Simplified Two-Tier Penalty Framework For Ad Hoc Lodgements To Take Effect From 9 December 2024
File your statutory lodgements and renew your business registration on Time. effect from 9 December 2024, ACRA will adopt the 2-tier penalty framework for ad hoc lodgements for all entity types. Under the 2-tier penalty framework, the penalty for late filing will be $50 within the first 3 months after the due date, or $200 if the lodgement is filed more than 3 months after the filing due date. The current 2-tier penalty framework for late annual lodgements remains unchanged. To avoid incurring a higher penalty, or any other enforcement actions by ACRA, be sure to contact us immediately if you have any late lodgement that requires our assistance HERE. For more information, please refer to ACRA website: https://www.acra.gov.sg/announcements/file-your-statutory-lodgements-and-renew-your-business-registration-on-time
Continue ReadingIndividuals required to file tax
Generally, you will be required to submit your Income tax Return if in the preceding calendar year: your total income is more than $22,000; or you have self-employment income with a net profit more than $6,000; or you are a non-resident who derive income from Singapore The filing due date is 18 April 2025 for e-filing and 15 April 2025 for paper filing. If you need our assistance to prepare your accounts and file your taxes or to apply for an extension of the deadline to file to file tax, kindly reach out to us HERE.
Continue ReadingChanges to Corporate Service Providers Act 2024 and Companies and LLP (Miscellaneous Amendments) Act 2024
As part of the Ministry of Finance’s (MOF) and ACRA’s regular review of legislation administered by ACRA, the above Act were passed by Parliament on 2 July 2024. The effective date is expected to be around Q2-2025. The key legislative amendments include the following:
Continue ReadingGST InvoiceNow Requirement
GST-registered businesses will be required to transmit invoice data to IRAS using InvoiceNow solutions via the InvoiceNow network. This requirement will be implemented progressively: From 1 November 2025, for newly incorporated companies that register for GST voluntarily. From 1 April 2026, for all new voluntary GST-registrants. For details refer to the link from IRAS: https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-invoicenow-requirement How ready is your Company when the regulation takes effect next year? We can assist you in implementing this requirement progressively. Send your enquire to us HERE.
Continue ReadingEnterprise Innovation Scheme (EIS) Cash Payout
The EIS was introduced in Budget 2023 to encourage businesses to engage in Research & Development, innovation and capability development activities for YA 2024 to 2028. Under the scheme, eligible businesses have an option to convert up to $100,000 of the total expenditure that qualifies for enhanced deduction allowance into cash at a conversion rate of 20%. The maximum cash payout is capped at 20,000 (20% x $100,000) per YA. For qualifying conditions and how to claim the EIS benefit, please refer to IRAS website: https://www.iras.gov.sg/schemes/disbursement-schemes/enterprise-innovation-scheme-(eis) For companies that require our assistance on the review and assist with the claim, please contact us HERE.
Continue ReadingCorporate Income Tax Filing Season 2024
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. You may start filing your Income Tax Return for the Year of Assessment 2024 from 1 Jul 2024.
Continue ReadingMAS Announces end-2025 Timeline to Eliminate Corporate Cheques
MAS announced that all corporate cheques will be eliminated by end-2025 while individuals will still be able to use cheques for a period after 2025. To recover these cheque processing costs, banks will therefore commence charging for Singapore Dollar (SGD)-denominated cheques by 1 November 2023. MAS Announces end-2025 Timeline to Eliminate Corporate Cheques
Continue ReadingTax Season 2022
No Filing of Tax Returns for 7 in 10 Taxpayers More than 1.6 million of 2.3 million taxpayers are eligible for the No-Filing Service (NFS) this year. The Inland Revenue Authority of Singapore (IRAS) will also be rolling out initiatives to simplify the tax filing experience. More taxpayers will receive direct tax bills in place of filing notices, skipping the tax filing process altogether. Simplifying the Tax Filing Process More to Receive Direct Tax Bills Taxpayers who are on the NFS do not need to file an Income Tax return, but are required to verify the accuracy of their auto-included income information and check their eligibility for any tax reliefs claimed. 2-Line Statement Extended to Partnerships Partnerships will now enjoy simplified tax filing with the 2-line statement i.e. Revenue and Adjusted Profit/Loss for a revenue of up to $200,000 in YA2022. For details refer to link from IRAS: Tax Season 2022: No Filing of Tax Returns for 7 in 10 Taxpayers (iras.gov.sg)
Continue ReadingPenalty for late filing of annual lodgements to increase with effect from 14 Jan 2022
With effect from 14 Jan 2022, there will be higher penalties for late filing of the annual lodgments by Singapore-incorporated companies, Variable Capital Companies and Limited Liability Partnerships. The penalty for late filing of the annual lodgments will be: $300 within the first 3 months after the due date or $600 more than 3 months after the filing due date. This applies to annual lodgments that are due on or after 14 Jan 2022. We encourage all entities to file their annual lodgments on time to avoid incurring the higher penalty. Companies which require our assistance on the filing of Annual Returns, please contact us HERE.
Continue ReadingPaper filing is no longer accepted from YA 2021
IRAS reminds all companies, including those with no business activities or those in a loss position, to e-File their YA 2021 CIT Returns by 30 November 2021.. All directors are reminded to ensure that their companies’ tax returns are filed on time. Companies which require further assistance on the YA 2021 tax filing, please contact us HERE.
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