Taxation is the process through which nations build revenue to spend on public expenditure. Singapore has an easy-going taxation policy and offers rebates as well to those who are unable to financially support themselves. More businesses and entrepreneurs are attracted to their taxation policies and prefer to put up businesses here. The taxes of a nation help support the common resources.
The Inland Revenue Authority (IRAS) of Singapore is one subsidiary of the ministry of finance in the country and looks after the collection of tax. The aim of IRAS is to contribute to the diverse economy of Singapore and facilitate its citizens in all respects. The tax policy of the country is based on the fiscal policy whose fundamental aim is to promote, maintain and grow the economic structure of the country. The basic tiers that require the tax payments are the income tax, property tax, goods and services tax, estate duty, motor and vehicles tax etc.
Tax compliance is the grade to which the tax payer makes a declaration of his payment and pays it in due time, filling out all the required necessities in a timely fashion. Those businesses or organizations that have been unable to comply with these needs have been imposed penalties upon in the past. The IRAS has a strict code of conduct as to how and when these payments have to be made and require the tax payer to comply to the given format as well. Now for some, the process of the tax payment where there is declaration of income involved along with the actual process itself, can be quite tedious and this is where the tax consultation comes in.
Tax advisory in Singapore is the role taken up by some corporate service providers that guide businesses through the process of taxes and advise the easiest and the most straight forward way to make the payment. Singapore has various tax consultation firms in the market today. For a consultation to be at the top of its game, it is required for tax advisory firms to have a prior thorough knowledge of all the tax laws and policies of the country. The services of a consultation are usually required so that the taxes are minimized while at the same time there is adherence to the legal laws and regulations.
Businesses and entrepreneurs consider Singapore to be ideal for their set ups because there is almost no tax imposed on foreign income, no capital gain tax, and dividends are also tax free. The unsurpassed economic growth trend of Singapore can easily owe its maintenance to the revenue collection policies of the country.
Companies understand the needs of their business and customers. Therefore, having good in-house tax practices is important so as to keep up with running the