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Why Singapore Companies should Consider Third-Party Firms for Filing XBRL Report and GST Returns

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Singapore regulatory authorities continue to amend and rectify their laws and orders in order to maintain the good reputation the Republic has been holding for many years. Similarly, they do not spare any defaulter who failed to comply with their regulatory compliances. This article will throw light on two regulatory compliances such as XBRL filing services and GST submission Singapore of companies and why business should consider the assistance of professionals to fulfill these two aspects of Singapore jurisdiction.

What is XBRL Filing Singapore?

The full form of XBRL is eXtensibe Business Reporting Language. It is an XML-based reporting language that enables the companies to transfer financial information to the ACRA for the benefits of shareholders, auditors, and other members of society in a jiffy. The method is online, fast and convenient than the manual method. XBRL filing activities in Singapore is being administered by the Accounting & Corporate Regulatory Authority (ACRA).

The advanced method of filing the financial report in XBRL format was introduced in November 2007 in Singapore. Nevertheless, XBRL filing for the full set of financial reports came into force in March 2014, as per the minimum requirement list within the new ACRA Taxonomy 2013.

You can prepare the XBRL financial report using BizFinx preparation tool or any other third-party software tool; the data will be then transferred through online BizFinx portal of ACRA before you file an annual return. Please note that you would have to submit the ACRA annual return filing fees to the authority at the time of submission.

What is GST Singapore?

GST stands for Goods and Service Tax. It is a broad-based valued added tax levied on the supply of goods and services in Singapore and the imported items. It is an indirect tax that being charged to the end-customer of a product or service. The current rate of GST Singapore is 7%, it is one of the lowest when compare to other jurisdictions.

There are two types of GST registrations Singapore – Compulsory Registration and Voluntary Registration. It is a self-assessed tax; you can continually assess whether your business needs to be registered for it or not. Registering GST is compulsory for the business whose annual revenue is more than SGD 1 million. Inland Revenue Authority of Singapore (IRAS) is the regulatory authority that oversees the GST registration and related compliances. The tax authority will impose serious penalties to the defaulter who failed to register GST. In addition, IRAS has implemented anti-avoidance provisions to ensure that businesses are not avoiding registration by keeping the turnover below the threshold.

For registering for GST, the applicant must send an application form (GST F1) along with a set of necessary documents to IRAS. The process takes approximately three weeks to complete. A GST-registered business must file its returns periodically. Most of Singapore business prefer to file their GST on a quarterly basis.

Why should Singapore Businesses Consider Third-party firms to File XBRL Report & GST Returns?

The jobs of filing XBRL financial report and GST return are monitored by ACRA and IRAS respectively. Needless to say, both authorities are very stringent about their rigorous laws and orders. A novice person seldom can fulfill their obligations unless he has sound knowledge in accounting and taxation areas. This is the key reason why the majority of Singapore businesses prefer to outsourcing their compliance requirements such as XBRL filing services and GST submission Singapore to a third-party firm.

In general, when you entrust a firm with your accounting and taxation needs, they assign dedicated resources to take care of clients needs with the professional touch. While an accountant ensures to keep the financial records updated, a tax consultant is responsible for planning, computing, and filing tax obligations in a better way.

Benefits of Outsourcing GST Singapore Needs to Professionals:

  • Registering for GST and GST filing could be challenging tasks for businesses. Since it is a self-assessed tax, business owners may fail to assess the need for registration due to their busy schedule.
  • A tax consultant ensures timely assessment for the need of registration, provides assistance from start to finish throughout the registration process.
  • The assigned tax consultant keep vigilant on the due dates for filing GST return and make sure to file it before the deadline.
  • Timely assessment and assistance of the expert are likely to reduce chances of getting penalized by the authority.

As per the law, one must pay the net amount of GST within one month after the end of its accounting cycle. IRAS will impose penalties to the late taxpayer. You will be less likely to make any tax blunder when you are surrounded with right people and resource.

Benefits of Hiring Professional XBRL Filing Services Singapore?

  • The accountants of the firm keep themselves abreast of the ever-changing laws of ACRA and have the ability to perform every task in compliance with the on-going statute.
  • The preparation of XBRL financial statement using BizFinx tool of ACRA is now a breeze for the clients.
  • The experts are well equipped with the new filing requirement of ACRA and ensure to deliver the files effortlessly.
  • Clients can avail expert advice and consulting services whenever they needed.
  • Every unique need of clients will be addressed while keeping the obligations of the authority in mind.
  • The professional XBRL Filing services provider, by handling the task efficiently, allows the clients to focus on core business.
  • Most of XBRL package include ACRA filing fee in their fee structure. Fees are competitive and transparent in nature.

Outsourcing these two key aspects (XBRL filing & GST) to a professional services provider gives you peace of mind, knowing that your compliance matters are in safe hands.