by Cindy Harmon
Because it is fairly easy to register a business venture in Singapore, many entrepreneurs choose Singapore as their hub of operations in Asia. Besides the effortlessness of registering a company in Singapore, a number of foreign corporations choose Singapore as the location of business operations considering that the country provides attractive incentives and tax exemptions.
Like other jurisdictions, Singapore also has a variety of taxes it levies. For example, there are taxes levied on individual and corporate incomes, real property, estates, motor vehicles, customs and excise, betting and legal gambling, stamps, immigrant worker levies, service charge on airport passengers, and GST.
An overview of the GST collected by the Singapore government is provided in this article.
Goods and services tax is the tax that is collected on the prices of goods and/or services acquired in Singapore.|Goods and services tax is the tax imposed by the Singapore government for goods and services bought or availed of in the Virginia Beach. In other countries, the GST is called Value Added Tax (VAT).
First carried out only in April 1994, the city-state's goods and services tax is a fairly recent concept of taxation. At present, the goods and services tax in the country is at seven percent of the basic price of goods or services availed or acquired, and the agency that is in charge of administering, enforcing, and collecting this tax imposition is the Inland Revenue Authority of Singapore.
The GST is levied as an indirect tax. It is charged each time an individual purchases something or avails of services, and is not collected from personal earnings.
A company operating in Singapore is required to constantly evaluate if it is eligible to register for GST. There are two fundamental types of registering goods and services tax.
The first category of registration is compulsory. A company that has an income of over a million Singapore dollars within a year or, as a prospective basis, is projected to earn more than 1 million in less than a year is compelled by the Inland Revenue Authority of Singapore to register for goods and services tax. Qualified corporations that refuse to register for goods and services tax will be penalized by the Inland Revenue Authority of Singapore.
The second type of registration is voluntary. A company that doesn't earn over a million Singapore dollars within 1 year or in a prospective basis may register for GST as well. The benefit of being able to claim input tax obtained from business operations is one driving force for some companies to register for goods and services tax.
Click for further information on <a href="http://www.rafflescorporate.com/service.html">accounting services</a> or <a href="http://www.website.com/services">business financing</a>.. This article, <a href="http://www.uberarticles.com/home.php?id=1076890&p=62939">The Goods And Services Tax Policy In Singapore</a> has free reprint rights.
---------------------------------------------------
You are receiving this because you signed up for it on 2012-03-04 from IP
To fine-tune your selection of which articles to receive, just login here:
http://www.uniquearticlewizard.com/bloggers/
using your username:
To unsubscribe please use the following link:
http://www.uniquearticlewizard.com/unsubscribe.php?mail=cipriannedelcu42.videodatabase@blogger.com&code=c27ef4c84b47c8f1e34780c28d0b5d99
---------------------------------------------------
---------------------------------
New Unique Article!
Title: The Goods And Services Tax Policy In Singapore
Author: Cindy Harmon
Email: Buy1GIVE1@gmail.com
Keywords: accounting services,business finance,manager,business financing,business financing careers,company incorporation services,company incorporation Singapore,corporate finance,income tax services in Singapore,income tax Singapore
Word Count: 428
Category: Finance
---------------------------------
Nessun commento:
Posta un commento