Ensuring adherence to tax compliance deadlines is a cornerstone for Singaporean companies to fulfill their fiscal responsibilities effectively. As we embark on the journey of 2024, it becomes imperative for businesses to mark their calendars with the essential filing dates.
The annual tax return process comprises two significant filings:
(i) Estimated Chargeable Income and
(ii) Corporate Income.
Timely submission of these documents is not just a regulatory requirement; it’s a strategic move to avoid substantial penalties and maintain financial transparency.
Let’s delve into the essential Corporate Income Tax deadlines Singaporean companies must heed in the fiscal year ahead.
Inside This Article:
Annual Corporate Tax Return Filings in Singapore
File Estimated Chargeable Income (ECI):
ECI represents an estimate of a company’s taxable profits for a specific Year of Assessment (YA), considering tax-deductible expenses. If a company isn’t eligible for exemption, it must report its ECI to the Inland Revenue Authority of Singapore (IRAS) within three months from the end of its financial year. Typically, IRAS sends a notification for ECI filing in the last month of a company’s financial year.
Declare Corporate Income via Tax Return:
By November 30 each year, companies must file their corporate income tax returns for the previous financial year. For example, if a financial year ended on March 31, 2023, the corporate income tax return is due by November 30, 2024.
Submit Goods and Services Tax (GST) Returns:
For companies registered under the GST scheme, the GST return and payment are due within one month after the end of the accounting period, usually a quarter.
Here are examples of filing deadlines based on GST accounting periods:
| Time Period | Due Date |
| Jan – Mar 2024 | April 30, 2024 |
| Apr-Jun 2024 | July 31, 2024 |
| Jul – Sep 2024 | October 31, 2024 |
| Oct-Dec 2024 | January 31, 2025 |
Meeting these deadlines is essential to avoid penalties and maintain compliance with Singapore’s tax regulations.
Penalties for non-compliance:
Failure to comply with legal obligations can lead to various penalties, which Singaporean businesses must understand to minimise financial risks.
Failure to Submit Tax Returns on Time to IRAS:
Missing the deadline for tax return submissions may result in an estimated Notice of Assessment (NOA) from the Inland Revenue Authority of Singapore (IRAS), requiring payment within a month. Continued non-compliance could lead IRAS to issue notices or summon the company to court to enforce tax filing obligations.
Missed Deadline for GST Returns:
Companies that do not meet the deadline for filing Goods and Services Tax (GST) returns can face penalties such as:
- A penalty of S$200 for late submission, with an additional S$200 for each completed month of delay, up to a maximum of S$10,000 per outstanding GST return.
- An estimated NOA may be issued, imposing a 5% late-payment penalty on the estimated tax amount.
- Persistent failure to file GST returns may result in a summons, requiring individuals responsible for business operations to attend court proceedings.
Understanding these penalties is crucial for businesses to maintain compliance with Singapore’s regulations and avoid financial repercussions.
Snapshot of Late Filing and Late Payment Penalties and Charges:
(i) Late Filing Penalties and Charges:
| Actions Taken | Description |
| Estimated Notice of Assessment (NOA) | IRAS issues an estimated tax amount and requires payment within one month. |
| Offer of Composition | Company receives an offer to settle by filing outstanding documents immediately and paying a composition fee of S$100 to S$400. |
| Notice Pursuant to Section 65B(3) of Income Tax Act | Director of the company receives notice to furnish outstanding documents within 35 days. |
| Summon to Court | Company or director is summoned to court, facing a fine of up to S$1,000 upon conviction. |
| Legal Actions for Persistent Non-Filing | If a company fails to file tax returns for two years or more, it may face double the assessed tax amount and a fine not exceeding S$1,000 upon conviction in court. |
(ii) Late Payment Penalties and Charges:
| Actions Taken | Description |
| 5% Penalty | If the tax remains unpaid within one month after the service of the NOA, a penalty of 5% of the tax payable is added. |
| Additional Penalty | After 60 days of unpaid tax, an additional penalty of 1% per month is imposed on the outstanding tax balance, up to a maximum of 12%. |
| Demand Note | A Demand Note is issued showing the unpaid tax and penalty, with payment due by the specified date to avoid further penalties and recovery actions. |
| Recovery Actions | IRAS may appoint the company’s bank, tenant, or lawyer to pay the outstanding amount, impose an additional 1% penalty for each completed month of unpaid tax, and take legal action if necessary to recover the outstanding tax. |
Conclusion
We specialise in simplifying Singapore’s corporate income tax filing process and ensuring compliance with deadlines; we are committed to safeguarding your business from penalties and regulatory risks. Our dedicated team excels in efficient incorporation and ongoing compliance support, ensuring that your company meets all tax filing and submission deadlines without fail.
With our expert guidance, personalised solutions, and proactive approach, you can easily navigate the complexities of tax regulations, avoiding costly penalties and maintaining financial transparency. Partner with us to streamline your corporate tax filing process, mitigate risks, and pave the way for sustained business success in Singapore.
FAQs on Singapore Corporate Tax Filing
- In case of overdue tax payments, IRAS may appoint your banks, tenants, lawyers, etc., as agents to recover the unpaid tax. Your appointed agent(s) will then be tasked with remitting the owed funds to the Comptroller to settle your tax liabilities. The appointment is revoked upon full settlement of the overdue tax.
- While your objection to the tax assessment is being reviewed, the tax remains payable. If the assessment is revised in your favour, any overpaid tax will be refunded to your company.
Avoid penalties, ensure timely corporate tax filing
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