Rikvin Offers Singapore Personal Income Tax Services Rikvin, one of the best corporate solutions specialists in Singapore offers Singapore personal income tax filing services. The firm continues to provide quality-filing services both to tax residents and non-residents of Singapore. Rikvin aims to exceed expectations on all of their services as response to client’s needs and government’s law. According to Rikvin, “Singapore’s Personal Income Tax structure is one of the friendliest and most competitive in the world. The tax year is from 1 January to 31 December in each calendar year and income is assessedon a preceding year basis.”
Rikvin also explained each of the relevant factors of Singapore income tax for individuals. The items explained include the top marginal resident tax rate of 20% kicks in at S$ 320,000 of taxable income; non-residents are taxed at the flat rate of 15%or the resident rates whichever results in a higher tax amount; and The amount of income tax that you have to pay depends on your tax residency in Singapore. The taxes for residents are different from non-residents. The firm also highlighted the importance of filing Singapore personal income tax and discussed further consequencesof not abiding with the rule. “It is mandatory under law to file for the annual personal tax return to IRAS by 15 April 2011. IRAS diligently enforces the requirements relating to the filing of the personal tax. Please comply to avoid paying fines and/or court prosecution,” Rikvin added.
The consequences of failing to pay taxes on due date include 5% penalty and 1% additional penalty per month up to 12% (total of 17%), additional penalty of 1% up to a maximum of 12% on any unpaid tax for each month that the tax remains unpaid, salary deduction for unpaid tax, restriction from leaving Singapore and legal actions against the tax payer. About the Publisher: Rikvin is a Singapore-based consultancy that offers businesssolutions for both local and foreign professionals, investors and entrepreneurs. Rikvin’s areasof expertise include assistance to form a Singapore company, offshore company setup, accounting, taxation, Singapore work visa and other related corporate services. Rikvin also provides immigration services for foreign professionals wishing to relocate to Singapore. Rikvin PTELTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887 Fax (65) 6438 2436 http://www.rikvin.com