TAX
Tax laws are continually changing and becoming progressively more complex. Also, tax authorities are becoming more and more aggressive and doing their utmost to make sure that taxpayers can have no excuses for lack of awareness of tax law and their tax affairs. Staying abreast of ever-changing tax, legal and regulatory environments including accounting standards is, thus, a major challenge.
Paying a fair share of tax is considered to be an important part of a business’s economic impact and contribution to society as taxes fund social investment. However, reducing the business’s tax burden by simply applying the letter of law is not enough in terms of corporate responsibility to the society in which the business operates.
Accordingly, tax is not simply a legal concept but there are ethical values that can and should be considered when determining a business’s tax strategy. Values such as integrity and fairness are relevant when setting a tax strategy and making commercial decisions. Tax is, thus, increasingly a high placed concern for businesses and their stakeholders and is driving demand for good internal controls and reporting processes including specialist advice. Each business is different and, therefore, the applicable tax treatment may also differ and, hence, investment by an advisor in understanding his client’s business is very important.
We are committed to understanding our clients’ businesses and to providing our clients with a high level of service at very competitive fees because we know that effective tax advice gives our clients a competitive advantage.
We have experience in a diverse range of taxation issues that you can draw on.
Corporate Tax
Advisory
• Review of contracts and agreements from a tax perspective
• Advise on cross-border transactions
• Apply for tax incentives and tax holidays
• Perform tax due diligence
• Advise on mergers, acquisitions and corporate amalgamations
• Advise on inbound and outbound structures
• Advise on use of tax treaties
Compliance
• Prepare and file Income Tax computations and returns
• Attend to IRAS’ queries
• Advise on Notices of Assessment
• Lodge objections and agree assessments
• Negotiate with IRAS on tax disputes
• Manage IRAS’ investigations and audits
International Tax
With its brand name, Singapore is used as a staging area to project into Asia. We provide cross border tax planning services and set up of Singapore as the international holding centre for Asia or reporting back to America and Europe. We compare and contrast Singapore with Hong Kong for various types of holding structures.
Advisory
• Local and international structuring and planning
• Cross-border tax planning
• Incentives and tax holidays
• Due diligence, mergers and acquisitions
• Inbound and outbound
• Setting up of offshore companies
Personal Tax
At the heart of many SMEs are shareholders-cum-directors who need solid, attentive and personal tax advice.
Advisory
• Structure tax efficient employment packages
• Advise on dual employment contracts
• Apply for schemes including Not Ordinarily Resident and Area Representative Status
• Advise on incentive / share option plans (cash and shares settled)
Compliance
• Prepare and file Income Tax computations and returns
• Prepare Return of Employee’s Remuneration (Form IR8A)
• Attend to IRAS’ queries
• Advise on Notices of Assessment
• Lodge objections and agree assessments
• Negotiate with IRAS on tax disputes
• Manage IRAS’ investigations and audits
• Prepare and file tax clearance (Form IR21)
Partnership, Club and Association Tax
Compliance
• Prepare and file Income Tax computations and returns
• Attend to IRAS’ queries
• Advise on Notices of Assessment
• Lodge objections and agree assessments
• Negotiate with IRAS on tax disputes
• Manage IRAS’ investigations and audits
Goods and Services Tax
Advisory
• Register for GST
• Perform Assisted Self-Help Kit (ASK) reviews
• Apply for GST schemes e.g. Major Exporter Scheme
• Advise on GST treatment for transactions
• Advise on GST planning
Compliance
• Prepare and file GST returns
• Review GST returns prepared in-house
• Attend to IRAS’ queries
• Advise on Notices of Assessment
• Lodge objections and agree assessments
• Negotiate with IRAS on tax disputes
• Manage IRAS’ investigations and audits
Transfer Pricing
With new developments coming out from the OECD, and tax authorities seeking their share of tax revenue, it is imperative that companies are not caught out in transfer pricing.
Advisory
• Preparation of contemporaneous documentation suited to overcome tax queries
• Substantiation of transfer pricing policies
Compliance
• Attend to IRAS’ queries
• Advise on Notices of Assessment
• Lodge objections and agree assessments
• Negotiate with IRAS on tax disputes
Withholding Tax
Advisory
• Review agreements for withholding tax implications
• Advise on transactions
• Use of tax treaties
Compliance
• Compute and file withholding tax returns
• Apply for Voluntary Disclosure Programme
Stamp duty
Advisory
• Claim relief for corporate restructuring
• Advise on stamp duty impact on transactions
Compliance
• E-file
• Lodge objection
• Claim reliefs and refunds
Hong Kong Profits tax
Advisory
• Advise on transactions
• Set up of Hong Kong registered entities
• Assistance with bank account opening
• Use of Hong Kong as holding company
Compliance
• Assist with filing