4. Enable tax planning and meet the statutory requirements
Some business prepares their accounts only after the financial year for tax obligations.
These businesses who prepare late may have no clear idea of the tax payable amount and by then, it will be too late to plan your expenses or capital investments for tax reduction or exemption purposes.
Also, there is great complexity in meeting the statutory requirements.
In Singapore, companies must prepare accounts that are in compliance to Accounting Standard.
In GST, an updated account will ensure your business pay the GST amount correctly to avoid penalties for paying late and meet the obligations to register for GST.
Failure to register for GST in time will result in additional liabilities due to penalties, late payment interests and GST amount
supposed to pay the tax authority computed from the expected date to register.