ACCOUNTING AND TAXATION
All companies registered in Singapore required to prepare their financial accounts annually in accordance with the Singapore Financial Reporting Standards (“SFRS”) along with compliance to the Singapore Companies Act. Quality bookkeeping ensures that accounts are maintained on a timely manner and are able to provide insight for business owner to make the right decision for the business.
We will help you to fulfill the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.
Let us take your accounting problems at hand and we will ensure that you have a hassle-free experience with our services. In turn, business owner such as you can better focus on other aspect of your business.
Services are rendered as follows:
- Book-Keeping (maintenance and compliance)
- Preparation of all Accounting Ledgers for review and discussions including Statement of Accounts for Debtors and Creditors
- Provide monthly/quarterly/yearly management report (compilation)
- Financial Statements & Reports Monthly, Quarterly, Year-End Review
- Books Cleanup
- Financial Analysis
- Statutory Accounting and preparation of statement all in compliance with ACRA, SFRS.
- Computation of quarterly GST returns
- Liaising with auditors, tax agents, company secretary and any other third parties
- Issuance of payment vouchers, preparation of cheques and fund transfers
- Processing of payment for vendor invoices and employee expenses
- Mailing signed cheques to payees, processing electronic payments or remittance of funds by telegraphic transfer
- Computation of Estimated Chargeable Income
Things to note*
Business owner and investors seeking to expand and establish their business presence in Singapore may require knowledge on a certain aspect of accounting functions such as good and service tax computation and conversion of financial statements to XBRL format which are unique to Singapore.
As of 3rd March 2014, ACRA has mandated that it is compulsory for most companies to prepare and submit their financial statements in full XBRL format unless stated otherwise (i.e. exemption). Companies that would be considered exempt are corporate limited by guarantee, or foreign companies and their local branches.
Preparation of the financial accounts in XBRL format requires sound understanding and knowledge and might pose challenge for those with insufficient experience and failure to comply with the statutory will bring forth consequences such as penalties. In other words, ACRA will hold the directors of the particular company responsible for its legibility of financial statements (in compliance and detailed).
Goods and Services Tax (GST)
In Singapore,it is similar to the Value Added Tax (VAT) of European countries and is charged at a flat rate of 7%, and all types of good or service performed in Singapore are subjected to GST (exception of exported goods and international services, such as air tickets).
Companies will have to be GST registered before they can charge GST for the goods and services they provide.
In addition, any business that purchases products from local suppliers may incur GST on these business purchases and expenses, known as input tax and business owner can claim input tax if all the necessary conditions are met.
Contact us if you wish to know more about accounting and taxation in Singapore