Income tax services and planning

All businesses are required by law to file a timely and accurate income tax return by the stipulated filing tax deadline every year. While most taxpayers do file their taxes on time, there are still some who fail to do so each year.


As a result, the tax authorities can impose penalties and court summonses on companies that have failed to file or filed late their income tax return.


Thus, to avoid being subject to such regulatory actions, it is important in preparing early. It is therefore necessary to have your financial statements prepared beforehand as this will form the basis for your business’ income tax computations. In addition, our tax specialists team can also help you to uncover business expenses that may qualify for further deductions or tax refunds.


In short, it is worth the time and money to engage a professional to review your tax position regularly. If there is an item that can claim deductibility, a tax specialist would be able to advise you. When it comes to dealing with the tax authorities, our assistance will also help you to save some headaches too.


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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