6 Benefits of Hiring a Tax Advisor or Tax Agent in Singapore

accounting firm in Singapore

As a small business owner, you may be responsible for all aspects of your business. However, when it comes to taxes, it is best to leave this to the experts. 


Hiring a professional tax agent to handle your tax needs will ensure that your taxes are filed correctly and on time. This will give you peace of mind and allow you to focus on running your business.


accounting firm in Singapore


In this blog post, we have shared some of the great benefits of hiring a tax agent in Singapore for your taxation needs.


Let’s begin!


#1 Get new ideas

Hiring a tax agency can help you get new ideas and help with tax laws that have changed. A tax agency can provide you with the resources and knowledge you need to stay compliant with changing tax laws.


When you hire a tax agent, you get new ideas about tax filing with IRAS. 


The agent can assist you to understand the process and what forms you need to file. They can also help you determine if you are eligible for any deductions or credits. This can be a great way to save money on your taxes, and it can also help you to get your taxes done more efficiently.


#2 Avoid the tax-related headache

Hiring a professional tax agent in Singapore can help you avoid the tax-related headaches that can come with doing your own taxes. 


A good tax agent will have a thorough understanding of the tax code and can help you take advantage of any deductions or exemptions that you may be entitled to. They can also assist you to file your taxes in a timely and accurate manner, which can save you a lot of time and hassle.


#3 Error-free computing

If you want to ensure that your tax calculation is error-free, you must hire an experienced and professional tax agent in Singapore. 


With their expertise and knowledge, they will be able to assist you to calculate your taxes correctly and avoid any mistakes. This will give you peace of mind and save you from any potential penalties or fees that may be incurred.


If you are not a tax expert, it’s always a great idea to hire a tax advisor or a tax consultant who can do the heavy lifting tasks for you. This way, you can be sure that your taxes are filed correctly & error-free, and on time, and you can avoid any penalties or interest charges.


#4 Less time consuming

Hiring a professional tax agent in Singapore can save you time, money, and stress. A good tax agent will be up to date with the latest tax laws and know how to maximize your deductions. They can also assist you to organize your records and ensure that you meet all your filing deadlines.

As a small business owner, you need to focus on growing your business. 


Therefore, it makes sense to leave the accounting and taxation tasks to a professional accountant in Singapore. A professional tax expert can save you a lot of time by computing and filing your taxes.


#5 Avoid late penalties

When you hire a tax agent in Singapore, they will make sure that your tax preparation and filing are done on time. This way, you can avoid any penalties or interest charges that may be incurred if you were to file your taxes late. 


In addition, a tax agent can also help you maximize your tax deductions and exemptions so that you can pay fewer taxes overall.


Small businesses often make the mistake of calculating and filing taxes themselves, which can sometimes result in delays and penalties. 


While it may be tempting to try to handle everything on your own, it’s important to remember that tax law is complex and constantly changing. Hiring a professional to assist with your taxes can save you time, money, and headaches down the road.


#6 Expert advice on tax management strategies

You may be good at your business but may not be an expert in tax management. Here comes the help of a tax agent in Singapore. 


A tax agent is a professional who helps individuals and businesses with their tax affairs. They can help you with tax planning, preparing, and lodgement of your tax returns, and represent you in dealings with the Inland Revenue Authority of Singapore (IRAS).


It is therefore very important for you to hire a professional tax agent or a tax agency in Singapore that can take away all your worries and do the best job for you.

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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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