Tax Audit and Investigation Services In Singapore
JL Accounts also help clients in matters related to tax audit or investigation. Our role in tax audits is to assist our clients in establishing and refining their internal practices.
This includes promoting and suggesting efficient practices and identifying any potential loopholes, shortcomings or errors in their internal control systems. This may include any disorganised accounts, lack of proper filing system, poor manpower arrangements or insufficient training/experience by your staff.
These are all made with the intention to improve the company’s structure and practices, such that it is ironclad and sturdy enough to survive tax audits.
Our years of experience in this industry has also equipped us with the knowledge and skills to help our clients with the following tax-related services:
- Tax Mitigation
- Tax Advisory
- Corporate Taxation
- Corporate Tax Computation & Submission
- Corporate Tax Submission
- Corporate Tax Consultancy Services
- Tax Planning
- Individual Income Tax
- GST Filing
- GST Audit
- Reconstruction of Accounts
- Client Representation to IRAS
- IRAS Audit Assistance
- What triggers a tax investigation?
- Tax investigation for companies may be triggered for a variety of reasons. There may be late taxes; your file tax returns may be late or there may be errors that require correcting. (inconsistencies in filings, variations in tax returns etc.) Some steep increase or fall in numbers may also raise a red flag. Nevertheless, being involved in an IRAS tax investigation does not necessarily mean that your company is in trouble.
- What is the purpose of tax audit?
- IRAS Tax audits are conducted to determine the accuracy of your business’ GST & tax returns. The information has to be accurate. Hence, IRAS conducts audits randomly to ensure that.
- What information is needed during an IRAS tax audit or tax investigation?
- Any additional information to help verify the accuracy of the figures reported in your GST returns;
- Completed self-review checklists such as self-review forms for pre-registration input tax claims, bad debt relief, or any form of self-mandated checklists;
- Confirmation from your customers, suppliers and/or banks to authenticate the transactions you reported in your GST returns;
- Demonstration of your process of recording transactions into the computer system;
- Information on your business arrangements, sales, purchases;
- Sales and purchases listings to support the figures reported in your GST returns;
- Sales and purchases listings;
- Supporting documents, such as invoices, export documents for your business transactions.