At SGA, we have been helping our corporate clients plan, prepare and file the complexities of corporate taxes through our advisory & consulting services so that our clients can focus on what makes them special.

SGA’s Scope Of Work For Corporate Tax Advisory

Our tax planning and IRAS compliance work is customized to each business, but here are some of the most common tax services we work on:

• Corporate Tax Planning: Developing tax-efficient strategies to minimize your tax liabilities within the legal framework.
• GST (Goods and Services Tax) Planning and Compliance: Assistance with GST registration, preparation, and filing of returns (GST F5, GST F7, etc.).
• Annual Tax Filing: Preparation and submission of the Corporate Income Tax Return (Form C-S/C) and Estimated Chargeable Income (ECI) to IRAS.
• Tax Computation and Preparation: Calculation of tax liabilities, accounting for allowable deductions, capital allowances, and other tax relief measures (e.g., PIC, loss carryback, etc.).
• IRAS Audit Support: Assisting with any tax audits or queries raised by IRAS and liaising with them on your behalf.
• Withholding Tax Compliance: Ensuring that withholding tax is deducted and paid for applicable transactions (e.g., payments to foreign companies or non-residents).
• Employee Income Tax (Personal Income Tax): Handling the tax filing for employees (Form IR8A and IR21 for departing employees).
• Tax Advice for Expansion: Providing tax advice if you plan to expand your operations in Singapore or overseas, ensuring international tax compliance.
• Transfer Pricing Documentation: Ensuring transfer pricing policies align with IRAS guidelines (if applicable).
• Tax Incentive Consultation: Identifying any tax incentives or schemes your company may qualify for, such as R&D tax incentives or Pioneer status.

SGA’s Responsibilities For Corporate Tax Consulting

There are a number of tasks that we’re helping our clients manage, and here are the key responsibilities the SGA team takes on:

• Timely Tax Filings: Ensure timely submission of tax filings, including ECI, Form C-S/C, GST returns, withholding tax, and employee tax returns.
• Compliance with IRAS Regulations: Maintain compliance with the latest tax laws and guidelines issued by IRAS.
• Accurate Tax Computations: Prepare precise tax computations based on Singapore’s Income Tax Act and relevant regulations, ensuring no overpayment or underpayment of taxes.
• Advisory Services on Tax Efficiency: Provide strategic advice on tax-saving opportunities, applicable exemptions, and reliefs.
• Handling IRAS Correspondence: Manage all communication with IRAS, including responding to queries, audits, and notices, to avoid penalties or delays.
• Risk Management: Assess and mitigate risks related to tax compliance, such as late filings, errors in tax returns, or underpayment of taxes.
• Updating on Tax Law Changes: Inform your business of any changes in tax regulations that may affect your tax obligations or strategies.

Metrics & KPIs For Tax Planning & IRAS Compliance

Here are some of the key metrics we monitor for our relationship to ensure that we’re handling the tax compliance aspect of your business in the most efficient way:

• On-Time Filing Rate: Percentage of tax filings submitted before IRAS deadlines (ECI, Form C-S/C, GST returns), targeting 100% compliance.
• Accuracy of Tax Filings: Number of errors or inaccuracies in tax filings. Aim for less than 1% inaccuracy rate to avoid penalties.
• Tax Savings Achieved: Percentage of tax savings through effective tax planning (measuring the firm’s effectiveness in identifying tax deductions, credits, and reliefs).
• IRAS Queries Resolved: Number of queries or disputes successfully resolved without additional tax liability or penalties. Target is 100% resolution rate.
• Penalty-Free Compliance: Ensuring no penalties or fines due to late submissions or inaccuracies, with the goal of maintaining a penalty-free record.
• GST Compliance Rate: Percentage of accurate and timely GST submissions, ensuring no underreporting or overreporting.
• Audit Preparedness: Ensuring that all financial records and tax filings are audit-ready in case of an IRAS audit.
• Adherence to Latest Tax Laws: Monitoring updates in tax laws, with the accounting firm informing you of relevant changes within 30 days of implementation.
• Tax Forecast Accuracy: Comparison between the estimated tax liabilities provided in planning sessions and the actual tax obligations filed, aiming for an 85%-90% accuracy rate.

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