Pioneer Associates: Taxation Services

Tax cost is a key concern in every financial or business decision. We understand the challenges that both individuals and corporations face and are equipped to assist our clients to understand tax laws and provisions so as to maximise their after-tax returns and profits.

We offer local tax filing services to help our clients meet statutory obligations in addition to local and international tax advice with a view to optimising tax efficiencies.

 

Tax Compliance Services

We offer the following services to help clients meet their statutory tax filing obligations:

-         Assisting either with the preparation and filing of the corporate annual tax returns, or providing review of tax returns prepared prior to submission.

-         Assisting with the preparation and submission of local personal income tax returns of high net-worth individuals and designated employees of corporate clients.

-         Assisting with the preparation and filing of the annual Form IR8A (Return of Employee’s Remuneration) or tax clearance Form IR21 (Notification of a Non-Citizen Employee’s Cessation of Employment or Departure from Singapore), or providing review of completed forms to ensure that remuneration paid to the employees is properly reflected.

-         Assisting corporations that have instituted Tax Equalisation/Protection Program for their expatriate employees on international assignments by helping them to manage the Singapore division of the Program.

 

Tax Advisory Services 

We specialise in innovative and effective tax planning–on the basis of full disclosure-to help our clients minimise adverse tax consequences and maximise opportunities for tax savings.

Our tax team advises and aids clients in structuring their operations in Singapore and the Asia Pacific region to optimise their tax position within the confines of tax legislation and tax regimes in relevant countries in the region.

Our tax team is knowledgeable about regional tax. We focus on reducing clients' tax costs in the region and in Singapore alike. Our tax team offers expertise in cross-border tax matters.

 Our tax advisory assignments include:

-         Helping investors who use Singapore or ASEAN member countries as their investment base to understand the requirements of relevant tax regimes so that they can structure their investments in a tax-efficient manner which is acceptable to the relevant tax authorities;

-         Assisting investors in evaluating an ideal location for their regional headquarters operations, including liaising with relevant regulatory bodies and assisting with the application for appropriate tax incentive packages;

-         Helping investors who are establishing new or expanding operations to seek, apply for and obtain tax and financial incentives in Singapore and other South-east Asian countries, including negotiations with relevant government authorities;

-         Providing tax advice to investors on profit repatriation methods to minimize the incidence of taxes, taking into account intercompany transfer pricing rules and regulations;

-         Providing tax due diligence support for merger and acquisition transactions, including assisting buyers with tax structuring;

-         Structuring tax effective compensation packages for senior executives.

As tax laws and incentives are constantly reviewed and changed, we work closely with other professional firms in the region to stay abreast of regional developments. These firms regularly review our input and guidance on clients’ strategies, thus helping us to ensure that our recommendations are globally sound.

 

Good & Services Tax Support Services

Local Goods and Services Tax (GST) Services

GST is a consumption tax levied on the import of goods and on most supplies of goods and services made in Singapore.

Businesses with taxable turnover exceeding or expected to exceed S$1 million over a 12-month period are required to comply with the provisions of the GST Act. Our team of experienced professionals provides compliance support to help businesses reduce their GST risks. For example, businesses that experience rapid growth, structural changes, or that have internal resource constraints are more susceptible to incorrect reporting of GST.

Aside from assisting businesses with GST registration and the filing of quarterly GST returns, we also provide a full range of compliance and advisory services including:

-         Applying for special GST schemes such as the Major Exporter Scheme (MES) and Approved Third Party Logistics Company Scheme

-         Advising on the GST implications of proposed transactions, including recommending the most efficient way to structure transactions for GST purposes within the limits of GST regulations

-         Assisting clients with queries and negotiations with the IRAS on GST matters, including seeking practical solutions to GST issues

-         Conducting GST health-checks to identify GST risks and providing recommendations to ensure compliance with GST regulations

-         Aiding with the adoption of voluntary compliance initiatives undertaken by the IRAS, such as the Assisted Self-Help Kit (ASK), and assisting companies to prepare for the Assisted Compliance Assurance Programme (ACAP)

-         Assisting companies to manage GST audits or investigations conducted by the IRAS.