{"id":5957,"date":"2024-01-17T13:27:32","date_gmt":"2024-01-17T05:27:32","guid":{"rendered":"https:\/\/thefrederation.com\/?page_id=5957"},"modified":"2024-03-27T14:28:04","modified_gmt":"2024-03-27T06:28:04","slug":"faq","status":"publish","type":"page","link":"https:\/\/pioneerassociates.com.sg\/index.php\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"[et_pb_section fb_built=”1″ _builder_version=”4.21.0″ _module_preset=”default” custom_margin=”||-71px|||” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/pioneerassociates.com.sg\/wp-content\/uploads\/2024\/02\/getty-images-4PdrTAKk_JI-unsplash.jpg” title_text=”getty-images-4PdrTAKk_JI-unsplash” disabled_on=”off|off|on” _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Frequently Asked Questions<\/h1>\n
<\/span><\/p>\n<\/span><\/p>\nTerms of Use:
\nThe information, content and other materials provided on this website are provided on an \u201cas is\u201d and \u201cas available\u201d basis for general information purposes and not as professional advice. No warranties of any kind are given.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/pioneerassociates.com.sg\/wp-content\/uploads\/2024\/02\/getty-images-4PdrTAKk_JI-unsplash.jpg” title_text=”getty-images-4PdrTAKk_JI-unsplash” disabled_on=”on|on|off” _builder_version=”4.24.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_heading title=”Corporate Tax FAQ” _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_heading][et_pb_toggle title=”When are corporate tax returns due in Singapore?” disabled_on=”on|on|off” _builder_version=”4.24.2″ _module_preset=”default” title_level=”h3″ title_text_align=”left” title_line_height=”1.23em” global_colors_info=”{}”]<\/p>\n
<\/span><\/p>\nSingapore taxes income on a preceding year basis i.e., income for financial year-end 2023 will be subject to tax in Year of Assessment (“YA”) 2024. The tax year is referred to as YA.<\/span><\/p>\n<\/span><\/p>\n<\/span><\/p>\n\n\n\nTax Return<\/strong><\/span><\/td>\nPurpose<\/strong><\/span><\/td>\nDue Date<\/strong><\/span><\/td>\n<\/tr>\n\n| Estimated Chargeable Income (ECI)<\/span><\/td>\n | To declare an estimate of the company’s taxable income for a YA<\/span><\/td>\n | Within 3 months from the end of the financial year, except for companies that qualify for the ECI filing waiver and those that are specifically not required to file an ECI<\/span><\/td>\n<\/tr>\n\n| \n Form C-S \/ Form C-S (Lite) \/ Form C<\/span><\/p>\n<\/td>\n | To declare the company\u2019s actual taxable income for a YA<\/span><\/td>\n | 30 November each year<\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n [\/et_pb_toggle][et_pb_toggle title=”When are corporate tax returns due in Singapore?” disabled_on=”off|off|on” _builder_version=”4.24.2″ _module_preset=”default” title_level=”h3″ title_text_align=”left” title_line_height=”1.23em” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\nSingapore taxes income on a preceding year basis i.e., income for financial year-end 2023 will be subject to tax in Year of Assessment (“YA”) 2024. The tax year is referred to as YA.<\/span><\/p>\n<\/span><\/p>\n<\/span><\/p>\n\n\n\nTax Return<\/span><\/strong><\/td>\nEstimated Chargeable Income (ECI)<\/span><\/strong><\/td>\n<\/tr>\n\nPurpose<\/span><\/strong><\/td>\nTo declare an estimate of the company\u2019s taxable income for a YA<\/span><\/td>\n<\/tr>\n\nDue Date<\/span><\/strong><\/td>\nWithin 3 months from the end of the financial year, except for companies that qualify for the ECI filing waiver and those that are specifically not required to file an ECI<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\nTax Return<\/span><\/strong><\/td>\nForm C-S \/ Form C-S (Lite) \/ Form C<\/span><\/strong><\/td>\n<\/tr>\n\nPurpose<\/span><\/strong><\/td>\nTo decare the company\u2019s actual taxable income for a YA<\/span><\/td>\n<\/tr>\n\nDue Date<\/span><\/strong><\/td>\n| 30 November each year<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n [\/et_pb_toggle][et_pb_toggle title=”Is my company required to file corporate tax in Singapore?” _builder_version=”4.24.2″ _module_preset=”default” title_level=”h3″ title_text_align=”left” title_line_height=”1.23em” body_ul_item_indent=”19px” body_ol_type=”lower-alpha” body_ol_position=”outside” body_ol_item_indent=”14px” body_ol_font_size=”18px” custom_css_free_form=”#et-main-area ul {|| padding-bottom: 0;||}||\/*||.entry-content selector li li li { || list-style-type: circle !important;||}||||.entry-content selector li li { || list-style-type: circle !important;||}||||||.entry-content selector li li li li { || list-style-type: square !important;||}||||.entry-content selector li li li li li { || list-style-type: square !important;||}||*\/||selector.et_pb_toggle ol li{|| padding-bottom: 15px !important;||}||selector.et_pb_toggle ol li li{|| padding-bottom: 0px !important;||}” global_colors_info=”{}”]<\/p>\n Estimated Chargeable Income (ECI)<\/u><\/strong><\/span><\/p>\nAll companies are required to file ECI unless they fall within category (a) or (b) below:<\/span><\/p>\n(a) ECI filing waiver<\/span><\/p>\n Both criteria must be met:<\/span><\/span><\/p>\n\n- \n
\n- Annual revenue is S$5 million or below for the financial year; and<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- ECI is nil for the Year of Assessment (“YA”). The ECI should be the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.<\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n(b) The following types of companies are not required to file ECI:<\/span><\/p>\n\n- \n
\n- Foreign ship owners or charterers whose local shipping agent has submitted \/ will submit the Shipping Return<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Foreign universities<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Designated unit trusts and approved CPF unit trusts<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Real estate investment trusts that have been granted the tax treatment under Section 43(2) of the Income Tax Act 1947<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Cases specifically granted the waiver to furnish ECI by the Inland Revenue Authority of Singapore (“IRAS”)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n<\/u><\/strong><\/span><\/p>\nForm C-S \/ Form C-S (Lite) \/ Form C<\/u><\/strong><\/span><\/p>\nAll Singapore companies must file the Form C-S \/ C-S (Lite) \/ C by the filing due date, except for dormant companies that have been granted waiver from the IRAS to file Form C-S \/ C-S (Lite) \/ C.<\/span><\/p>\nA dormant company may apply for waiver from tax filing if it satisfies all the following conditions:<\/span><\/p>\n\n- \n
\n- It must be dormant and must have filed its Form C-S \/ C-S (Lite) \/ C, financial statements and tax computation(s) up to the date of cessation of business.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- It must not own any investments (e.g., shares, real properties, fixed deposits). If the company owns investments, it must not derive any income from these investments.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- It must have been de-registered for Goods and Services Tax (GST) purposes prior to this application if it had previously been a GST-registered company.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- It must not have the intention to recommence business within the next 2 years.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
[\/et_pb_toggle][et_pb_toggle title=”What happens if my company misses the corporate tax filing deadline?” _builder_version=”4.24.2″ _module_preset=”default” title_level=”h3″ title_text_align=”left” title_line_height=”1.23em” global_colors_info=”{}”]<\/p>\n If Estimated Chargeable Income (ECI) is not filed<\/u><\/strong><\/span><\/p>\nIf a company is late in filing or fails to file its ECI, an estimated Notice of Assessment may be issued by the Inland Revenue Authority of Singapore (“IRAS”) based on the company\u2019s past years\u2019 income or other information available to the IRAS. <\/span><\/p>\nThe company must pay the full tax amount within 1 month from the date of the Notice of Assessment. <\/span><\/p>\n\n- \n
\n- No instalment payment will be granted by the IRAS.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Payment must be made based on the estimated Notice of Assessment even if the company files an objection. If the assessment is subsequently revised, any excess payment will be refunded to the company.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Late payment penalties will be imposed and enforcement actions may be taken if payment is not received by the due date.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n<\/u><\/strong><\/span><\/p>\nIf Form C-S \/ C-S (Lite) \/ C is not filed<\/u><\/strong><\/span><\/p>\nIRAS may take the following enforcement actions if Form C-S \/ C-S (Lite) \/ C is not filed by the due date of 30 November:<\/span><\/p>\n\n- \n
\n- Issue an estimated Notice of Assessment. The company must pay the estimated tax within 1 month.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Offer to compound the offence.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n\n- \n
\n- Issue a Section 65B(3) notice to the company\u2019s director\/s to submit the required information in the corporate income tax returns to the IRAS.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
<\/span><\/p>\n<\/span><\/p>\n\n- \n
\n- Summon the company or persons responsible for running of the company (including the directors) to Court.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
[\/et_pb_toggle][et_pb_toggle title=”What if I disagree with the Notice of Assessment issued by the Inland Revenue Authority of Singapore (IRAS) for my company?” _builder_version=”4.24.2″ _module_preset=”default” title_level=”h3″ title_text_align=”left” title_line_height=”1.23em” global_colors_info=”{}”]<\/p>\n The company must file an objection to the IRAS within 2 months from the date of the Notice of Assessment. If no objection is received within that period, the assessment will be treated as final.<\/span><\/p>\n<\/span><\/p>\n[\/et_pb_toggle][et_pb_toggle title=”What are the penalties for errors in corporate tax returns submitted?” _builder_version=”4.24.2″ _module_preset=”default” title_level=”h3″ title_text_align=”left” global_colors_info=”{}”]<\/p>\n The Inland Revenue Authority of Singapore (IRAS) audits tax returns and imposes penalties when there are errors, omissions and discrepancies.<\/span><\/p>\nUnder the Income Tax Act 1947, taxpayers may face the following consequences depending on whether there is evidence indicating intention to evade taxes:<\/span><\/strong><\/span><\/p>\n
| | | | | | | | | | | | | | | | |