We realized that an online tax calculator designed to compare the headline tax liabilities across countries is a good solution for the tax predicaments of our clients considering relocation and for those who are already relocated to Singapore.
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(PRWEB) February 17, 2011
The Singapore based corporate portal, http://www.GuideMeSingapore.com has recently released a unique web-based tax calculator that allows global entrepreneurs to estimate and compare taxes across jurisdictions. The calculator hides a lot of computational complexity behind a very simple and easy to use interface. To provide realistic comparisons, the tax calculator uses real-time exchange rates and can provide its analysis in a currency of the user’s choice. Its analysis includes estimates of the corporate taxes, dividend taxes, personal income taxes and capital gains taxes that an entrepreneur is likely to face in different jurisdictions and thus provides a comprehensive perspective on the tax liability and the net take home income of an entrepreneur.
The release of this tool is particularly timely since it is tax filing time in most countries. Anecdotal evidence suggests that this is the time that most corporate executives seriously consider a relocation option for their corporate entity or their personal domicile. However, they are hampered by the lack of readily available, and objective analysis that can provide them accurate assessment of the tax savings that they can realize by moving to a new jurisdiction. GuideMeSingapore.com's new online tax calculator fulfills this need.
The new online tax estimation tool is aimed at business owners who are considering relocation to Singapore. The user can provide a short list of key figures that include the estimated annual business income, executive's salary, and other incomes. The tool does the math and then returns a side-by-side comparison of the overall tax liability of the business in Singapore with that in a user specified country. The tool does not require any other information that is private in nature and assures complete anonymity. The scope of the computation is limited by the fact that only the headline taxes and industry-wide tax breaks of jurisdictions are taken into account, therefore finer details such as industry-specific exemptions, subsidies and privileges will not be reflected in the results. The calculator should be used as an indicative assessment only and not as a substitute for professional advice.
Jacqueline Low, Director of Singapore company formation firm Janus Corporate Solutions -- the parent company of GuideMeSingapore.com -- said "We came up with the calculator as a free resource for our exiting and potential clients who visit our website for regulatory updates and market overview. A significant majority of our clients are from overseas. Many of them gravitate towards incorporation in Singapore because of the potential tax savings due to Singapore's extremely market friendly tax policies. Singapore offers many other advantages as well. We realized that an online tax calculator designed to compare the high-level tax liabilities across countries is a good solution for the tax predicaments of our clients considering relocation and for those who are already relocated to Singapore. Our tax advisory team and the IT experts worked together to develop this online tool, the emphasis was on simplicity. Ever since we rolled out the online tool, tens of thousands of our website visitors have used it and we have been receiving great feedback."
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