35 Tax-related tasks that a tax consultant Singapore can do for you

IRAS Audits in Singapore

A tax consultant in Singapore can be a valuable asset to your business, providing comprehensive expertise and guidance to navigate the complex world of taxation.

In this blog, we will explore 40 essential things a tax consultant can do for you, helping you optimize your financial position, ensure compliance, and maximize tax savings.

  • Provide Expert Advice: Tax consultants are certified professionals with a deep understanding of Singapore’s tax laws and regulations, offering expert advice tailored to your business’s needs.
  • Develop Tax Strategies: They create personalized tax planning strategies to minimize tax liabilities and maximize your financial gains.
  • Stay Updated: Tax consultants keep track of the ever-changing tax regulations, ensuring your business remains compliant.
  • Prepare and File Tax Returns: They handle the preparation and timely filing of your business’s tax returns, avoiding penalties for late filing.
  • Identify Deductions: A tax consultant can identify all eligible deductions and credits, optimizing your tax savings.
  • Manage Tax Audits: In case of a tax audit, they provide expert representation, protecting your rights and interests.
  • Streamline Tax Filing: Your tax consultant can also simplify the tax filing process, making it efficient and stress-free.
  • Handle Complex Tax Situations: They navigate complex tax situations, such as international transactions or mergers, with expertise.
  • Plan for the Long Term: Tax consultants engage in proactive tax planning to keep your business on top of its tax obligations throughout the year.
  • Provide Insights into Tax Incentives: They help you identify and capitalize on tax incentives available to your business.
  • Make Informed Business Decisions: Tax consultants offer valuable insights on the tax implications of various business decisions, aiding in strategic planning.
  • Structure Business Efficiently: They assist in choosing the most tax-efficient business structure for your operations.
  • Offer Retirement Planning: Tax consultants provide guidance on tax-efficient retirement planning for business owners and employees.
  • Optimize Capital Expenditures: They help you maximize deductions and tax benefits for capital expenditures.
  • Manage Tax Accounting: Tax consultants oversee your tax accounting, ensuring it adheres to regulatory standards.
  • Analyze Tax Treaties: For international businesses, they analyze tax treaties to avoid double taxation.
  • Assist in Tax Withholding: They help you comply with tax withholding obligations for employees and subcontractors.
  • Support Transfer Pricing: For multinational corporations, they provide guidance on transfer pricing compliance.
  • Facilitate VAT/GST Compliance: Tax consultants ensure compliance with Singapore’s Goods and Services Tax (GST).
  • Address Tax Queries: They answer your tax-related queries and provide clarifications.
  • Assess Tax Implications of Investments: Tax consultants evaluate the tax implications of various investment opportunities.
  • Conduct Tax Reviews: They review past tax filings to identify potential errors or areas for improvement.
  • Offer Year-End Tax Planning: They engage in year-end tax planning to maximize deductions and credits.
  • Deal with Tax Penalties: A tax consultant can help negotiate and minimize tax penalties, if applicable.
  • Manage Estate Tax Planning: They offer guidance on estate tax planning to preserve wealth for future generations.
  • Assess Tax on Intellectual Property: Tax consultants analyze tax implications of licensing and selling intellectual property.
  • Monitor Tax Rate Changes: They monitor changes in tax rates that may affect your business.
  • Conduct Industry-Specific Tax Analysis: Tax consultants conduct industry-specific tax analyses to provide tailored advice.
  • Provide Guidance on Fringe Benefits Tax: They assist in managing fringe benefits tax for employees.
  • Handle Tax on Foreign Earnings: For businesses with overseas operations, they address tax implications on foreign earnings.
  • Offer Compliance Support: Tax consultants ensure your business complies with all necessary tax requirements.
  • Facilitate Tax Exemptions: They guide you in availing tax exemptions and incentives applicable to your business.
  • Conduct Business Restructuring Analysis: For restructuring your business, they analyze tax implications and recommend tax-efficient options.
  • Manage Tax Accounting Software: Tax consultants help implement and manage tax accounting software.
  • Analyze Tax Credits: They evaluate tax credits your business is eligible for and assist in claiming them.


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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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