Having a proper bookkeeping and tax system is vital for any company, regardless of size or industry, to efficiently manage daily business activities and keep the financial status of the business in check. Without it, committing financial blunders is imminent and may result to losses, penalties and prosecution.
Maintaining accurate and complete records of all business transactions are instrumental for better financial analysis and successful management practices.
Compliance in Singapore under the corporate tax regime administered by the Inland Revenue Authority of Singapore (IRAS) is a complex matter, requiring all your corporate returns to be properly prepared and filed on time.
If these legal requirements are not complied with, your company runs the risk of incurring civil (financial) and even criminal (imprisonment) penalties in the event of non-compliance.
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