Singapore Companies Should Consider Outsourcing Their Annual Compliance Work

SINGAPORE - Dec. 8, 2019 - PRLog -- Corporate tax filing is a legal duty that all companies in Singapore need to fulfil. A flat rate of 17% is imposed on the companies' profits as corporate income tax. Nevertheless, businesses may have a reduced bill due to the benefits of tax incentives and grants.

Proper documentation is critical for companies to file for timely corporate tax returns and enjoy the privilege of tax incentives that they qualify. With the help of a consulting firm that offers accounting services in Singapore, local enterprises and multinational corporations can be relieved of the complicated task of preparing for the annual compliance work. Instead, they can focus on expanding and improving their business.

According to the General Manager of Corporate Services Singapore, Mr Hans Teo, who has over 15 years of experience in the tax and auditing sectors, outsourcing of the corporate tax filing to experts helps executives to comply with the tax requirements properly.

He mentioned that one of the greatest benefits of outsourcing annual compliance work to professionals is that the entire ordeal of taxing data collection is simplified. During the financial year-end, aside from having to file corporate tax documentation before the fixed deadlines, accounting and finance executives often require to work on a compilation of the year's financial data and create a budget plan for the following year. The entire process of compiling data and planning for a maximum tax saving may not be feasible for these executives during this busy time.

Thus, outsourcing tax preparation to accounting firms in Singapore may aid the company to accomplish the hard work of compiling, organising, and sorting out the significant amount of data efficiently.

Hans also stated that the outsourcing ensures company's compliance with the evolving tax laws. Over the years, Singapore's tax regulation has been evolving to meet the industry's demand and goals. For this year alone, about eight tax amendments have been introduced to businesses in the country via the Singapore Budget announcement.

The financial and accounting executives may find it challenging to keep up with the ever-changing tax laws while having to execute other duties in the companies. Therefore, relying on the external accounting services provider in Singapore like https://www.corporateservicessingapore.com/outsourced-accounting-services/ that is both skilled and reputable can significantly increase the efficiency of these executives, especially when it comes to complying with the latest tax legislation.

Annual compliance work can be tedious and time-consuming. Nonetheless, outsourcing the work to reputable accounting companies in Singapore aid the accounting and financial executives to be relieved of the daunting task and focus more on higher-value services, which will, in turn, increase the efficiency and profitability of the company.