Taxes, something that you cannot run away from. Even if found daunting & complicated, you need to be extremely careful your assessments are filed accurately.

 

Way to Avoid Tax Disputes in SIngapore

They say that the only certainties in life are death and taxes. No matter how grim or humorous that might seem, it goes without saying that taxes form a large part of the headache that one needs to go through if one is earning sufficient income or if one owns a corporation. It is definitely something that you cannot run away from and in fact, need to be extremely careful to ensure that your assessments are filed accurately. Most people would find it a daunting and complicated process simply because there are many exceptions and exclusions – the layman would not be able to bend his mind around all the rules involved!

Of course, it would be a more tedious procedure if you own a corporation or if you have your business affairs to handle. Something that crops up once in a while would be tax disputes. This would come to head if something wrong was to be found in your yearly assessment. One thing that you can always utilise in order to avoid tax disputes in Singapore would be by ensuring all your documents are always in order. In this way, even if you are called upon to resolve the dispute, you would have everything already in hand. Another thing would be to ensure that you have a healthy relationship with your tax officer. This does not mean that you have to be over-friendly with them. This simply means that the better your relationship is with him, the easier the resolution would be.

As the IRS is stringent on ensuring that no tax crimes occur, business owners would also be mindful that they want to keep their noses clean when it comes to tax assessments. Tax disputes would crop up once in a while. The main thing would be to ensure that appeals or the outcome of the dispute does not draw negative attention to the organisation. One good way to avoid tax disputes would be by engaging the assistance of consultancy firms who have the experience and knowledge to assist businesses in avoiding tax disputes. They would provide legal counsel and also aid the organisation in making the appropriate tax assessments according to tax laws and regulations in Singapore.

While not everyone is certain of the benefit of spending a bit more money on consultancy firms, others would have found that in the long run, such a move would definitely benefit the business owner and the corporation itself. Not only do you avoid tax disputes, you are also able to get the full benefit of having someone who is knowledgeable about tax rules and regulations to assist you while you are filing your tax assessments. Such a relationship is definitely worth nurturing.

Contact Paul and Hype Page Co. for a FREE consultation on tax planning.

We provide the following services:

  1. Instant online company registration in Singapore
  2. International tax planning and advice
  3. Professional company secretary service at affordable price

Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professional can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.

In addition to business registration, we’ll also guide you how to:

  1. Write a business plan – Learn how to write a compelling business plan by accessing our sample business plans, or other helpful market research information
  2. Perform market research – Understand your business market, learn how it can enhance your business growth, and how to properly conduct a market research for your business
  3. Legal issues for small business – If you are thinking about registration of company in Singapore, then you really need a lawyer. In addition, you will learn why legal counseling is very important part of any business.
  4. Manage your finances – We’ll offer you FREE resources and information to help you fully understand all financial concepts and teach you how to perform basic accounting tasks like budgeting, bookkeeping, financial analysis, among others.