Singapore is a famous country widely acknowledged for its low crime rates, cleanliness, lucrative business opportunity, and rich culture. It is the positive attributes of this country that make it an attractive destination for ex-pats. If this attractiveness compels you to join the 1.3 million population who have chosen to be ex-pats in Singapore, hire professional US taxation services in Singapore to understand how your tax obligation will be affected. Only an experienced ex-latex-pat tax pro can guide you for expatriate taxation norms and help you file your returns timely and with accurate numbers.
Below is the list of the norm you will cover with the expertise of a US tax accountant in Singapore, which can spare you productive time to grow your business instead of focusing on tax filing complications.
Responsibility Of US Taxation Services Profession
1.Make You Aware Of Your Taxation Eligibility As An Ex-pat
Being a citizen of the United States, you must report your worldwide income every year, regardless of the country you reside in. This is the little-known information that only a tax ex-pat tax professional can guide you with and protect you from listing under the category of tax defaulter.
2.File return on your assets
In addition to the income tax return, as an ex-pat, you must compute the assets you hold in foreign bank accounts with Foreign Bank. You’ll have to bear this tough job aside, looking over your business sales and revenue.
This is where USA ex-pat tax Services Singapore comes into the picture to rescue you by filing an informational return on your assets held in foreign bank accounts and other essential account reporting (FBAR) Form 114, which is mandatory.
3.Protect From Filing Double Taxation
Singapore ex-pat tax is a challenging term you can overcome in one day. It needs knowledge and passion to stay updated with tax rules and regulations. There’re many exemptions have been grant to ex-pats that they’re not familiar with, and as a result of their unawareness, they file double taxation, including:
- Foreign Earn Income Exclusion- In this norm, only a qualifie expatriate is electe to exempt a certain amount on their tax return, as reveal annually.
- Foreign Tax Credit- If US citizens reside in another country and become eligible to file tax returns in the foreign country, they will likely be eligible to claim the credit for the foreign income taxes on their US income tax return.
- Foreign Housing Exclusion- It allows additional exclusion to the ex-pat to exclude some housing expenses from their US ex-pat taxes over specific country-specific amounts.
These are specific exclusions that many ex-pats are still unaware of. Hopefully, with this guide, they will nourish accurate information and understand the importance of hiring a pro-taxation professional when deciding to live abroad.