Tax Return and Compliance

The chargeable income of a company for each fiscal year is based on the result of its financial year ended in the preceding fiscal year.

Each year, the taxpayer must file a return together with the audited accounts required under the Companies Act to the Inland Revenue Authority of Singapore (IRAS) by 30 November (paper-filing) or 15 December (electronic filing) of the YA.

An Estimated Chargeable Income (ECI) is to be filed within three months from the end of the financial period.

The ECI Self-Pay Instalment Scheme (non-GIRO) will be discontinued with effect from 1 January 2015. All new instalment plans issued thereafter will be paid through GIRO only. For companies to continue to enjoy instalment plans, they will therefore need to set up a bank account in Singapore.

With an attempt to reduce the compliance cost on business, as announced by the second Minister for Finance on 7 March 2017, effective from YA 2017, companies with annual revenue of $5,000,000 or below are qualified for filing of Form C-S.