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The jury always maintains that ignorance is no defense, and this same knife extends to cut across various systems in the society. Apparently, innocent people fall prey to the schemes of the cunning due to their lack of knowledge or information in a particular field. Apart from the cunning, it is also possible for one to experience injustices silently just because they do not know how to react. As such, it is important to keep oneself abreast with the basic knowledge of various aspects surrounding his or her operations, especially those with a financial significance. Talking of the tax bill, some individuals and companies are losing thousands of dollars by not familiarizing themselves with tax deductions and exemptions as provided for by law. When filing their tax returns, firms and individuals should consider the provisions of the law as regards tax exemptions and deductions. Tax returns are reports filed with the tax collection agencies or the revenue authorities, usually containing information that will be used to determine the individual or firm’s income tax, among others. Much as the firms submit their tax returns to the relevant authorities, they are entitled to some form of relief. In this case, companies can claim some deductions such as staff training costs. In Singapore, there are several deductions that companies can claim from the taxman. To begin with, costs related to retrenchment in the process of reorganizing the operations should be exempted. Costs incurred during training of staff should also be deducted from the taxman’s briefcase and if the firm receives grants from the government, only the actual costs can be deducted. While these costs appear insignificant in value, the sum of all the deductions is quite remarkable. Another deduction worth claiming is that of costs incurred on refurbishment and renovation works implemented in the duration between Feb 16, 2012 and Feb 15, 2013. Firms that buy commercial vehicles for business use can also claim capital allowance. However, these vehicles must not be exceeding the capacity of 3,000kg. In addition, trade losses or unutilized capital allowances for the year, with a value of up to $200,000 can be carried back to the previous three years if the conditions allow. It is an acknowledgeable fact that not many firms can manage to follow such finer details when filing tax returns. However, this does not imply that they cannot secure anything. Actually, there is the option of getting a renowned tax services Singapore expert to assist. A knowledgeable tax services specialist should be able to evaluate the finer details of the tax returns, coming up with remarkable recommendations. Tax services Singapore firms are relevant to both individuals and companies and the services are often sought after. The charges for such expert services are relative but quite reasonable.
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