About FairGood
At Fairgood Advisor, our team comprises seasoned CFOs, senior finance professionals, investment experts, chartered accountants (CAs), and company secretaries (CS) with leadership experience across various domains. We’ve successfully worked with small, mid-sized, and large enterprises, understanding the unique challenges and needs of each.
Tax & GST filing with Fairgood Advisors
In Singapore, GST filing is a critical component of business compliance, requiring accurate reporting and timely submission of tax information to the Inland Revenue Authority of Singapore (IRAS). At Fairgood Advisors, we specialize in offering expert GST filing services designed to streamline this complex process for businesses. Our team ensures that your GST returns are meticulously prepared and filed, minimizing the risk of errors and ensuring full compliance with Singapore’s tax regulations.
Our comprehensive GST filing services include precise calculation and reporting of your GST liabilities and entitlements, ensuring that all figures are accurate and adhere to current regulations. We handle the entire filing process, from gathering necessary documentation to submitting your GST returns on time, helping you avoid penalties and late fees. Additionally, we provide expert guidance on GST-related matters, including eligibility for exemptions and claims, and keep you updated on any changes in tax laws that could impact your business.
Fairgood Advisors also offers streamlined documentation management, organizing and maintaining your GST records for easy access during audits or reviews. Understanding that every business has unique needs, we tailor our GST filing solutions to fit your specific requirements, ensuring efficient and compliant tax management. Partnering with Fairgood Advisors allows you to focus on your core business activities while we expertly manage your GST compliance, driving efficiency and reducing your tax-related stress in Singapore.
Partnering with Fairgood Advisors offers numerous benefits for businesses seeking expert GST filing services in Singapore. Our deep expertise in GST compliance ensures that your business adheres to Singapore’s tax regulations, helping you avoid costly errors and penalties. We handle the entire GST filing process with precision, from calculating liabilities to submitting returns on time, ensuring timely and accurate filings that maintain your good standing with IRAS.
We provide tailored GST filing solutions that cater to your specific business needs and industry requirements, optimizing your tax position and operational efficiency. Our team also takes care of organizing and maintaining your GST-related documentation, making it easily accessible for audits or reviews, which reduces your administrative burden and ensures that your records are always current.
In addition to these services, we offer ongoing guidance and support on various GST-related matters, including eligibility for exemptions and claims, and keep you informed about any changes in tax laws that might affect your business. By outsourcing your GST filing to Fairgood Advisors, you can focus on growing your business while we manage the complexities of tax compliance. Our services are designed to be cost-effective, providing expert tax management at a fraction of the cost of an in-house tax team. Choosing Fairgood Advisors means enjoying peace of mind and efficient tax management for your business in Singapore.
What We Offer
Fairgood Advisors offers expert accounting, bookkeeping, and compliance services to businesses in Singapore, delivering precision, reliability, and strategic financial management from India.
IRAS Filing
- Expert IRAS filing services ensuring accurate and timely submission of tax returns to the Inland Revenue Authority of Singapore, with full compliance and optimized tax management.
Voluntary Registrtion
- Voluntary registration services for GST in Singapore, providing expert assistance with the process to optimize tax management and compliance for your business.
Mandatory Registration
- Mandatory GST registration services in Singapore, ensuring timely and compliant registration for businesses that meet statutory thresholds and requirements.
Applying for Exemption
- Expert services for applying for GST exemption in Singapore, guiding you through the process to secure eligibility and maintain compliance with regulatory requirements.
Quaterly Submission
Quarterly GST submission services in Singapore, ensuring accurate and timely filing of GST returns to meet regulatory deadlines and maintain compliance.
Audits & Investigation
- Comprehensive audits and investigation services in Singapore, providing thorough financial reviews and compliance checks to identify issues and ensure regulatory adherence.
Cancel Registration
- Efficient services for canceling GST registration in Singapore, managing the process to ensure proper deregistration and compliance with regulatory requirements
Outsource with Confidence, Thrive with Fairgood.
Streamline your financial management with Fairgood Advisors—Singapore’s trusted partner for expert, cost-effective accounting services from India.
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FAQ
What services does Fairgood Advisors offer?
Fairgood Advisors specializes in accounting and bookkeeping services, including financial reporting, tax compliance, payroll management, and more. We provide these services remotely to businesses in Singapore from our base in India.
Why should I outsource my bookkeeping to Fairgood Advisors?
Outsourcing to Fairgood Advisors allows you to reduce costs, access expert financial management, and free up your in-house team to focus on core business activities. Our services are designed to ensure accuracy, compliance, and efficiency.
How does the outsourcing process work?
Once you engage with us, we’ll set up a secure and seamless process to manage your financial data. Our team collaborates closely with you to understand your requirements and integrates our services into your existing workflows.
Is my financial data secure with Fairgood Advisors?
Absolutely. We prioritize the security of your data with robust IT infrastructure and use cutting-edge accounting technologies. All data is handled in compliance with industry standards to ensure confidentiality and protection.
What are the costs associated with your services?
Our pricing is competitive and based on the scope of services required. We offer flexible pricing models to suit different business sizes and needs. Contact us for a detailed quote.
How do you ensure compliance with Singapore’s financial regulations?
Our team is well-versed in Singapore’s accounting and tax regulations. We stay updated on the latest changes to ensure that your financial practices are always compliant with local laws.
How does outsourcing to India affect the turnaround time for services?
Outsourcing to Fairgood Advisors does not compromise on speed. We work according to your business hours and ensure timely delivery of all services. Our team is dedicated to meeting deadlines and providing prompt responses to your needs.
How does Fairgood Advisors ensure that it stays updated with Singapore's accounting standards?
We continuously train our team on the latest accounting standards and regulations in Singapore. Our commitment to ongoing education and compliance ensures that we provide accurate and current financial services.
What is the GST Voucher for 2024, and how can Singapore residents apply?
The GST Voucher 2024 is a government initiative in Singapore aimed at providing financial support to lower-income citizens. It helps offset some of the GST (Goods and Services Tax) they pay. The voucher is automatically disbursed to eligible Singaporeans, and no application is required. Eligibility is based on factors such as age, property ownership, and annual income.
How do I claim the GST voucher in Singapore, and what are the eligibility criteria?
To claim the GST Voucher in Singapore, you don’t need to apply. Eligible residents receive it directly in their bank accounts. The criteria include being a Singapore citizen aged 21 and above, owning property with an annual value of $21,000 or below, and having an assessable income of $34,000 or less in the previous year.
What is Form C for IRAS, and how should businesses in Singapore submit it?
Form C IRAS is a corporate tax return form that companies in Singapore must submit annually to report their income. The form requires detailed financial information. Companies can submit Form C through the IRAS e-Services portal by the deadline, which is usually in November for the Year of Assessment (YA).
How do Form C-S and Form C differ when filing taxes with IRAS?
Form C-S is a simplified version of Form C, designed for small and medium enterprises (SMEs) in Singapore. Companies that qualify for Form C-S need to meet certain criteria, such as an annual revenue of $5 million or less and being incorporated in Singapore. Unlike Form C, Form C-S requires fewer supporting documents and is easier to complete.
What are the steps to file GST in Singapore for businesses?
To file GST in Singapore, businesses must:
- Log in to the IRAS GST e-Services portal.
- Select the relevant tax period for GST filing.
- Report the output tax (GST collected) and input tax (GST paid).
- Calculate the net GST to be paid or refunded.
- Submit the GST return and make payment, if applicable, by the due date.
How do businesses make GST payments to IRAS in Singapore?
Businesses can make GST payments to IRAS via several methods, including:
- GIRO (General Interbank Recurring Order): Preferred for automatic deductions.
- Internet Banking: Via the bank’s bill payment function.
- AXS Stations: For quick and convenient payments. After filing the GST return, businesses can arrange for payment through these methods before the due date.
How can Fairgood Advisors assist fashion businesses in Singapore with tax planning and compliance?
The fashion industry in Singapore faces unique challenges with imports and exports. Fairgood Advisors can assist fashion businesses in managing their tax obligations, including GST registration and withholding tax, while ensuring compliance with Singapore’s corporate tax laws.
How can I obtain my business profile from ACRA in Singapore?
To obtain an ACRA business profile, you can visit the ACRA portal and search for your business name. The profile contains essential business information like registration details and business structure. You may download it for a small fee.
What are the benefits of registering for Goods and Services Tax (GST) in Singapore?
Registering for GST allows businesses to:
- Claim input tax on business purchases.
- Improve credibility with suppliers and customers.
- Avoid penalties for late registration if the business crosses the $1 million threshold.
What is the taxable income threshold in Singapore for individuals and businesses?
The taxable income threshold for individuals in Singapore is $20,000. Individuals earning above this amount are required to pay personal income tax. For businesses, there is no minimum threshold; all income derived from Singapore is taxable unless exempted.
When is the deadline for GST submission in Singapore for 2024?
The majority of businesses are required to file a Singapore GST return every quarter. The accounting periods and due dates are as follows: January to March – filing and payment deadline is April 30, October to December – filing and payment deadline is January 31
How is personal income tax calculated in Singapore?
Personal income tax in Singapore is calculated on a progressive rate, starting from 0% for the first $20,000 of income, with rates increasing up to 22% for income above $320,000. Singapore residents also benefit from several reliefs and deductions that reduce taxable income.
What is the salary tax rate in Singapore for residents and non-residents?
For Singapore residents, the salary tax rate is progressive, from 0% to 22%. Non-residents, however, are taxed at a flat rate of 15% on their employment income or the resident rates, whichever results in higher tax liability.
What are the main business taxes that companies in Singapore must pay?
Businesses in Singapore must pay the following taxes:
- Corporate tax: 17% on chargeable income.
- Goods and Services Tax (GST): 8%, applicable if registered.
- Withholding taxes: On certain payments to non-residents.
- Property tax, stamp duty, and others depending on the nature of business activities.
What is required for GST registration for companies in Singapore?
For GST registration, companies must prepare their financial records to show their taxable turnover. Other requirements include:
- An ACRA business profile.
- A completed application form on the IRAS portal.
- Supporting documents like the latest financial statements.
What are the withholding tax rates for businesses in Singapore?
Withholding tax in Singapore applies to payments made to non-residents for services or income derived from Singapore. Rates vary, for example:
- 10% on interest payments.
- 15% on royalties.
- 17% for technical or professional services.
How can outsourcing accounting and tax tasks to Fairgood Advisors improve efficiency for Singaporean restaurants and hotels?
Outsourcing accounting and tax tasks to Fairgood Advisors allows restaurants and hotels to focus on operations while experts handle the complex GST filings, withholding taxes, and corporate tax compliance, improving efficiency and reducing administrative burdens.
What advantages can Fairgood Advisors provide to small businesses in Singapore for corporate tax compliance?
Outsourcing corporate tax compliance to Fairgood Advisors helps small businesses reduce the risk of penalties and ensure accurate filing. They offer expert guidance on tax deductions and GST submissions, helping businesses minimize tax liabilities.