TAX INVESTIGATION, AUDIT, RULING & AMNESTY IN SINGAPORE & OUR WORK

Tax investigations, audits, rulings and amnesties are "part and parcel" features of the tax compliance process and system in Singapore. 

In exchange for all the benefits of doing business in Singapore - such as the attractive infrastructures and relatively attractive 17% corporate tax rate - Singapore businesses are also expected to be ready at all times to face tax inquisitions from the Singapore revenue authority.

Besides monetary penalties of between 100% to 300% of the tax undercharged, the penalty for making incorrect returns includes prosecution with imprisonment terms.

Tax Investigations: These cases normally involve 'dawn raids' on office and residential premises, where documents are seized for forensic review.

Tax Audits: These cases may be executed off-site (desk audit) or on-site (field audit) at the taxpayer's premises, where the taxpayer is notified beforehand of the commencement of the tax audit, and given time to collate the documents for review.

Tax Rulings: These cases involve tax treatments which may be interpreted either in favour of the taxpayer or the Authority, where the taxpayer may ask for a Ruling on the treatment.

Tax Amnesties: These cases arise when the taxpayer detects any errors for matters for which the Authority has not made any inquisition.  The taxpayer may voluntarily disclose such errors, and benefit from the steeply discounted penalty rates for making such disclosures.   

OUR WORK & ASSISTANCE:-

We assist taxpayers to forensic review their matters in the event of the authority's tax investigation or audit inquisition.

For taxpayers who are unsure how their tax positions shall hold up in an inquisition, we assist such taxpayers with their forensic review first, and then recommend the any required applications to the authority for rulings or amnesties.  

If you are unsure where or how to start, please feel free to reach out to us:

Email: info@equifis.com 
Telephone: (+65) 9880 8678