 2020 with regard to the filing of corporate tax Singapore. 

  • To help companies manage their cash flow; a corporate income tax rebate of 25% of the tax payable is capped at $15,000 and shall be granted for the year 2020.
  • From the year of assessment 2020, companies that have qualified to file form C-S and also have annual revenue of $200,000 or even below have the option of filing form C-S. 

As you work with a reputable company such as Onestop for the filing of income tax Singapore, you will be able to get insight on the estimate chargeable on income tax, computation of income tax alongside other relevant schedules, and much more.

Originally published by onestop-ca.com

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