Singapore Tax Audit in 2023
Since 2003, Healy Consultants Group helps Clients with Inland Revenue Authority of Singapore (IRAS) tax audits. Fortunately, the Singapore tax authorities are fair and reasonable to deal with. Healy Consultants Group is communicating with IRAS since 2003 and has a quality business relationship with multiple tax officers.
What is an IRAS tax audit?
- IRAS investigations aim to determine the accuracy and completeness of historic Singapore income tax returns;
- The Singapore government will continue to ask questions until the tax officer is satisfied with the quality of historic Singapore income tax returns;
- Communication with IRAS will be via e-mail and phone call and by mail;
- Occasionally, IRAS will visit our Client’s premises;
- For Singapore tax audits, IRAS will send a letter by mail requesting information regarding an individual’s, or company’s, tax returns. To minimize the risk of an IRAS investigation, it is necessary to answer this letter in a simple but complete and accurate manner, with maximum supporting documentation;
- IRAS usually informs an individual or company about the Singapore tax audit at least one week before the stipulated deadline for submission;
- On the other hand, some companies may be subject to IRAS tax investigation. This is different from an IRAS tax audit. When IRAS conducts a tax investigation, tax officers will pay a surprise visit to the office to collect tax-related documents and use them as evidence in court. Tax investigations are deemed more serious and are usually more complex to solve.
How Healy Consultants Group can assist you with Singapore tax audits
Tax audits are scary, confusing and stressful for most people. If a tax audit is complex, it is wise to appoint a Singapore tax lawyer or accountant. Because we have a lot of experience with Singapore tax audits, Healy Consultants Group will help our Client i) establish the historic facts of the case and ii) agree a simple, practical strategy with our Client and iii) agree a simple, practical result with IRAS. Every step of the way, we hold your hand through the IRAS investigation. More specifically, Healy Consultants Group will:
- Timely, accurately and completely supply IRAS with quality relevant information;
- Daily and weekly communicate with the IRAS tax officer via e-mail and phone;
- Focus on solutions rather than problems;
- Aggressively and skilfully negotiate a fair and reasonable tax settlement for our Client;
- Confirm the accuracy and completeness of historic tax returns, including Singapore income tax, Singapore corporation tax and GST;
- Appoint and supervise additional Singapore tax lawyers and accountants and tax advisers (if required);
- Healy Consultants Group staff will provide on-site support during the Singapore tax audit;
- Healy Consultants Group will negotiate deadline extensions with IRAS;
- Appeal tax assessments and interest and penalties;
- After the tax audit is completed, our Firm can provide multiple additional support services including i) accounting and bookkeeping ii) monthly bookkeeping and iii) internal audits.
An estimate of fees for your guidance:
Services Fee (US$) Project managing tax audit Simple case – up to 20 hours of actual professional time spent 3,450 Complex case – up to 40 hours of actual professional time spent 7,450 Thereafter – every additional hour of actual professional time spent 200 Ancillary services Our fee to complete annual accounting and tax filings 2,300 Bookkeeping services See this page
Other considerations regarding Singapore tax audits
It is important our Clients are aware of the following:
- Communication between our Client and our staff is confidential;
- Healy Consultants Group has a lot of respect for Singapore government institutions, including IRAS. We will not assist Clients to avoid tax;
- It is important to be open and transparent with IRAS. As soon as practical, it is wise to voluntary disclose historic tax errors to IRAS officers;
- It is unwise to hide historic tax errors and to hope IRAS officers do not find them. Doing so may result in prison time;
- Your freedom and your family are more important than avoiding a tax bill.
Since 2003 and in every country on the planet, Healy Consultants Group assists multi-national Clients timely accurately and completely discharge their legal, accounting, audit and tax obligations.