When you do business in another country, there are things that you need to be aware of, especially with filing your taxes. How you report revenue and how you pay taxes on that revenue can vary greatly by country and it should never be assumed that it would work the same way. Even certified or chartered accountants in other countries are not going to be familiar with Singapore tax law the way than a chartered accountant would who is trained in Singapore tax procedures and law.
There Are a Variety of Bodies to Consider in Revenue Reporting in Singapore
The Inland Revenue Authority of Singapore is the main government body that you need to be concerned with when you report your revenues and file your tax reports. Their website provides very valuable and helpful information for those who need to report revenues and what you should know if you are a foreign citizen who is doing business in Singapore. It also has useful and helpful links for you to read and familiarize yourself with tax law and the nuances to consider about Singapore that may be different from the country that you originated from.
Hiring a Chartered Accountant in Singapore to Do Your Taxes
The best way to avoid a tax debacle if you are working or doing business in Singapore is by working with a firm that offers tax services in Singapore. In working with a native accountant or tax firm you will have much greater assurance that your taxes will be filed properly and that you have a knowledgeable person in place to help you gather the right documents in order for you to file. You can also ask them questions about what to do if you have any previous years that were not filed or how to handle new employees if you are hiring locals to do the work that you are performing there. There is surely a lot to take in when you are on location in a foreign land to do a job but it doesn’t have to be a great mystery or big headache to navigate the national tax and hiring laws.
Part of having a good business reputation is making sure that your company is in compliance with the government(s) that you do business in. Allowing those who perform tax services in Singapore to help will go along way to achieving that successfully.