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

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Singaporeans regularly amend and improve their laws to keep up with the market trends and to maintain its competitive edge as a country. Similarly, they do not spare any defaulter who fails to comply with their regulatory compliances.

This article will throw light on two regulatory compliances such as XBRL filing and GST submission in Singapore. And, why a business should consider the assistance of professional Singapore accounting services to ensure its timely compliance.

 

What is XBRL Filing Singapore?

The full form of XBRL is an Extensible Business Reporting Language. It enables Singaporean companies to transfer financial information to the ACRA in a structured format for the benefit of shareholders, auditors, and other members of society.

In November 2007, Accounting & Corporate Regulatory Authority (ACRA) announced that Singaporean companies must file their financial reports in XBRL format. XBRL filing for the full set of financial reports came into force in March 2014.

Please note that you would have to pay the ACRA annual return filing fees at the time of submission.

You can prepare the XBRL financial report using BizFinx preparation tool or any other third-party software tool; the data will then be transferred through online BizFinx portal before you file an annual return.

 

What is GST Singapore?

GST stands for Goods and Service Tax. It is a broad-based value-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 compared to other jurisdictions. If your company is registered for GST, you need to collect it from your customers and submit it IRAS.

 

Singapore GST Registration

Inland Revenue Authority of Singapore (IRAS) is the regulatory authority that oversees the GST registration and related compliances. There are two types of GST registration Singapore – Compulsory and Voluntary Registration.

For registering for GST:

  • GST is a self-assessed tax; you need to continually assess whether your business needs to be registered for it or not
  • Registering GST is compulsory for the businesses having annual revenue more than SGD 1 million
  • You must fill and file an application form (GST F1) along with a set of necessary documents to IRAS
  • The process takes approximately three weeks to complete
  • You must then file GST returns periodically

Most of Singapore businesses prefer to file their GST on a quarterly basis.

IRAS imposes serious penalties to the defaulters failing to register for GST. In addition, IRAS has implemented anti-avoidance provisions to ensure that businesses are not avoiding registration by keeping the turnover below the threshold.

 

Hire an Accounting Firm to File XBRL Report & GST Returns

XBRL financial report and GST returns are supervised by ACRA and IRAS, respectively. Needless to say, both authorities are very stringent about their rigorous laws and orders.

If you want to do it on your own, you need to have knowledge about accounting and taxation. This is the key reason why the majority of company directors prefer to outsource it to firms specialising in XBRL filing services and GST submission in Singapore.

Generally, accounting and taxation services assign dedicated resources to take care of your compliance needs:

  • Bookkeepers and accountants update your financial records
  • Tax consultant takes the responsibility of planning, computing, and your filing tax obligations

 

Benefits of Outsourcing GST Singapore Needs to Professionals

  • Registering your company for GST and GST filing could be challenging tasks for business owners
  • Since it is a self-assessed tax, you may fail to assess the need for registration due to your busy schedule
  • An experienced monthly accounting services provider can assist you in determining the need for GST registration and provides assistance from start to finish throughout the registration process
  • Clients can avail expert advice and consulting services whenever they needed.
  • The assigned tax expert can advise you about the due dates for filing GST returns and assist you in filing them before the deadline
  • Timely assessment and assistance by the expert will surely reduce the chances of getting penalised by the authority

As per the law, you must pay the net amount of GST to IRAS within one month after the end of your business’ accounting cycle.

 

Benefits of Hiring an XBRL Filing Services Singapore

  • The accountants of the firm keep themselves abreast of the changes in laws by ACRA. They are spot on in ensuring your compliance
  • Your provider takes the responsibility of XBRL conversion and of XBRL filing using BizFinx tool of ACRA
  • Clients can avail expert advice and consulting services whenever they needed
  • The professional XBRL Filing services provider handles the task efficiently and allows the you to focus on your core business activities
  • Most of XBRL package include ACRA filing fees in their fee structure. Fees are competitive and transparent in nature

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