GST/VAT and Tax Consultancy
PushDigits’ far-reaching international experience provides a powerful advantage over most other GST/VAT and Tax Consultants in Singapore! Understanding how the system works, and how to prevent problems from arising in the first place is an advantage you won’t get elsewhere.
It’s a rare a company in Singapore that does not have international dealings! If you’re buying or selling, importing or exporting goods, in many foreign jurisdictions you can reclaim any GST or VAT that you have paid. Failure to do so is like leaving free-money on the table for someone else to pick up. Don’t cheat yourself—make sure that PushDigits is on your team!
Understanding the GST
The Goods and Services Tax (GST), or VAT (Value Added Tax), as it is commonly known elsewhere in the world, was first introduced to Singapore in 1994. It was a measure to reduce payroll/income taxes and corporate taxes by introducing a smaller, more generally applicable tax.
More specifically, it is known as an indirect tax which is applied to people who actually buy or use the end-product or service. Economists around the world have come to agree that taxing specific sectors, such as manufacturers (for example), was counterproductive. This industry-specific tax obliged them to incorporate the tax into their products’ pricing, which directly made them less competitive with foreign, untaxed products.
Why GST is Better
In response to the old unbalanced system, GST is a more generally applicable tax. This means that instead of burdening manufacturing with a 15% Manufacturers Sales Tax, all the goods and services can be taxed at a much lower rate of (for example) 7%. This allows the manufacturing sector to remain competitive with imported goods while assuring the same revenue for government to supply essential services. The strategy also means we are not sabotaging our own economy.
Since GST has been around for a while, most of the established companies are familiar with how it functions and the reporting requirements. Young entrepreneurs, and newer companies, need guidance to make sure that they are meeting the governmental regulations for GST reporting.
Over the course of time, though, these requirements do evolve, so even well-established companies can benefit from our advice. For example, depending on volume of sales you may or may not need to report GST, yet there are advantages to reporting even if you don’t meet the minimum reporting requirements due to tax-breaks and refunds. That is where our tax consultancy services in Singapore can be used for your benefit.
Knowing the Rules
There are rules and regulations governing how much tax should be paid by a company based on its annual profits, however the story doesn’t end there. It pays to be aware of a number of tax reductions made for particular industries, and the various levels of income. Reductions or refunds are often based on how companies contribute to the economy, reduce their pollution levels, or enhance the public’s standard of living.
Once our experts understand the subtleties of your particular company, we can show you available methods to legally reduce your company’s tax burden. It is particularly noteworthy to be aware that there are additional concessions even if you don’t fit precisely in to a designated category.
Generally, it simply requires an application for permission to be included in an advantageous category. Many don’t know about these advantages, which is why it pays to have the PushDigits team on your side
Our customers tell us that they are extremely satisfied with our proven experience in tax consultancy services. They truly appreciate our broad experience with numerous clients, and the remarkable skill and dedication of our amazing and highly-qualified tax experts. Immodesty aside, it is really easy to see why our customers love us!
Businesses Trust PushDigits
Companies tell us that they have the confidence to outsource directly to PushDigits because it eliminates worries about the intricacies of the tax system. They appreciate being released from the responsibility of figuring out the legalities and the subtle interactions. This gives them the freedom to get on with undertaking things that will actually advance and develop their business.
We encourage participation by your staff, and will show them how to reorganise their efforts to report as efficiently as possible. We would be glad to explain the details to you, if you desire.
However, one of the things our customers comment on most frequently is being able to transfer all of these accounting responsibilities to PushDigits, confident that it is in good hands, that the work will get done, and that there will never be any problems.
Do you want the advantages of international experience with our secular team that has worked in nearly every legal jurisdiction in the world? Do you want to have people that understand GST/VAT thoroughly? Do you want Tax Experts on your side that PushDigits customers constantly compliment for their 100% accuracy rate?
We would love to get to know you, too! Give us a call today and let us show you how your GST and Tax reporting can be 100% reliable, at just a fraction of your current cost!