A Detailed Overview on Singapore Income Tax by Rikvin
A Detailed Overview on Singapore Income Tax by RikvinJuly 13, 2011 - Businesses have an annual corporate income tax filing duty with IRAS every 30th ofNovember. Meantime, persons earning wages from employment, and earnings from enterprise, trade,job, and profession as a colleague in a joint venture or as a sole proprietor have an annual personalincome tax filing obligation with IRAS every 15th of April.“Within the context of investments are earnings accumulated from properties in the form or rentalcharges, royalties, and premiums,” cites Rikvin, a business in Singapore assisting businesses,businessmen, and employees in all their desires and lawful obligations.Rikvin adds: “The personal income tax obligation shall also include revenues collected from dividends,interests, and investment income.”The filing of personal income tax obliges individuals earning more than S$22,001 annual, includingSingaporean people, enduring residents, and foreign employees and businessmen through work visassuch as Personalized Employment Pass, Employment Pass, and Entrepreneur Pass.Employees await the filled-in Forms IRA8 orIR21 from their employers every 1st of March. Data thatshould be declared on the said forms are the remuneration and benefits-in-kinds that every employeerelishes, date of employment, and personal details of the concerned worker.“Before the wages is taxed, it is deducted first with costs, personal reliefs, and donations made totrained charities,” Rikvin interprets, citing the inclusion of personal reliefs as parent relief and support ofdependents, reliefs for tuition fees and qualified techniques, earned earnings relief, premiums paid onlife protection principles, and professional development costs.On the other hand, the costs cover the spending associated to employment and rental earnings.Rikvin assists professionals as they compute their earnings tax. States Rikvin: “We suggest businessmenand workers on how to save on tax. We also help in considering the applicable deductions from theirsalaries or profits from swapping or vocation in computing the tax.”Rikvin also assists private limited companies, subsidiary companies, and branch offices as they preparedocuments to be submitted along with corresponding tax forms.“A tax computation is among the declarations to be prepared by these companies,” Rikvin extends, “it isa declaration of income displaying the net earnings and net decrease as recorded on the company’saccount and which will help determine the amount of earnings subject for taxation.”Another affirmation is Form C, filled-in by companies with data regarding the income from bearing onany enterprise or swapping in Singapore.“It carries the income announced on tax computation statement,” Rikvin adds, “Each businessregardless of the earnings will document the form C.”Companies that have zero-income shall document a NIL Form C.
Both the business tax earnings and individual tax earnings services are just amidst the specializations ofRikvin. The company, established in 1998 is a professional in business incorporation procedure forforeign businesses, investors, and local residents. Its assistance expands after the registration. Itencompasses accounting, obtaining enterprise licenses and permits, virtual office, and search engineoptimization.About the Publisher:Rikvin offers business solutions for either local and foreign investors or entrepreneurs. One of itsspecialties is Singapore Company Incorporation. The company has successfully help hundreds of foreignindividuals form a Singapore company. Rikvin has effectively facilitated both non-resident and residentfinanciers build business firms in Singapore. Incoming calls in our phones are answered by live personsand not by an answering machine. We recognize the importance of your time and we are aware thattechnology cannot replace a person most especially, when we need to make vital business moves.Rikvin PTE LTD20 Cecil Street, #14-01, Equity Plaza, Singapore 049705Main Lines: (65) 6438 8887Fax: (65) 6438 2436Email: firstname.lastname@example.orgWebsite: http://www.rikvin.com/