In order to prepare for the submission of Income Tax Form C or CS, ST Accounting & Consultancy will have to identify and determine that the accounting records are done properly. This step in most cases is often neglected. In other words, who is responsible if the accounting records is recorded incorrectly?
At STAC, we assure you that we review your financial statements to determine if the financial statements are recorded in accordance to the Accounting standards and that the financial statements are updated appropriately.
Contact ST Accounting & Consultancy or book an appointment, our income tax professional fee starts from $888.
Goods and Services Tax
GST stands for Goods and Services Tax. Referring to IRAS website, GST is known to be a broad-based consumption tax levied on the import of goods (collected by Singapore Customs). For more details on this, refer to Goods imported to Singapore. In some countries, GST is known as the Value-Added Tax or VAT. The supplies of goods and services in Singapore are standard-rated supplies, zero-rated supplies or GST exempted supplies.
GST are categorized as taxable and non-taxable Goods and Services. Standard rated Supplies refers to the commonly known 7% indirect tax on most local sales in Singapore. For example: Sale of furniture in a retail shop in Singapore.
Goods that are exported and services that are classified as international services are considered taxable supplies at 0% GST.
GST exemptions apply to the provision of most financial services, e.g. the sale and lease of residential properties, interest income, and the importation and local supply of investment precious metals.
Need help to register for GST or to submit quarterly GST filing to IRAS
Contact ST Accounting & Consultancy or book an appointment, fees start from $280/ quarter.