1.According to IRAS, a dormant company is one that does not carry on business and has no income for the whole of the basis period. For example, if your company did not carry on business and had no income for the whole of the basis period ending in year 2023, it is regarded as a dormant… Continue reading Tax Filing Obligations of a Dormant Company
1. Tax residency of a company is crucial for it is one of the main criteria that determines the tax treatment and tax consequences of a company. For example, the scope of income chargeable to tax differs for a tax resident and non-tax resident. Some countries taxed its resident insurance and banking companies on a… Continue reading Tax Residency for a Company
1.Employers are required by law to prepare an annual Form IR8A for their employees who are employed in Singapore by 1 March each year. Form IR8A is an annual statement of the total remuneration received by each employee from the company. Employees can used the details of remuneration from this Form IR8A to submit their… Continue reading Reporting Employee Earnings – Form IR8A
1.A company incorporated or registered under the Companies Act 1967 or any law in force in Singapore has to file Corporate Income Tax Returns with IRAS every year – Form C-S/ Form C-S (Lite)/ Form C. Corporate Income Tax is assessed on a preceding year basis in Singapore. This means that income earned in the… Continue reading Tax Exemption Scheme for New Start-up Companies
1. IRAS requires all businesses in Singapore to file their Estimated Chargeable Income (ECI)for every Year of Assessment (YA). Estimated Chargeable Income (ECI) is an estimate of your company’s taxable profits after deducting tax-allowable expenses for a Year of Assessment (YA). 2. Your company has to file ECI within 3 months from the… Continue reading Filing Estimated Chargeable Income to IRAS
1. When a business decides to purchase fixed assets, the intention is for it to be used in its operations to generate income/revenue for the long term. As with other type of assets, fixed assets will also suffer ‘wear and tear’ and depreciate over time. This ‘wear and tear’ and depreciation are accounted as depreciation… Continue reading Claiming Capital Allowances for Fixed Assets Bought and Used in Trade or Business
1. Time really flies and we are at the end of the year soon. For Singapore incorporated companies, it is Corporate Income Tax Filing season again! The deadline for filing your Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) for the Year of Assessment (YA) 2024 is 30 Nov 2024. 2.… Continue reading Corporate Income Tax Filing Season 2024
1. If your business has incurred expenses to renovate or refurbish the business premises, you can claim tax deduction on this expenses under Section 14N of the Income Tax Act 1947. Please do note that only businesses that are carrying on a trade or business can claim this Section 14N deduction. Investment holding companies cannot… Continue reading Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises
1. An investment holding company is a type of company that its principal activities are usually are follows: a) owns properties for long term investment and derives rental income b) owns shares for long term investment and derives dividends and interest 2. Investment income received by an investment holding company is taxable in Singapore, unless… Continue reading Taxation of Investment Holding Companies
1. The Inland Revenue Authority of Singapore (IRAS) reminds companies to file their Corporate Income Tax (CIT) Returns by the statutory due date of 30 Nov 2024. 2. IRAS has observed that each year, about 1 in 10 companies fail to comply with its CIT filing obligations despite repeated reminders. In 2023, over 4,700 companies… Continue reading Over 4,700 Companies Prosecuted for Late or Non-Filing of Tax Returns in 2023
