{"id":30,"date":"2015-04-17T04:58:14","date_gmt":"2015-04-17T04:58:14","guid":{"rendered":"http:\/\/smeaccounting.com.sg\/?page_id=30"},"modified":"2015-04-20T04:44:36","modified_gmt":"2015-04-20T04:44:36","slug":"compliance","status":"publish","type":"page","link":"http:\/\/smeaccounting.com.sg\/index.php\/compliance\/","title":{"rendered":"COMPLIANCE"},"content":{"rendered":"

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COMPLIANCE<\/h2>\n

<\/a><\/p>\n

FOR COMPANIES<\/i><\/span><\/p>\n

Estimated Chargeable Income<\/a><\/b><\/p>\n

Estimated Chargeable<\/a> is an estimate of a company’s chargeable income<\/a> 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<\/a> year ends.<\/p>\n

Accounting<\/a> Records<\/b><\/p>\n

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

Singapore Tax Return Filing<\/b><\/p>\n

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

Submission of Financial<\/a> Report – audited and unaudited<\/b><\/p>\n

Every company is required to submit a Financial Report<\/a>. The report consists of financial statements<\/a> 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<\/p>\n

FOR INDIVIDUALS<\/b><\/p>\n

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.<\/p>\n

Our Tax Accountants<\/a> can assist you in your company and personal income tax<\/a> filings. Our tax services include:<\/p>\n