Tax

The tax landscape, both domestically and internationally, is constantly changing, this gives rise to daily challenges in tax compliance, cash flow and shareholder values management for companies as well as private individuals. Failing to address these issues could result in exposing organisations to higher risks, which could affect the overall cost of doing business. Only those who are able to recognise the opportunities and risks at an early stage will be able to reap the returns.

We see ourselves as your partner who is there to provide you with specialist advice on all tax matters and help you to identify risks that may be harmful to your business. We strive to assist clients to achieve optimal solutions for their economic and tax-related issues through our experience and know-how. We promise, whatever we do, we add value.

Discover more about our taxation services as below.

Corporate Tax Services

We help businesses meet their tax obligations while mitigating the incidence of penalties. We pride ourselves as tax professionals who always seek to understand our clients’ businesses and operations, their tax exposures and compliance needs, and working together with clients as their business partner in managing their corporate tax matters. We offer a wide range of corporate tax services such as:

• Preparing and filing company income tax returns and tax computations for clients such as specialised industries including fund managers, trusts, investment companies, real estate, construction, shipping, manufacturing and trading companies
• Assisting clients with withholding tax compliance
• Working closely with the company in responding to queries raised by the IRAS
• Assisting clients with tax investigation and/or tax audit issues
• Representing clients on tax objections and disputes
• Assisting clients to voluntarily disclose errors/negligence to the IRAS
• Reviewing corporate tax matters for due diligence purposes
• Assisting clients with corporate tax planning locally and internationally to be tax compliant and achieved optimal tax efficiencies
• Applying for local tax incentives and advance tax rulings

Personal/Expatriate Taxation Advice

In light of a globally mobile workforce, we help Companies design tax-effective employee compensation packages and implement tax equalisation policies.

Our range of services include:

• Prepare, review and file Singapore individual income tax returns (Form B1), Return of Employee’s Remuneration (Form IR8A) and Cessation Return (Form IR21)
• Private tax advice and planning for Individuals
• Develop and implement tax equalisation policy
• Assist in queries raised by the IRAS, voluntary disclosures of errors, tax audits and investigations
• Apply for tax incentives/rulings

Goods & Services Tax (GST)

A global shift from direct to indirect taxes, changing business models due to ongoing digitalisation of the economy, step-up audits by the Inland Revenue Authority of Singapore (IRAS), and the increase in GST rate in the upcoming years, are add-on challenges to most businesses to comply with the GST rules. It is critical for businesses to be on top of the changes and to take a pro-active approach in being GST compliant to manage their GST risks. Otherwise, it can result in penalties which can be costly and cause reputational risk for businesses. In HLB, we have a GST specialist team who provides practical and timely advice to support you in your day-to-day GST tasks and to take a pro-active approach in managing your GST risks.

Our GST services include:

• Apply for GST registration/exemption from GST registration or de-registration
• Review and e-filing of GST returns, and assist with the claiming of pre-registration input tax claims
• Assist with replies to GST queries raised by the Inland Revenue of Singapore
• Advice on GST treatment of day-to-day business transactions
• Perform due diligence reviews
• Review and improve GST compliance capabilities through Assisted Self-Help Kit (ASK) review for voluntary disclosure of errors, Assisted Compliance Assurance Programme (ACAP), GST health check
• Evaluate and assist in the application/renewal for GST relief schemes (e.g. Major Exporter Scheme, Approved Contract Manufacturer & Trader Scheme etc.) through ASK review

Transfer Pricing

Growing concerns over transfer pricing practices have led to increasing regulation and heightened documentation requirements by tax authorities aimed at preventing the erosion of their tax bases by profit shifting and other artificial means. We work with you to review and prepare your existing documentation and global transfer pricing policy.

Transfer Pricing Compliance:

• Review existing transfer pricing policies
• Ensuring adherence to transfer pricing policies and regulations
• Benchmarking studies to support arm’s length pricing of related party transactions where required