Rikvin, a leading Singapore based business registration firm assists foreign businessmen in Singapore GST Service GST registration. GST is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate for GST is 7%. “The concept of Goods and Services Tax (GST) is patterned from Valued Added Tax (VAT) in other countries and is a new form of tax in Singapore. GST was implemented on 1st April 1994 in Singapore. The standard of GST Act is also patterned from the UK VAT legislation and New Zealand GST legislation. The Inland Revenue Authority of Singapore (IRAS) is a government agency that administers, assesses, collects and enforces payment of GST,” Rikvin said. Rikvin also pointed out the objective of GST that is to lower personal and corporate income tax rates while maintaining a fairly reasonable revenue base for the government. A brief overview on GST – definition, registration requirements, GST returns and GST schemes were discussed on the presentation. First, it was discussed who can register to GST. These are Sole proprietorships, Partnerships, Limited Liability partnerships, Companies, Clubs, associations, management corporations or organizations, Non-profit organizations, Statutory boards and Government bodies. Then, it was also discussed the reasons why there is a need to register for GST including the privilege to claim back the GST incurred on their business purchases, privilege to claim GST refund when GST paid exceeds GST collected and privilege to claim GST incurred on business purchases when GST rate increase. Lastly, Rikvin presented each of the GST schemes including GST assistance scheme, Major Exporter scheme (MES), Licensed Warehouse scheme and Zero GST Warehouse scheme (ZGS). More Information: Rikvin provides a complete corporate solution under one roof for which includes incorporation, opening of corporate accounts, business registration, Singapore GST service, tax, immigration related to work passes visa and compliance services in Singapore. The firm has also helped encourage foreigners to start and establish a business presence in Singapore. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you are in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours. Appointments are welcome but definitely not necessary. Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887 Fax (65) 6438 2436 http://www.rikvin.com
"Rikvin Assists Foreigners In Singapore GST Service Registration"