GST returns for period ending Mar 2020 is due by 11 May 2020
The filing and payment due date for GST returns due in Apr 2020 had been extended to 11 May 2020 for all returns. Although circuit breaker measures have been extended to 1 Jun 2020, the filing deadline for the above-mentioned returns will remain as 11 May 2020. If you are unable to access your accounting records to file your returns accurately due to the extended circuit breaker measures, in respect of GST payable returns, you may file these returns based on available information as explained in the scenarios listed in IRAS website. Within a period of 3 months, i.e. by 11 Aug 2020, you should perform a self-review of your GST return and make any corrections necessary. Under the IRAS’ Voluntary Disclosure Programme, no penalties will be imposed on disclosures of errors that are made on a timely, accurate, complete and voluntary manner. IRAS may extend the filing due date to 31 May 2020 only on request, if they relate to specific situations mentioned below. To apply for extension till 31 May 2020 for the following situations, please submit the Request for GST Filing Extension form by 4 May 2020. https://www.iras.gov.sg/irashome/GST/GST-registered-businesses/Filing-your-taxes/How-to-File-Tax/Overview-of-GST-e-Filing-Process/
Continue ReadingNovel Coronavirus – Advisory to Taxpayers
The Inland Revenue Authority of Singapore (IRAS) is stepping up on precautionary measures for the safety and well-being of taxpayers in view of the Novel Coronavirus situation. Connect with IRAS Digitally. Avoid physical meeting if possible. https://www.iras.gov.sg/irashome/News-and-Events/Announcements/Novel-Coronavirus-–-Advisory-to-Taxpayers/
Continue ReadingWage Credit Scheme Payouts for 2020
Employers should make CPF contributions for employees by 14 January 2020 to receive Wage Credit Scheme payouts; Digital payment modes for speedier payouts – Employers will receive Wage Credit Scheme payouts through PayNow Corporate or GIRO. Employers who have not already done so are advised to set up a PayNow Corporate account or register for GIRO early. https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2019/Wage-Credit-Scheme-Payouts-for-2020/
Continue ReadingSingle Filing Deadline from 2021
Currently all companies, including those with no business activities or those in a loss position, is to e-File their Year of Assessment (YA) 2019 Corporate Income Tax returns (Form C-S/ C) by 15 Dec 2019, or by 30 Nov 19 if they paper file. The extended filing deadline of 15 Dec will no longer be available in 2021. This means that all companies will be required to e-File their YA 2021 Corporate Income Tax returns by 30 Nov 2021. IRAS will remind companies of this filing due date nearer to 2021. For more details please refer to IRAS website: https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2019/File-Corporate-Income-Tax-Returns-by-30-Nov–15-Dec-Extended-Deadline-for-Companies-that-e-File/
Continue ReadingForeign Company Setting up in Singapore
Check out the video to learn about the requirements for foreign businesses setting up operations in Singapore. WATCH VIDEO:
Continue ReadingApplication for Licences Made Easy
LicenceOne has been rebranded and is now known as GoBusiness Licensing. From 31 Oct, once a business owner successfully registers his business in BizFile+, he will be guided to the new GoBusiness Licensing portal to apply for the licences required to operate his business. The new portal, which replaces the current LicenceOne portal, is a one-stop portal for businesses to apply for licences they need easily and efficiently. The portal allows business owners to obtain multiple licences simultaneously in a simplified application and payment process. Please note that CorpPass is the only login method for online corporate transactions with more than 140 government digital services, including GoBusiness Licensing. For details please refer to link from Gobusiness Licensing website: https://www.ifaq.gov.sg/GoBusiness/apps/fcd_faqmain.aspx
Continue ReadingChanges to BizFile+ Filing Access for Registered Filing Agents
From 1 Sep 2019 onwards, new security measures will be introduced for Registered Filing Agents’ (RFA) filing access to the Accounting and Corporate Regulatory Authority’s (ACRA) online business registration and filing portal known as BizFile+. Existing RFAs will only be allowed to perform filing on behalf of their clients after adding them onto the RFA’s client lists in BizFile+. RFA will receive a notification from ACRA via email for any addition or removal to RFS’s filing access. For details of the changes refer to link from ACRA: https://www.acra.gov.sg/corporate-service-providers/changes-to-bizfile-filing-access-for-registered-filing-agents
Continue ReadingCorporate Tax Filing Season 2019 – is Now Open
Companies can start to e-File their Year of Assessment (YA) 2019 Form C-S/C at myTax Portal. This year, companies with revenue of more than S$1million in YA 2018 are required to e-File their Corporate Income Tax returns. By 2020, e-Filing will be compulsory for all companies. For more details refer to the link from IRAS: https://www.iras.gov.sg/irashome/CorporateTax2019/ Haven’t appointed a tax agent? Contact us for your company’s tax filing obligations.
Continue ReadingWage Credit Scheme Payouts for 2019
Employers are reminded to make CPF contributions for employees by 14 January 2019 to receive Wage Credit Scheme payouts. For more details refer to the link from IRAS: https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2018/Wage-Credit-Scheme-Payouts-for-2019/
Continue ReadingSpecial UEN (SUN): Choose Your Preferred UEN
From 9 February 2018, entity owners have the option to choose, at a fee, a preferred UEN from a list of reserved UENs during entity incorporation/registration or conversion. This preferred UEN is known as Special UEN (SUN). Tier 1 number – Fee S$3,000 Number with consecutive same number, or any number combination involving the number ‘8’ Tier 2 number – Fee S$1,000 Number with repetitive pattern (excluding the number ‘8’), or ending with triple identical number (such as ‘222’, ‘666’, ‘777’) For more details refer to the link from ACRA: https://www.acra.gov.sg/SUN/ To view the available SUNs, please refer to ACRA website. Alternatively you may contact us for the updated available SUNs.
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