Singapore Annual Taxation & Reporting

[vijsrinp]

Dear Expert,

We incorporated a company during Mar 2011 and plan to close it Feb 2012. We will be realizing a profit. Since the number of transactions are very small given that we are a high net solution implementation company with 2 employees, please suggest if it is a good idea to perform the following activities ourself:

1. Filing ECI, Form C and other Financial Statements.
2. Directors Report

Since most corporate tax companies are charging a big sum including the so-called SME firms, please advise if low cost tax agents are recommended and their fees for the same.

Rgds,
Vijsrinp

[kevin_al]

I do know one owner who handle everything by himself; but majority of business owners delegate these tasks to professionals in the area. The charges vary over a wide range, like food prices in Singapore.

[shameenali]

Hi Vijsrinp,

If your looking to submit returns by yourself these are the dates that you will have to abide by:

ECI - 3 months from year end. In your case May 2012

Form C - Deadline is Nov 2012 (suggest you dont break your head over it currently)

Annual Return Submission - 6 months from financial year end. Aug 2012 should be your deadline. Do note that if your turnover exceeds SGD$5Million you will be required by statute to carry out an audit of your financial statements. If not a simple compilation should suffice.

Most of the tax companies do charge separately for ECI submission & Tax submission but am aware of some that dont. PM me & I can pass you the details. Tax submission your looking at $400 - upwards depending on the complexity of work carried out.

AR submission is around $150.

Hope this was useful.
Cheers!