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
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 negotiations and correspondence with the Inland Revenue Authority of Singapore (IRAS), including enquiries arising from IRAS audits or investigations.
Our professional team helps clients who set up businesses in Singapore to navigate the tax environment. 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 countries.
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
- Perform GST health check reviews
- Perform reviews under the Assisted Self-Help Kit (ASK) for the application/renewal of GST schemes/voluntary disclosure of errors
- Perform reviews under the Assisted Compliance Assurance Programme (ACAP)
- GST due diligence reviews
- 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 simplified GST returns
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.
Sim Siew Moon
Senior Partner & Head of Tax