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What Every Singapore Restaurant Owner Should Know About GST Understanding Goods and Services Tax (GST) is crucial for restaurant owners in Singapore, as it directly impacts pricing, compliance, and overall financial management. Example : If a restaurant charges S$25 for a meal and the GST is 7%, the total bill would be S$26.75.
Embracing technology, maintaining organisation, and staying informed will position SMEs for success in their financialoperations. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs.
Example : A newly opened café earning S$120,000 in its first year can have the first S$100,000 of its income exempt from taxes, reducing its overall taxbill during its early phase. They can also assist in preparing accurate financial statements and filings, ensuring no details are overlooked.
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