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Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.
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Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
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Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
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Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
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ESG Reporting and Accounting
As part of our ESG and Sustainability Services, our team will work with you on various aspects of ESG accounting and ESG reporting so that your business can be pursue a sustainable future.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
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Sustainability with the ARC framework
Backed by the CTC Grant, businesses can tap on the ARC Framework to gain access to sustainability internally, transform business processes, redefine job roles for workers, and enhance productivity. Companies can leverage this grant to drive workforce and enterprise transformation.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
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Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
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Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
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Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.
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Welfare and benefits
We believe that a thriving team is one where each individual feels valued, fulfilled, and empowered to achieve their best. Our welfare and benefits aim to care for your wellbeing both professionally and personally.
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Career development
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
Whilst Deputy Prime Minister and Finance Minister Heng announced an estimate of nearly $60bn worth of welcome measures to support the economy through the Covid-19 pandemic in the “Resilience” and “Solidarity” budgets, many businesses will still be seeking further ways to reduce costs and improve their overall cashflow position.
None of the nearly $60bn worth of announcements related to alleviating GST pressures experienced by businesses, except for a separate notification of an 11-day filling and payment extension for the March 2020 GST return. However, indirect taxes such as GST typically have a significant impact on cashflow and, for many clients, represent an absolute cost. It is often forgotten that GST applies to the business’ throughput (sales + purchases) and therefore, has a material impact on cashflow.
Our experience is that GST is deceptively simple but yet, the effective management of GST is often overlooked. However, during difficult times, there can be significant cash and cashflow savings that can be generated by focussing on improving the overall impact of GST on working capital and the ‘bottom line’.
Some of the common areas where savings can be realised include:
- Changing your return filing frequency to receive GST refunds faster, where a business is in a regular repayment situation
- Accelerating recovery of GST on purchases e.g. utilising input tax accruals, optimising GST return period
- Ensuring that output tax is accounted for at the correct tax point (earlier of invoice or payment) to avoid late payment penalties and paying output tax earlier than required
- Identifying GST incorrectly blocked on purchases or employee expenses
- Seeking to identify where GST is being accounted for at 7% which could benefit from zero—rating
- Mitigate cashflow costs from having to pay import GST upfront, through IRAS approved import GST relief schemes (Major Exporter Scheme, Import GST Deferment Scheme etc)
- Benefit from GST group registration to avoid charging GST on intercompany billings and claiming bad debt relief for GST
- Claiming relief from GST under the transfer of going concern rules in any consolidation, reorganisation or disposal of business assets
- Avoid tax risks and penalties through a health-check review or tax process improvements.
There are other mechanisms to deliver GST savings, which generate real cash inflows to the business ranging from good housekeeping to efficient GST structuring arrangements. A number of these are sector specific and can be unique to your business.
We recognise that each business is distinct and our approach seeks to reflect that. We typically adopt a phased approach to reviewing your particular position.
Phase 1 – Scope
Our experience has shown that by investing time at the outset of savings-led reviews in understanding our clients and their circumstances, reduces the overall timescales and costs involved for both parties.
Phase 2 – Focus and approach
Using a consultancy-led approach, we gather information to identify a range of savings opportunities and use of analytical skills and solutions to provide an estimation of the likely value of each. During this phase we would be able to identify the ‘ease of implementation’ for each idea and how quickly the benefits can be realised.
Phase 3 – Implement
We agree with you the areas that represent the greatest potential for delivering savings and work on those you wish to pursue. Our experienced indirect tax specialists will then proceed and agree an implementation timetable with you and seek to deliver the savings.
How we can help
Our indirect tax team has wide experience in undertaking specialist GST reviews and structuring arrangements.
Feel free to contact your Grant Thornton contact person and we would be pleased to have a preliminary discussion.