IRAS Singapore Role Explained By Rikvin 

by Mark Zaret Friday, April 29, 2011
The taxing authorities prescribe compliance requirements to individuals and companies engaged in income-generating activities.

Rikvin provides assistance to all companies and individuals as they comply with their annual obligations.

Says Rikvin: “Individuals must file their personal income tax return on or before April 15. IRAS provided a formula in computing the taxes chargeable to a certain income-earner.”

Meanwhile, companies too shall file annual corporate income tax every November 31st. Among the documents submitted are Form C and unaudited and audited financial accounts.

“These accounts should be prepared using the XBRL format, except, if these same accounts are already filed with ACRA with the same format,” Rikvin continues to explain.

They also have other filing obligations.

“During their Financial Year End, companies shall file their Estimated Chargeable Income for a certain Year of Assessment,” chants Rikvin, “companies that are not earning very well may file a “NIL” ECI.”

The ECI is mandatory to all companies regardless of their income beginning January 1, 2009. The ECI form provides economic data useful in policy-making and in regular assessment of performance and development of businesses and industries.

Rikvin continues further: “The taxes collected from companies and individuals are used for nation building. These are also among the principal sources of income of the government.”

Under the Social Development are sectors such as Education, Health, Community Development, Youth and Sports, Information, Communication, and Arts.

Singapore boasts of a landscape attractive to businessmen, employees, and resident individuals.

About the Publisher:
Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, income tax Singapore and providing professional services relating to financing and compliance services.

Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”

For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Website: http://www.rikvin.com/Fax : (65) 6438 2436

Rikvin offers Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Mark Zaret
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