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  • PlanAssure PAC
    our clients business to enable us to plan the nature and timing of the audit and the deployment of the appropriate audit staff so as to ensure that the audit is efficient Services include Statutory or Financial Statements audit Financial Statements Review This is a process where CPAs perform procedures sufficient to provide limited assurance that financial statements are free from material misstatement A financial statement review is substantially less in scope than a statutory audit Such review could take the following forms Reconcile various tax filings with the related financial statement assertions Perform analytical review of certain financial statement line items and compares the results with the expected results or industry norms Re perform client provided bank reconciliations Compare accounts receivable and accounts payable detail to ledger balances Examine to ensure that yearly financial statements and directors report have been prepared in accordance with prescribed formats required by the Financial Reporting Standards and Companies Act Other attest Services Agreed upon Procedures These are procedures mutually agreed upon by the clients and the CPAs Examples of such attest services are Owners directors of a company requiring CPAs to document that certain internal control policies are being followed Creditor requiring CPAs

    Original URL path: http://www.planassurepac.com.sg/audit.htm (2012-12-22)
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  • PlanAssure PAC
    the foreign country from which they were received The one tier corporate taxation system replaced the outgoing full imputation system effective 1 January 2003 Under the new system tax at the corporate level is final and dividends received in the hands of shareholders are tax exempt As a transitional measure companies are still allowed to pay franked dividends out of unutilized Section 44 balances as at 31 12 02 The transitional period stretches from 1 1 03 to 31 12 07 to allow companies clear off their remaining Section 44 balances Individual income tax Individuals tax residents are taxed on their incomes on a sliding scale from 0 for the first 20 000 chargeable income to 20 for chargeable income above 320 000 Effective 1 January 2004 all foreign sourced personal income received in Singapore by Singapore tax residents are exempt from income tax There are no conditions attached except that taxpayers are required to keep evidence documents in support of their claims for tax exemption in the event they are called upon by the Tax Authorities to submit same The above exemption is not applicable if received through a partnership in Singapore Withholding taxes Interest commissions fees and other payments in connection with loans or indebtedness royalties rentals from movable property and management and technical fees paid to non tax residents are generally subject to withholding tax in Singapore These withholding taxes ranges between 10 to 20 Singapore has to date concluded tax relief agreements DTA with some 50 countries for avoidance of double taxation and in certain instances full exemption of income tax payable on qualifying services rendered There is no withholding tax on the payment of dividends to non tax residents of both DTA and non DTA countries Goods and Services Tax GST A 7 Goods and Services Tax GST is imposed on domestic consumption The GST is levied on the sale of goods and services in Singapore by GST registered traders and on goods imported into Singapore The export of goods and international services is not subject to GST The GST covers almost all goods and services except for the rental and sale of residential land and buildings in Singapore and the provision of certain financial services Businesses whose turnover exceeds S 1 million are required by law to register for GST Property tax Property tax is calculated as a percentage of the annual value of all houses lands buildings and tenements Annual value is defined as the gross annual rental value of the property The tax rate for industrial and commercial properties is 10 while owner occupied residential properties are taxed at 4 Property tax exemption may be granted under certain circumstances e g in instances where land was under development Stamp Duties Stamp duty is payable on documents relating to immovable property stocks and shares as follow Purchase or Gift of Immovable Property Conveyance Purchase Price or Market Value whichever is higher Every 100 or part thereof of the first 180 000 1 00

    Original URL path: http://www.planassurepac.com.sg/taxes.htm (2012-12-22)
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  • PlanAssure PAC
    Singapore Companies Act in lieu of liquidation Striking off is speedier simpler no newspaper publicity and less costly The main conditions required are that the Company is no longer in business has no assets or liabilities and no outstanding obligations to the Accounting and Corporate Regulatory Authority We will undertake to verify that your Company qualifies to be struck off prepare all the necessary documents to be signed by the

    Original URL path: http://www.planassurepac.com.sg/diss01.htm (2012-12-22)
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  • PlanAssure PAC
    Companies The Company must be solvent i e it has more assets than liabilities At least 75 of the shareholders consent to this mode of dissolution We will undertake to appoint a Liquidator and carry out all the necessary duties from pre liquidation to final dissolution of the Company If there are significant or substantial assets to be realised or distributed or liabilities to be settled time costs in addition

    Original URL path: http://www.planassurepac.com.sg/diss02.htm (2012-12-22)
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  • PlanAssure PAC
    Up pursuant to Section 290 of the Singapore Companies Act provided at least 75 of the shareholders consent to this mode of dissolution We will undertake to appoint an approved and qualified Liquidator and carry out all the necessary duties

    Original URL path: http://www.planassurepac.com.sg/diss03.htm (2012-12-22)
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  • PlanAssure PAC
    The company itself Any creditor including a contingent or prospective creditor of the company We will arrange to appoint an approved and qualified Liquidator and carry out all the necessary duties prior to presentation of the petition for the winding

    Original URL path: http://www.planassurepac.com.sg/diss04.htm (2012-12-22)
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  • PlanAssure PAC
    equitable mortgage or other loan document given by a borrowing company allow the lender in the event of default to appoint a Receiver We will arrange to appoint an approved Receiver and if necessary Manager on behalf of the debenture

    Original URL path: http://www.planassurepac.com.sg/diss05.htm (2012-12-22)
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  • PlanAssure PAC
    7 days lodge the required notice with the Registrar of Companies We will undertake to ascertain whether outstanding statutory obligations of the foreign company have been complied with before we lodge the required notice with the Registrar of Companies Contact

    Original URL path: http://www.planassurepac.com.sg/diss06.htm (2012-12-22)
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