Tax Planning & Taxation

TAX PLANNING

To ensure optimal tax efficiency and compliance while addressing both commercial and legal considerations, our services include:

• Finalizing the structure and advising on any proposed changes from a tax efficiency perspective while meeting your commercial requirements and legal considerations.
• Detailed tax note on the relevant Singapore fund tax incentive schemes applicable to your structure.
• Advise on the Singapore tax implications for the income streams derived by the fund from the proposed investments and the distributions to its investors. Advise on the withholding tax requirements in Singapore and related exemptions, where available.
• High-level comments on the Singapore GST implications for the Fund.
• Advise on the Singapore tax residency requirements and other substance requirements for the Fund, including availability of treaty benefits under the applicable tax treaty.

TAX COMPLIANCE IN SINGAPORE

The tax compliance function in Singapore involves ensuring that a company meets its tax obligations under the local tax laws and regulations. It includes activities such as preparing and filing tax returns, calculating and paying taxes, and managing tax risks.

The tax compliance function typically involves the following tasks:

Record-keeping: The tax compliance function maintains accurate records of all financial transactions related to taxes, including income, expenses, and deductions.

Tax preparation: The tax compliance function prepares and files tax returns, ensuring that all required forms and schedules are completed accurately and on time.

Tax payment: The tax compliance function calculates and pays taxes owed, including estimated taxes and any penalties or interest assessed.

Tax planning: The tax compliance function works with other departments in the company to develop tax planning strategies, such as identifying tax credits and deductions that can be taken advantage of to minimize tax liabilities.

Tax risk management: The tax compliance function identifies and manages tax risks, such as compliance risks or audit risks, to ensure that the company is in compliance with local tax laws and regulations.

In Singapore, companies are required to comply with various tax obligations, such as corporate income tax, goods and services tax (GST), and withholding tax. The tax compliance function is responsible for managing these obligations, ensuring that the company is compliant with tax laws and regulations, and minimizing tax liabilities.