How to make money in Singapore?
You play with GST.
If your business is below $1m revenue and profitable, you adjust your GST declaration when importing.
Import $10000 value, you declare $12000. You pretend to pay a bit more GST (can claim back for businesses) and reduce your taxable profits.
If you business has cashflow issues, you just churn (buy-sell, sell-buy, buy-sell, sell-buy) your sales, you can claim a bit extra GST from IRAS, more helpful with 9% GST in future and revenue stays below $2m, you will be off IRAS's radar screens. Then use the expanded revenues and take more bank loans to ease your cashflow issues.
If you have illegitimate incomes, you start a GST business. Just pay GST to whitewash your incomes. Nobody can touch you because you paid protection money to Lawrence.
As long as your numbers stay low, you will not be flagged.
You play with GST.
If your business is below $1m revenue and profitable, you adjust your GST declaration when importing.
Import $10000 value, you declare $12000. You pretend to pay a bit more GST (can claim back for businesses) and reduce your taxable profits.
If you business has cashflow issues, you just churn (buy-sell, sell-buy, buy-sell, sell-buy) your sales, you can claim a bit extra GST from IRAS, more helpful with 9% GST in future and revenue stays below $2m, you will be off IRAS's radar screens. Then use the expanded revenues and take more bank loans to ease your cashflow issues.
If you have illegitimate incomes, you start a GST business. Just pay GST to whitewash your incomes. Nobody can touch you because you paid protection money to Lawrence.
As long as your numbers stay low, you will not be flagged.