COMPLIANCE


COMPLIANCE

FOR COMPANIES

Estimated Chargeable Income

Estimated Chargeable is an estimate of a company’s chargeable income for a Year of Assessment (YA). IRAS requires each company to submit an ECI for the Year of Assessment within three months after the financial year ends.

Accounting Records

All Singapore Company must prepare the accounts which must consist of Profit and Loss Account, Balance Sheet, Cash Flow Statement, and Equity Statement in accordance with the Singapore Financial reporting standard (SFRS). The accounting records must be kept for 5 years.

Singapore Tax Return Filing

The filing/submission deadline for corporate income tax return is 30 November 2015. Documents to be submitted are audited or unaudited Report, Form C/ Income Tax Return and tax computation. The tax authority may impose a composition fee on the company if the documents are not filed by 30 November 2015.

Submission of Financial Report – audited and unaudited

Every company is required to submit a Financial Report. The report consists of financial statements such as balance sheet and income statements; supporting notes and disclosure of significant accounting policies applied by the company; disclosure of company’s operations; and shareholders and directors’ interests

FOR INDIVIDUALS

Income is assessed on a preceding calendar year basis, ending 31 December. You must File Your Annual Tax Form by 15 April of the following year. You can usually expect to receive the income tax bills from May to August.

Our Tax Accountants can assist you in your company and personal income tax filings. Our tax services include:

  • Registration for new Singapore tax payers
  • Preparation and filing of income tax return based on your income details and determination of tax deductions and reliefs that are applicable to you
  • Request for extension of tax filing deadline, if necessary
  • Preparation of Form IR8A/IR21 for employees
  • Singapore and international tax planning and advice