Golden Mile Tower, Singapore, February 2015- JM Management (S) Service, provider of outside accountants, secretary services and bookkeeping services is now known as JM Management & Accounting Pte Ltd, a name much more apt in describing its provided services.
The company had been providing services in Public Accountants and Certified Accountants firms for more than 9 years. Under this new name, the company will also provide advice for personal and corporate tax compliance in order to obtain optimum tax benefits. This includes giving guidance to the registration of Goods and Services Tax (GST) for companies.
In addition, JM Management Pte Ltd provides a very flexible Professional Accounting and Bookkeeping services for Small and Medium Enterprises (SME) which can base on Yearly, Quarterly or Monthly service and at a reasonable fee without watering down the quality of its services.
As the Inland Revenue Authority of Singapore (IRAS) disclosed their plans to generate tax revenues from businesses about three weeks ago, it is advisable to get advice from accounting firms about taxes as new laws involving cryptocurrencies are instilled. Now, they are to be brought under the category of ‘services’, thus making them vulnerable to the existing Goods and Services (GST) taxes. It is also worth to note that more and more online retailers are attempting to evade the Goods and Services (GST) tax, as on February 4, the Singapore Customs said that there is an emerging trend of online retailers that attempt to evade or under-declare the tax on importation of goods into the country by submitting fake-invoices or under-declaring the value of goods on their import permits declaration.
In addition, the penalty for late registration or not registering for the Goods and Services Tax may be convicted to pay the penalty equal to 10 percent of the tax due in respect each year or part thereof commencing form the date required to apply, liable for a fine not exceeding SGD 10, 000 or liable for further penalty of SGD 50 for each day during which the offence continues after conviction.
The Goods and Services (GST) tax in Singapore is undergoing constant changes. Thus, to alleviate the hassles that come with the tax and to ensure that the tax is paid on time and in the correct amount to avoid being fined, it is advisable to hire an outside accountant that is trained professionally to tackle the task if one’s company is unable to juggle with all the financial tasks.
ABOUT JM MANAGEMENT & ACCOUNTING PTE LTD
JM Management & Accounting Pte Ltd is a Singapore-based accountancy, taxation, secretarial and corporate management company. They can be found at the address 6001 Beach Road, #16-04, Golden Mile Tower, Singapore 199589 or contacted at (65) 6504 6070 and at http://www.jmmanagement.com.sg/