About Us
Established in 2007, Entrust Public Accounting Corporation is dedicated to providing professional accountancy services for diverse businesses in Singapore. Our core goal is to deliver highly personalised solutions for clients of all sizes and industries.
With a dynamic and proactive approach, we ensure adaptability and professionalism in every facet of service delivery. We aim to go beyond conventional accounting practices, offering innovative and cost-effective solutions that align with our clients' operational growth.
WE ARE PROUD TO PRESENT
Taxation
Non-Assurance Services
In the ever-changing landscape of Singapore’s tax regulations, non-compliance is not just a misstep, but a serious offence with heavy consequences.
At Entrust, we pride ourselves on not just keeping you in line with corporate tax regulations but propelling you towards financial excellence. Our experience and expertise allows us to go beyond the mundane, and dive deep into your financial intricacies, meticulously reviewing tax liabilities to ensure nothing is overlooked. We also offer strategic advice on tax planning and savings, paving the way for financial success and stability.
Types of services we offer
Filling out your own income tax returns can be overwhelming, particularly in a country like Singapore where numerous requirements and responsibilities come into play.
Relieve the ongoing challenge of managing individual income taxes effortlessly with our expert services. Our reliable taxation solutions provide a stress-free approach to handling your individual income tax returns, ensuring a smooth navigation through Singapore’s complex tax landscape.
Let us streamline your tax filings, removing the complexity of tax procedures and allowing you to focus on what matters most.
Navigating corporate income tax responsibilities is an ongoing challenge for businesses, given the ever-changing tax laws, the need for careful documentation, and the complex landscape of tax incentives, all topped with strict compliance deadlines.
Empower your company by relying on us for your individual income tax responsibilities. Our experienced team is committed to making the experience stress-free, equipped with extensive expertise in understanding the tax laws and regulations relevant to your corporate entity.
Let us be the key to uncovering potential tax deductions, credits, and strategic approaches that not only reduce your tax liability but also ensure compliance and optimise your business’s financial position.
Navigating Goods and Services Tax (GST) compliance is a complex journey, marked by the constant evolution of laws and the need for precise and timely submissions of GST returns. These challenges demand a proactive approach, requiring ongoing investment, that may strain a company’s resources.
Outsourcing your GST compliance responsibilities allows you to leverage specialised expertise, attain operational efficiency, and ensure unwavering compliance within Singapore’s dynamic landscape. Entrust us with the intricacies of your GST registration process, and we will maintain accurate records, allowing you to file GST returns with confidence.
Boost your financial strategy by opting for our Tax Planning & Advisory service, designed to ensure compliance and foster financial efficiency and strategic growth.
Let us take charge of your taxation obligations, and in return, receive a thorough analysis of your financial situation. Our dedicated team of experts, equipped with the latest knowledge of Singapore’s taxation laws, is ready to find tax-saving opportunities tailored to your unique needs. With Entrust, be ready to make informed financial decisions, unlock potential savings and optimise your taxation position.
Adaptability is crucial for businesses, and mastering the intricacies of GST is an essential part of this process.
With our expert guidance, ensure seamless compliance as our dedicated team proactively identifies and addresses non-compliance issues. Collaborate with us to confidently deal with GST regulations, ensuring your business remains agile and compliant in the financial industry.
Meet Our Experts
Jason Lew
Jason Lew has over 18 years of audit and advisory experience, working with both small companies and large multinational organizations alike. Mr. Lew is also adept at training Entrust employees, ensuring a high standard of service.
Linda Low
Linda Low has over 10 years of experience in finance accounting, credit risk, and management for both local and multinational companies. She is a Chartered Accountant of Singapore and also an Accredited Tax Practitioner (Income Tax) with the Singapore Chartered Tax Professionals (“SCTP”).
Frequently Asked Questions (FAQ)
What is the course of action if there looks to be a breach in regulations?
Firstly, thoroughly assess the nature and extent of the breach. Next, communicate with the top management or relevant stakeholders within the organisation, as transparency is essential in addressing this issue. Thereafter, liaise with the tax authorities (IRAS) and provide the necessary documentation and information requested.
Alternatively, get an accounting firm like us to help on this matter.
We will understand the specific tax regulation that has been violated, and gather all the relevant and necessary information relating to the breach. After communicating with top management or relevant stakeholders within the organisation, Entrust will help liaise with both you and the tax authorities, to provide the necessary documentation and information requested, to demonstrate the organisation’s commitment to resolving the issue.
That is not all. After the issue has been settled, we also look forward to working with our customers to provide additional training and education support to the staff involved. This will ensure that they have an even better understanding of the tax regulations and compliance requirements.
What are the benefits of seeking professional taxation services?
Did you know? IRAS audits tax returns and imposes penalties when there are errors, omissions and discrepancies. Even if one did not have the intention to evade taxes! You can possibly look at a penalty of up to 200% of the amount of tax undercharged; a fine of up to $5,000; and/ or imprisonment of up to three years.
Many Singaporeans and companies alike may struggle with finding out how to properly fill in their tax returns, especially if it is their first time. Engaging a professional accounting firm like Entrust can help lower the risk of errors, penalties, and audits, making sure that you are compliant with all rules and regulations.
What happens if I miss the deadline for my personal income tax returns? What can I do next?
It is an offence to not file your Income Tax Return by the due date. The IRAS may take the following enforcement actions if you fail to file by the due date:
I. Issue an estimated Notice of Assessment
II. Offer to compound the offence
III. Summon you to Court
If you receive an estimated Notice of Assessment from the IRAS based on past income or other information, you must pay the estimated tax within 1 month. Even if you plan to object or are awaiting the outcome, payment is required. After payment, promptly file your Income Tax Return and relevant documents for IRAS review. Excess tax paid will be refunded.
You may be eligible to pay a composition amount to the IRAS, up to $5,000 per offence, based on your compliance records. A notice will be sent to communicate the composition amount. Timely payment and filing of the overdue tax return and documents are essential to avoid prosecution.
If the required tax return/documents or the composition amount payment is not received by the due date, a court summon will be issued. To avoid court attendance, file the outstanding documents and pay the composition amount at least 1 week before the court date.
How much income tax does an individual need to pay?
| Chargeable Income | Income Tax Rate (%) | Gross Tax Payable ($) |
|---|---|---|
| First $20,000 Next $10,000 |
0 2 |
0 200 |
| First $30,000 Next $10,000 |
– 3.50 |
200 350 |
| First $40,000 Next $40,000 |
– 7 |
550 2,800 |
| First $80,000 Next $40,000 |
– 11.5 |
3,350 4,600 |
| First $120,000 Next $40,000 |
– 15 |
7,950 6,000 |
| First $160,000 Next $40,000 |
– 18 |
13,950 7,200 |
| First $200,000 Next $40,000 |
– 19 |
21,150 7,600 |
| First $240,000 Next $40,000 |
– 19.5 |
28,750 7,800 |
| First $280,000 Next $40,000 |
– 20 |
36,550 8,000 |
| First $320,000 Next $180,000 |
– 22 |
44,550 39,600 |
| First $500,000 Next $500,000 |
– 23 |
84,150 115,000 |
| First $1,000,000 In excess of $1,000,000 |
– 24 |
199,150 |
Source: Inland Revenue Authority of Singapore
Singapore offers some of the lowest individual tax rates in the world, with Singapore tax residents being taxed at a progressive rate of 0% to 22% and Non-tax residents are taxed at a rate that varies between 15% to 22%. There are no taxes on capital gains, dividends or inheritance. Starting from the 2024 tax year, the top marginal personal income tax rate will be increased for Singapore tax residents with an income of more than S$500,000 per year, to between 23% and 24%.
Schedule a Consultation Now!
Fill in the relevant details in the form, and a member of our team will reach out to you promptly.
We will engage in a discussion about your expectations and career objectives, identifying how our accounting services can support you in achieving them.
Address: 10 Anson Road, #12-07 International Plaza,
Singapore 079903
Contact Number: +65 6220 9885
Email: general@entrust.sg