Tax & Transfer Pricing

As a business owner, every transaction you plan to make may have direct or indirect tax consequences. To achieve tax efficiency so as to enhance your return on investments, it is advisable that various tax issues be considered alongside the planning and structuring of your business. The tax landscape is changing at a rapid pace and expert advice is essential to mitigate tax risk and maintain profitability. We can assist you through our comprehensive tax compliance, tax advisory  and transfer pricing services to minimise your effective tax burden.

We can take care of your corporate tax compliance filing with the tax authorities, thereby allowing you to focus on your core business. Apart from preparing and submitting tax computations accurately and quickly, we also manage your business’ tax affairs, resolve any tax dispute and maintain effective relationships with the tax authorities on your behalf. 

Our corporate tax services include:

  • Assisting with the submission of Estimated Chargeable Income (ECI)
  • Corporate tax computation and tax return (Form C/C-S)
  • Managing and responding to IRAS’ queries and audit
  • Withholding tax returns (Form IR37)

Our tax advisory services are driven by your core business objectives and we are able to help you at a strategic business planning level to understand the effect your business strategies may have on your tax profile. We focus on building sustainable tax strategies that help your business achieve its ambitions. 

  • Tax planning and advisory for proposed transactions
  • Application for tax incentives

Our personal tax team can assist business owners and high net worth individuals manage their tax planning and compliance needs. While ensuring that the local tax filing requirements are met, we help you understand the personal tax rules and apply the relevant reliefs and deduction to optimise tax savings.  

Our personal tax services include:

  • Personal tax computation and tax return e-filing
  • Notify and obtain tax clearance from IRAS for foreign employees who ceased employment (Form IR21)
  • Tax planning and advisory for remuneration package

The Goods and Services Tax (GST) is applicable for local sale of goods and services made in Singapore, as well as importation of goods.  A business is required to register for GST if its annual taxable turnover is S$1 million or more. 

Our team can help to assess your business’ GST registration obligation, ease the process of regular GST filings, comply with statutory requirements, attend to GST queries and audit, and provide GST advice on your planned business transaction.  We have assisted clients with special GST schemes and renewals via Assisted Self-help Kit (ASK) process.  

Our GST services include:

  • Application of GST registration / de-registration /exemption from GST registration
  • Review and e-filing of GST returns
  • Perform GST health check review
  • Assisted Self-Help Kit (ASK) reviews for the application / renewal of GST schemes / voluntary disclosure of errors
  • Managing and responding to IRAS queries
  • Preparation of submission / ruling to the IRAS or tax concessions
  • Managing IRAS audits / investigations

Transfer pricing guidelines in Singapore have emerged as one of the most important and critical areas of tax policy and administration, tax planning and tax controversy for global corporates in Singapore. We assist companies in decision making at various stages of inter-company transactions such as planning, policy making, strategy, implementation, compliance and justifications.

Our Transfer Pricing professionals provide comprehensive solutions tailored to your business objectives after understanding the exact nature and the extent of the related party transactions undertaken by the Company. We have a specialised Transfer Pricing team that is competent to assist you in the following areas of Transfer Pricing.

Transfer Pricing Documentation Services

Preparation of comprehensive Transfer Pricing study, which includes: 

  • A fact-finding exercise, where an analysis is conducted of the functions performed and risks assumed by each entity
  • Evaluation of prescribed Transfer Pricing Methods and selection of the most appropriate Transfer Pricing Method and identification of the tested party
  • Undertaking a search for comparable companies /comparable transactions using databases and conducting economic and financial analyses on the selected comparables
  • Preparation of a comprehensive Transfer Pricing Documentation incorporating the above steps

Transfer Pricing Strategy Services

  • Review of Transfer Pricing policy for assessing possible transfer pricing risks.
  • Undertaking Transfer Pricing Planning studies for determination of the appropriate Transfer Pricing margin for newly set up companies/new business lines/business units/new transactions.
  • Review of the overall supply chain of the organisation and recommending Transfer Pricing compliant supply chain structure.
  • Reviewing inter-company agreements from a transfer pricing perspective.
  • Defend transfer pricing policies against challenge from tax authorities.
  • Prepare and negotiate advance pricing agreements with tax authorities to cover future transfer prices.
  • Resolve double taxation from mutual agreement procedures.

Under the IRAS VDP, a taxpayer can seek to minimize the penalties involved in relation to errors in their tax returns for Income Tax (including cash payouts / bonus), GST, Withholding Tax and Stamp Duty.  We have successfully assisted some of our clients in providing a timely, accurate and complete disclosure under VDP thereby achieving substantial tax savings.

Lim Peng Huat
+65 6329 2741
Law Pei Serh
+65 6329 2726
Jonathan Paguntalan
+65 6329 2759
Puah Mei Pin
+65 6329 2758