Tax Compliance

2019-12-02
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Taxable Income

Taxable Income For Singapore tax purposes, taxable income refers to: The proceeds or profits of any trade or business. Investment income such as dividends, interest and rent. Royalties, insurance premiums and any other property profits. Other gains that are revenue in nature Deductions such as business expenses, capital allowances and reliefs can be claimed to reduce taxable income, which will result in a lower taxes. Business Expenses Business expenses are the costs you pay to run your business. Some examples are Central Provident Fund contributions, salaries, renovations, advertising, etc. Business expenses may or may not be deductible. When deducted, they […]
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2020-02-29
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Tax Clearance for Foreign Employee

Tax Clearance for Foreign Employee Give Notice to Your Employer Your employer must file the Form IR21 at least one month before you cease employment with them, go on an overseas posting or leave Singapore for more than three months. For example, if you tender your resignation on 14 Aug 2020 with your last day of employment being 13 Oct 2020, your employer is required to file the Form IR21 by 14 Sep 2020. Hence, please give sufficient notice to your employer so that they can file the Form IR21 for you early. This will also give you time to settle […]
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2020-08-16
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e-File ECI 

e-File ECI Step 1: Before e-Filing, please ensure: You have been authorised by the company as an “Approver” for Corporate Tax (Filing and Applications) in CorpPass; and You have the company’s tax reference number, your CorpPass ID and CorpPass password. For assistance on CorpPass setup, please refer to Step-by-Step Guides. Step 2: e-File via mytax.iras.gov.sg For assistance on e-Filing, please refer to the relevant guides: User Guide – e-File Estimated Chargeable Income (Company) (PDF, 1.13MB) User Guide – e-File Estimated Chargeable Income (Tax Agent) (PDF, 1.12MB) Explanatory Notes for ECI for YA 2020 (PDF, 189KB) Companies that file their ECI in Apr 2020 will receive their NOAs […]
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2020-08-17
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File Corporate Income Tax

File Corporate Income Tax The annual filing deadline for Form C-S/ C is 15 Dec for YA 2020 and 30 Nov from YA 2021 onwards. Filing Deadlines The annual filing deadline for Form C-S/ C is: Year of Assessment (YA) Due Date 2020 15 Dec 2021 Onwards 30 Nov Late Filing Submit Form C-S/ C by the filing deadlines to avoid enforcement actions such as composition or summons. The filing deadlines provide companies with at least 11 months to file from the time of closing of the accounts. Example Financial year end of company Period covered in the accounts YA […]
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2020-08-17
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GST Filing

GST Filing Completing GST Return Before Filing Your GST F5 Return The form GST F5 Return has fifteen boxes that you must fill. You can access your GST returns by logging in to myTax Portal. All figures reported in the GST Return must be in Singapore Currency. If you have transactions in foreign currency, please refer to Foreign currency transactions on how you should report them in Singapore currency. Even if you do not have any transactions during the prescribed accounting period, you are still required to e-File a nil return (i.e. fill in ‘0’ for all boxes). For more details, you may […]
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2020-08-17
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What is GST

What is GST The Goods and Services Tax or GST is a broad-based consumption tax that is levied on imported goods (collected by Singapore Customs) and on almost all supplies of goods and services in Singapore. In other countries, GST is known as Value Added Tax or VAT. GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and rental of residential property, and the import and local supply of investment precious metals. The rate of tax on exported goods and international services is zero.   Businesses required to register for GST […]
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2021-04-15
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Things to note for Singapore VCC taxation

Things to note for Singapore VCC taxation VCC, either is non-umbrella VCC or an umbrella VCC comprising two or more sub-funds, it will be recognised as a single entity for income tax purpose. However, each sub-fund of an umbrella VCC is regarded as a separate person for GST purposes. Similar to companies incorporated under Companies Act, a VCC is considered a tax resident in Singapore for the assessment year if the control and management of the VCC’s business is exercised in Singapore for that year. The tax residence of a sub-fund follows that of its umbrella VCC. This means that […]
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