Services

Do you know that Singapore is internationally recognised for its competitive tax system and relatively low tax rates, no taxes on dividends, capital gains or inheritance and numerous tax reliefs?

Excellence Singapore offers a range of tax services in Singapore and it can be tailored to suit your requirements. The topic on taxation can be a very complex subject matter and can lead to tax consequences if not handled properly.

Here in Excellence Singapore we ensure that you get the right advice and to get the best out by identifying and implementing tax saving opportunities.

In Singapore, the 3 main categories of the Singapore Tax System are:

• Corporate Income Tax
• Individual Income Tax
• Goods & Services Tax (Known as VAT in some jurisdiction)

Payroll is a key corporate expense that is subject to a variety of rules and regulations, therefore every firm must ensure that the payroll process is completely precise and dependable. Employees must be able to count on being paid the proper, agreed-upon amount on a regular basis. Payroll has an impact on every area of an organisation, from employee morale to financial soundness.

Outsourcing activities like payroll is a difficult option to make unless you know where to look for a reliable partner. Our payroll staff is made up of dedicated payroll professionals that are solely focused on providing a secure, fully managed payroll solution.

Our policy is to have a regular team provide consistent and timely service. We are dedicated to providing the best degree of professionalism in order to suit your needs.

Auditors, generally known as Public Accountants provide an independent audit opinion on the company’s financials and ensure that the records and statements are accurate and true. An audited account also further provides credibility for the company and assures outsiders such as investors or potential clients that require your company’s financials to be audited.

In Singapore, an audit opinion on financial statements can only be given by a public accountant or an accounting firm that has been approved by the Accounting and Corporate Regulatory Authority (ACRA).

Auditing gives shareholders and external parties assurance as auditors will have to give their independent opinion on whether the financials are accurate and whether the business has any ongoing concerns. Audited financials may also be required when bidding for job projects.

The terms and procedures for valuing transactions involving related parties are referred to as transfer pricing. The sale or purchase of products, the rendering of services, the borrowing or lending of money, the usage or transfer of intangibles, etc. are examples of such transactions.

Due to a lack of independence in their business and financial relationships, related parties may not price their transactions to reflect market conditions. Because of this, their earnings and tax obligations may be distorted, especially if they are based in jurisdictions with various tax rates. This raises questions about whether the related parties are paying their fair share of taxes and whether they would be able to benefit from a tax advantage collectively.

The arm’s length principle, which has been approved internationally, is used by IRAS to make sure taxpayers transact with their related parties at prices that reflect independent pricing. IRAS will revise taxpayers’ profits upward in accordance with the Income Tax Act (ITA) if they have understated their profits and have not complied with the arm’s length principle.

Excellence Singapore can assist you with the transfer pricing documentation (local/master/country by country). When it comes to tax audits, we act as a transfer pricing consultant, supporting you in coordinating with the tax authorities and defending your transfer pricing reports. Advance Pricing Arrangements (APAs) or mutual agreement processes (MAPs) are negotiated with our assistance. We provide clients from a range of industries and jurisdictions both in Singapore and abroad.

We give businesses advice on the best ways to manage the transfer pricing life cycle. The planning, implementation, documentation, and monitoring phases make up the life cycle. While the majority of businesses concentrate on the first three phases, the evolving tax landscape has forced businesses to actively monitor their transfer pricing positions in order to manage new challenges like greater data gathering and information sharing among tax authorities. Companies must establish a well-defined approach to control and reduce their transfer pricing risks.