Taxation
Services
In Singapore, PMC provides strategic and effective taxation services. We provide comprehensive services in the areas of personal and business tax, as well as GST filing. We have a dedicated team of tax professionals who can handle both your personal and business tax needs.
Taxes in Singapore
Singapore is one of the top places to do business because of its favorable taxation system. In both the personal and business worlds, Singapore uses a well designed taxes system.
Company Tax Services
Corporate Tax Services to submit tax returns to IRAS
In today's global environment, we assist Singapore corporations in attaining their tax objectives. Our tax team has a wealth of knowledge and insight into Singapore taxation.
Why is tax compliance so critical for Singapore businesses?
Every year, all Singapore companies must file their Estimated Chargeable Income (ECI) within 3 months of the end of their fiscal year, and their final tax return by November 30.
For late filing and errorneous tax returns, the tax authorities, IRAS, charges penalties. If related party transactions exceed a specific threshold, companies should prepare Contemporaneous Transfer Pricing (CTP) paperwork.
How our corporate tax team can help you
The following are some of the tax services we provide:
1. Tax computation preparation (about 3 to 10 pages depending on intricacy).;
2. Creating tax schedules to back up the claim;
3. Completing necessary tax return forms (such as ECI, Form C, or Form C-S); and
4. We e-submit the appropriate documents to IRAS after receiving your permission.
Our tax team produces tax returns based on the following criteria:
(a) the accounting records' accuracy and suitability (from the detailed accounting general ledgers and tax purposes); and
(b) the documentary evidence (scanned or hard copy) supporting the existence, valuation, occurrence, and completeness of a firm's business transactions for the relevant year of the company.
How we prepare your corporate tax calculation
For customers using our annual bookkeeping services, our team conducts annual bookkeeping for commercial transactions for the fiscal year, ensuring that each account category is properly grouped in the income statement (Meets IRAS requirements).
Use the management report to create tax calculations and ECIs.
Please not that the deadline for submitting ECI is within 3 months from the end of the fiscal year. After completing the ECI filing with IRAS, please submit Form C by November 30th in the Year of Assessment (YA).
After submitting Form C or Form C-S, some companies may need to submit the following documents to IRAS:
(i) Company financial statements (in accordance with the Singapore Financial Reporting Standards and Singapore Companies Act, Cap 50); and
(ii) Tax Calculation and Supplementary Timetable (Compliant with Singapore Income Tax Act).
All company receipts (invoices, receipts, etc.) must be retained for 5 years. IRAS may conduct tax audits by examining the books and confirming that the income tax returns for the relevant year comply with Singapore tax law.
Comprehensive corporate tax services include:
1. Provide advice on corporate tax planning and notice of assessment (NOA) matters;
2. Assistance in the preparation and submission of Estimated Chargeable Income (ECI) within the last three months of the year.
3. Track regulatory deadlines and work closely together to meet any compliance needs;
4. Advising the company on Foreign Tax Credits;
5. Assistance in preparing tax calculations and filing tax returns to IRAS;
6. Assist in providing information on tax matters and drafting responses to IRAS;
7. Notice of GST Registration and Quarterly GST filing Form F5;
8. Participate in tax issues related to annual employee payroll.
9. Advise on consequences of late payment or failure to file tax returns.
We help your business meet tax obligations and taxation in specific industries including investment firms, trusts, managers, construction companies, real estate, shipping, production, etc. Our tax specialists work closely to assist IRAS with inquiries on all business tax matters.
Today, all business decisions are based on tax implications and in compliance with strict tax laws. An effective tax strategy has now become an essential part of a very practical and well-developed solution for businesses in Singapore.
Individual Tax Services
How can we help you complete your Personal Income Tax return to IRAS?
Our personal tax service for individual taxpayers includes the following processes:
1. Perform an assessment of your tax residency to determine the appropriate tax rate for the tax year.
2. Request all supporting documents to prove your employment income (including salary, bonuses, attendance fees, etc.)
3. Require all supporting documentation to demonstrate eligibility for personal tax relief and other sources of income from trade, business, occupation or profession, property, or investments (including pensions), interest, rent and other property income, royalties, trust income, etc.).
4. All supporting documents is required to support that individual incurs qualifying labor costs to generate employment income (not reimbursed by the employer).
5. Request proof of approved contributions (subject to certain conditions and required as a deduction.)
6. After receiving the person's written confirmation and all relevant documents, we will prepare a draft individual tax calculation and individual tax return.
7. With your final approval, we will help you complete your IRAS individual income tax return.
All individuals should maintain adequate records to support earnings earned for the relevant valuation year. All records must match original or scanned invoices, receipts, and other supporting documents . You must keep all supporting documents for five years.
Personal tax team to assist you with tax matters
Our experienced personal tax services team is committed to helping Singapore tax payers effectively manage their personal tax matters so they can sit back and relax without worries.
Our tax team helps your file your taxes (optimizes tax breaks, deductible expenses and contributions) and file your tax returns with IRAS.
1. Making personal income tax returns;
2. Prepare tax calculations for individuals, sole proprietors and partnerships;
3. Prepare employee income tax returns (IR8A) and tax breaks (IR21 form for termination of employment of non-national employees);
4. Attend IRAS inquiries on personal tax matters;
5. Asking IRAS to voluntarily disclose past tax errors; and
6. Provides advice on personal tax planning
About Us
Established in 2003, PC Management Pte Ltd is a professional accounting and consultancy firm made up of qualified and experienced personnel.