Corporate Taxation in Singapore By Rikvin

							Corporate Taxation in Singapore By Rikvin

Rikvin, leading corporate solutions provider in Singapore discusses one of the
traits of Singapore, its reasonable, competitive and business-friendly tax rates.

The sophisticated infrastructure, education, safety and healthcare,
established economy, advanced technology, competitive tax rates are
the top reasons why entrepreneurs choose to make Singapore their
business location.

“There are favorable tax benefits to be considered a tax resident by the Inland
Revenue Authority of Singapore (IRAS),” Rikvin said.

In addition, Rikvin also said, “A company is considered as resident in
Singapore if the control and management of the business is exercised in
Singapore. Although the term "control and management" is not defined
explicitly by authorities, a generally accepted consensus is that it refers to the
policy level decision making at the level of Board of Directors and not the day-
to-day decision making and operations.”

Rikvin also discussed that the Singapore government has declared a full tax
exemption for newly incorporated companies in order to encourage local
entrepreneurship provided they qualify for the following conditions: it is
incorporated in Singapore, it is a tax resident of Singapore, it has no more
than 20 shareholders throughout the basis period relating to that year of
assessment, and all its shareholders are individuals.

In conclusion, Rikvin also discussed the common mistakes made by corporate
taxpayers including: understatement of income - Businesses should properly
account for all the earnings and invoices issued for goods sold or services
rendered. Omission of particular receipts or invoices issued amounts to an
understatement of income, which is an offence; and claiming deductions for
non-deductible expenses - Expenses not incurred for the business such as
directors’ private expenses on entertainment, vacation and personal
purposes. Businesses should segregate private expenses and exclude them
from their claims.

About the Publisher:

Rikvin services team consists of a group of professionals who have in depth
knowledge and extensive experience in incorporation, legal, financial,
Singapore GST service, Singapore subsidiary registration, Singapore payroll
service, Singapore corporate tax and corporate and regulatory frameworks.
They guide you through every step, respond promptly, and closely follow your
application progress to ensure that your case is presented in the best possible
manner that it deserves.

We have been assisting clients from all over the globe incorporate a Singapore
company. Our success rate is phenomenal, and almost all of our enterprise
clients have entrusted us, with the routine management tasks such as
bookkeeping and secretarial services and we continue to impress them
beyond our promise.

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