Tax

Tax regimes across the world undergo frequent changes in response to economic growth and challenges. At Baker Tilly, we are committed to providing both businesses and individuals with sound, timely and practical advice, whether they are setting up businesses, conducting cross-border transactions, structuring investments, or going public.

How Baker Tilly Can Help

Compliance and Controversy Services

We prepare Singapore tax returns for organisations ranging from corporate bodies to professional sole proprietorships and partnerships, as well as for expatriate employees, high-net-worth individuals, trusts and estates. We also handle tax controversies where we assist our clients to negotiate and correspond with the Inland Revenue Authority of Singapore (IRAS) on enquiries arising from IRAS examinations, audits or investigations.

Advisory Services

Our professional team helps clients, whether at the set-up stage or operational stage, to navigate the tax environment which has grown increasingly complex in today’s world. We assist them to consider applications for tax incentives, participation in Tax Governance and Risk Management programmes, and adoption of tax technology in their tax function. We also offer guidance to investors venturing into the region, giving advice on how to structure their investments to achieve optimal after-tax returns.

Cross-Border Transactions Services

As part of an international network, Baker Tilly is well positioned to help clients understand tax ramifications at home and abroad and comply with the tax rules of the relevant tax jurisdictions.

Employee Consulting Services

Foreign businesses seconding employees to Singapore, and Singapore companies sending staff abroad can rely on our team to help them design tax-effective employee compensation packages and implement tax equalisation policies.

Goods and Services Tax (GST) Services

With the global shift from direct to indirect taxes and changing business models due to ongoing digitalisation of the economy, it is critical for businesses to be on top of the changes and to take a pro-active approach in managing their GST risks. Otherwise, it can result in penalties which can be costly and worse, reputational risk for businesses.

How we can help

Our specialist team is well placed to support you across a wide spectrum of GST matters:

GST compliance and planning

Assess GST registration liability
Application for GST registration/exemption from GST registration/GST group registration/divisional registration
Advise on start-up issues (e.g. recoverability of GST on expenses, GST treatment and tax coding in system, transaction table)
Advise on different types of GST schemes (e.g. MES, IGDS) and assist with the application of such GST schemes
Review and e-filing of GST F5/F7/F8 returns
E-Filing of Statement of Claims (SOC) for Qualifying Funds, S-REITs, Qualifying S-RBT

GST reviews

Perform GST health check reviews
Perform reviews under the Assisted Self-Help Kit (ASK) for the application/renewal of GST schemes or voluntary disclosure of errors
Perform reviews under the Assisted Compliance Assurance Programme (ACAP)
GST due diligence reviews

GST advisory

Advise on GST treatment of day-to-day business transactions
Advise on GST implications of new business models or cross-border transactions
Advise on GST implications of the transfer of business, cessation of business, liquidation
Advise and planning for IPO
Customised in-house GST training

Tax dispute resolution

Support in tax audits and/or tax investigation process with IRAS
Support in objection/appeal to IRAS’ decisions

For foreign companies

Advise on GST implications on foreign companies’ business activities in Singapore
Assess foreign companies’ GST registration liability in Singapore under the Overseas Vendor Registration (OVR) regime
Assist with the application for GST registration under the OVR regime
Assist with the e-filing of GST returns under the OVR regime

Transfer Pricing (TP) Services

Transfer pricing (TP) is a vital topic as countries continue their search for international consensus on what is considered the “fair share” of tax. TP issues present enormous uncertainty to businesses, as different jurisdictions likely hold a different perspective based on their own economic and market circumstances. Properly ring-fencing this risk is therefore a high priority agenda item for management of companies that engage in related party transactions.

How we can help

Our team of TP experts is well placed to support you across a wide spectrum of TP matters:

Design and implementation

Tailor made TP policy design.
Review of processes and procedures from a tax internal control perspective.
Assistance in operational roll out of new TP policies.
Assistance in ERP (enterprise resource planning) or other in-house technology projects.
Advice on inter-company contracts and agreements.

Controversy management

TP audit readiness check (mock audit).
Defence strategy compilation.
Tax provision / accounting reserve assessment.
Assistance in correspondences corresponding with tax authorities.
Co-attendance of field audit meetings.
Objections and appeals to TP adjustments.
Application of MAP (mutual agreement procedure).
Application of unilateral and bi-multi-lateral APAs (advance pricing arrangements).

Compliance

Industry/market specific economic analysis (benchmarking) to substantiate your TP positions.
Review and prepare related party disclosure forms in tax returns.
Preparation of compliance documentation (for transactions exceeding mandatory thresholds).
Country by country reporting notifications and filing.

Who Needs Tax Services?

Corporations, charities, sole proprietorships, partnerships, expatriate employees, high-net-worth individuals, trusts and estates. All legal entities can benefit from tax services in terms of assurance of compliance with the relevant laws and, where possible, reduction in overall tax costs.