When setting up business abroad, it is crucial to be aware of how tax laws vary for each country. Singapore labor and tax laws are quite cumbersome, and their level of complexity is even greater for foreign companies. Mistakes are costly, and filing an incorrect tax return can dramatically increase tax return amounts, and lead to fines and penalties.
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For a foreign entity, the situation is quite complex, as the incorporation aspect must be taken into account, and legal statuses and capital amounts must be clearly and transparently established.
Hence, it is crucial for a company or branch in Singapore to know exactly which category it falls under, with regard to employee count, capital, and income. Failure to accurately measure and report such figures may result in overpaid tax, or in worse cases, financial penalties for underpaid taxes. On the other hand, foreign corporations with the appropriate knowledge, whether in-house or outsourced, can enjoy the various benefits and potential savings that can result from working with Singapore tax services.
Doing Business in Singapore can fully consult, advise, and implement permanent solutions to support foreign companies. We can help foreign business avoid financial difficulties, and allow them to enjoy potential benefits and savings. Contact us today to learn about Doing Business in Singapore’s Singapore tax services.