Tax planning, by nature, involves effective use of available and legitimate strategies to minimize tax liabilities. This could be done by either deferring your tax or to avoid tax using certain tax-break provisions. Following with several tax crimes in Singapore, including tax evasion on rental income and joss paper company, PIC Fraud from management consultancy business, tax planning is believed to be one mechanism that is of paramount importance for the tax payer in contemporary business context.
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Meeting regulatory requirements, ensuring business continuity, safeguarding business reputation – these are the main reasons for filing a company’s Annual Return with the Accounting and Corporate Regulatory Authority (ACRA).
Below is a quick guide on how and when to file for Annual Returns in Singapore.