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Annual Filing Requirements with IRAS

Annual Filing Requirements with IRAS
In this page, you will learn about the mandatory filing requirements to stay compliant with the Inland Revenue Authority of Singapore.

Table of Content

  • Do I have to comply with the Inland Revenue Authority of Singapore (IRAS)?
  • What compliance requirements does the IRAS have?
  • What happens if my company fails to comply with IRAS requirements?

Staying Compliant with IRAS

Do I have to comply with the Inland Revenue Authority of Singapore (IRAS)?

Yes. All Singapore private limited Companies must be compliant with the Inland Revenue Authority of Singapore (IRAS). Filings are mandatory for both active and dormant Singapore companies. Failing to meet IRAS compliance requirements can have consequences.

What compliance requirements does the IRAS have?

These are the requirements you need to meet to comply with the IRAS:

The Estimated Chargeable Income is an estimate of a company’s chargeable income for a Year of Assessment (YA). Each company must submit an ECI for the YA within 3 months after the financial year ends. You must file an ECI regardless of income. A company with zero income will file a ‘NIL’ ECI.

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

Tax returns must be filed too. The filing deadline for corporate income tax return is 30 November. Documents to be submitted are audited or unaudited Report and tax computation (Form C).

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

A Company must submit an audited report if it has a corporate shareholder, sales turnover exceeds S$5 million or it has more than 20 shareholders.

What happens if my company fails to comply with IRAS requirements?

Non-compliance with the above requirements will incur penalty and/or court prosecution.

FAQs

  • If your company fails to file its Estimated Chargeable Income (ECI) within three months after the end of its financial year, the Inland Revenue Authority of Singapore (IRAS) may issue a Notice of Assessment. This assessment will be based on an estimated income for your company.
  • In some instances, IRAS might issue a Notice of Assessment based on available data, even if a company qualifies for an ECI filing waiver. This can happen if the information IRAS has suggests the company may not meet the waiver criteria.
  • If you believe your company received a Notice of Assessment in error and qualifies for the ECI filing waiver, contact IRAS through myTax Mail before the due date of the payment. You will need to confirm that your company’s annual revenue does not exceed $5 million and that the ECI for the relevant Year of Assessment (YA) is nil. IRAS will then review and amend the assessment as necessary, and no penalties will be applied for the non-payment of the estimated taxes.

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InCorp Content Team

InCorp's content team includes talented copywriters from our regional group and globally. We contribute informative, thought leadership, and market-trending articles to guide aspiring business entrepreneurs to a higher level across the Asia-Pacific region.

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