Accounting, Tax & Payroll - Knowledge Hub

Accounting, Tax & Payroll
 
annual statutory filing

Filing Annual Returns of a Local Company

  • All locally incorporated companies are required to hold their Annual General Meeting (AGM) and file their annual returns.

Annual General Meeting (AGM)

  • At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders.
  • A company is required to hold its first AGM within 18 months after its incorporation.
  • Subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.

Filing Annual Return

  • The Annual Return must be filed with the Registrar within one month after the AGM.

Audited / Unaudited Accounts

  • For a public company listed or quoted on a securities exchange in Singapore:
    • Accounts presented at the AGM shall be made up to a date not more than 4 months before the AGM.
  • In the case of any other company:
    • Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM.

tax filing

Tax Rate
Singapore’s Corporate Tax rate is 17% but companies may receive tax reliefs from the government.

Income tax filing obligations
The Estimated Chargeable Income (ECI) is an estimate of a company's chargeable income for a Year of Assessment (YA). It has to be filed within three months from your financial year-end.

The Form C/ Form C-S is a declaration form for a company to declare its actual income. The filing of the Income Tax Return must be done by 30 Nov in the year following the financial year.

Tax computation
A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax. Tax adjustments include non-deductible expenses, non-taxable receipts, further deductions and capital allowances.

A company is required to submit its tax computation and its accounts, together with the Form C annually.

Companies filing Form C-S are not required to submit financial accounts, tax computation and supporting schedules. They are still required to prepare their financial accounts, tax computation and supporting schedules and submit them to IRAS upon request.


gst

Goods & Services Tax (GST)
GST is a broad-based consumption tax levied on the import of goods as well as nearly all supplies of goods and services in Singapore. In some countries it’s also known as VAT.

In Singapore the general GST Rate is 7%. Companies are only required to register for GST when they reach 1 million sales. GST registered companies will have to charge and collect GST but can also refund paid GST. A GST-registered business is required to submit its GST return to IRAS.


cpf

Central Providence Fund (CPF)
CPF is Singapore's Central Providence Fund. It’s a comprehensive social security savings plan that provides Singaporeans and Permanent Residents with security in their old age. It encompasses retirement, healthcare, home ownership etc.

Contributions
Employers are required to pay the employer’s and employee’s share of CPF contributions monthly for all employees (Citizens and PRs) at the rates set out in the CPF Act. The CPF contributions payable should be based on the employee’s actual total wages earned for the calendar month. The employer is entitled to recover the employee’s share of CPF contributions at the time of payment of the wages.

Employer’s duties
An employer must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all his employees (who are employed in Singapore) by 1st Mar each year. It is to be used to declare remuneration of all employees to IRAS.


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