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At Octo, we look at the entirety of your business, understands the operational requirements and implement a workflow to compliment Corporate Tax Reporting by deploying Xero Cloud Accounting exclusively.
The whole idea is to offer a complete integrated solution to manage the daily operation of a business right from quotation to invoice to credit note to journal entries, through to producing an annual unaudited financial statement.
Our Corporate Tax Reporting service starts from 98 SDG per month.
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Do You Know
Corporate Income Tax Rebate on ECI Filed for Years of Assessment (YAs) 2017 and 2018
In Budget 2017, the Minister for Finance announced that the cap for the Corporate Income Tax (CIT) Rebate for YA 2017 will be raised from $20,000 to $25,000. The rebate percentage will remain unchanged at 50% of the corporate tax payable. In addition, the CIT Rebate will be extended to YA 2018 at a reduced rate of 20% of the corporate tax payable, subject to a cap of $10,000.
Companies need not factor in the CIT Rebate when filing their ECI for YAs 2017 and 2018 as IRAS will compute and allow the rebate automatically.
IRAS has started to revise the tax assessments of companies that filed their YAs 2017 and 2018 ECIs previously and received Notices of Assessment (NOAs) that did not take into account the CIT rebate changes. The affected companies can expect to receive the revised NOAs and refunds for excess tax paid by end Apr 2017. If the company is paying the tax on ECI by instalments, the revised instalment plan will be issued to the company with the revised NOA.