A Singapore Company – Annual Fillings

All Singapore companies regardless of their size and business activities must follow certain legal obligations annually. Compared to other countries, Singapore company’s obligations are more simple and straightforward. However, it is quite still difficult for busy businesses to remember a deadline which can result in penalties.

In fact, a Singapore company is required to fill to both IRAS and ACRA some type of reports every year as mentioned on this article:

  • ACRA: The Accounting and Corporate Regulatory Authority is a statutory board under the Ministry of Finance of the Singapore Government
  • IRAS: The Inland Revenue Authority of Singapore is a statutory board of the Singapore Government under the Ministry of Finance of the Singapore government in charge of tax collection.

To help you to understand the compliance requirements, read following article to know annual filing requirements you need to fulfill to comply with Singapore company law.

Preparation of Financial Statements

Based on your company’s financial activities during the accounting year, you must prepare your annual financial statements in accordance with the Financial Reporting Standards of Singapore. The financial statements should consist of Statement of Comprehensive Income (i.e. Profit and Loss Account), Statement of Financial Position (i.e. Balance Sheet), Cash Flow Statement, and Statement of Changes in Equity.

Audit of Financial Statements

After the financial statements are completed, the company may be required to have its financial statements audited if the company meets any 2 of the following 3 conditions:

  • Total annual revenue exceeding S$10 million;
  • Total assets exceeding S$10 million; or
  • Has more than 50 employees

Filing of Estimated Chargeable Income (ECI)

Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) by filing the ECI form with Inland Revenue Authority of Singapore (IRAS) within 3 months of the Financial Year End for the company. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.

Annual General Meeting (AGM)

An AGM is a mandatory annual meeting where the company presents its financial statements before the shareholders to give a clear report on the financial position of the business.

Below are the key Annual General Meeting rules that apply to private limited companies:

  • Companies must hold the first AGM within the first 18 months after incorporation
  • No more than 15 months can elapse between AGMs
  • All accounts must be updated no more than 6 months before an AGM
  • AGMs can be held outside of Singapore

Note: Singapore Company Law allows private limited companies to forgo an AGM if all members of the company agree to a resolution to dispense the meeting. However, the company is still required to submit its Annual Return to ACRA.

Annual Return

Annual Return (AR) is submitted by the company to ACRA within 1 month of its AGM. Particulars of the company officers, registered address, and auditors (if applicable) must be included in the AR.

Filing of Annual Tax Return (Form C/C-S)

The Singapore company must file its annual tax return with IRAS with the deadlines either 30 November for paper filling or 15 December for e-filling.

Singapore adopts the preceding year basis for taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year.

dormant company that does not carry any business and has no income for the financial year can apply for a waiver of income tax return filing. If IRAS grants the waiver, the company does not have to report the estimated income or file the tax return for the financial year.

Who is Responsible for Annual Filing?

It is the duty of the Company Secretary to ensure that the company complies with the filing of various statutory reports.

The directors of the company are responsible to ensure that the financial statements of the company are prepared accurately and comply with accounting standards.

To get more details, contact ACE Accountant Global for a free consultancy. 

ECI exempt companies

As announced, all companies in Singapore including new companies must have to file to IRAS two reports annually including Form C/ C-S and Estimated Chargeable Income (ECI). With ECI, companies need to file within 3 months after the end of its financial year end. However, companies may not need to file Estimated Chargeable Income (ECI) even if they have received the ECI notification from IRAS.

Waiver to File ECI

To reduce the compliance cost of businesses, IRAS has revised the criteria for ECI waiver as follows:

Company’s Financial Year ends

  • In or before Jun 2017
  1. Annual revenue is not more than $1 million for the financial year; and
  2. ECI* is NIL for the YA
  • In or after Jul 2017
  1. Annual revenue is not more than $5 million for the financial year; and
  2. ECI* is NIL for the YA

Note: * The ECI should be the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.

Companies are required to self-assess if they meet the criteria for the waiver to file ECI. New companies that have yet to file their first Corporate Tax Return (Form C-S/ C) can use The New Company Start-Up Kit to better understand their corporate tax obligations, including if they meet the criteria for the waiver to file ECI.

Companies that meet the criteria do not need to file their ECI for that particular YA, even though the company’s ECI filing status for the YA at myTax Portal shows “Ready to File”. There is no need to seek confirmation from or inform IRAS.

If they do not meet any of the criteria 1 and 2, they will need to file their ECI for that particular YA.

Other Entities Specifically Not Required to File ECI

The following entities do not need to file ECI

  1. Foreign ship owners or charterers for whom the Shipping Return(75KB) has been or would be submitted by the local shipping agent;
  2. Foreign universities;
  3. Designated unit trusts and approved CPF unit trusts#
  4. Real estate investment trusts that have been granted the tax treatment under Section 43(2) of the Income Tax Act; and
  5. Any other specific case granted waiver to furnish ECI by IRAS, e.g. via an advance ruling issued.

If you any inquires related to business in Singapore, contact us for a free quote today!

Source: Inland Revenue Authority of Singapore

Filling requirements for dormant company in Singapore

Definition of dormant company in Singapore

In fact, a definition about “Dormant Company” with IRAS differs from ARCA in somewhat. To more details, a company being a dormancy with IRAS may be considered as an active company with ACRA.

According to IRAS

A company is considered as a dormant if it does not have any transactions or income during a given financial year or “basis period” although it may have incurred expenses. In Singapore, the amount of tax paying to IRAS will be based on the income and expenses which a company received during a financial year.

For instance, a company didn’t carry on business and receive any income in the year of 2017, it will be considered as a dormant status in the following year of Assessment (YA), is 2018 in this case.

According to ACRA

  • If a company has no accounting transaction occurs during a period will be defined as a dormant to ACRA.
  • Note that transactions below are not affected the dormant status of the company:
  • The appointment of a secretary of a company
  • The appointment of an auditor
  • The maintenance of a registered office
  • The keeping of registers and books
  • The payment of fees to the Registrar or an amount of any fine or default penalty paid to the Registrar (ACRA)
  • The taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum.

Filing requirements for dormant companies

IRAS

 ACRA

Income Tax Returns unless granted Waiver of Income Tax Return (Form C-S/C) Submission Hold Annual General Meeting (AGM)

File Annual Returns (AR)

File Income Tax Return (Form C-S/ C)

Although a dormant company did not carry on business and had no income during the basis period, it is still required to file Income Tax Return (Form C-S/ C). The dormant company can be allowed to skip filling its income tax return if it is granted with a Waiver of Income Tax Return Submission.

Here are two ways to file income tax return:

  • E-Filling through mytax.iras.gov.sg by accomplishing the File Income Tax Return (Form for Dormant Company).

+ Authorizing yourself as an “Approver” through e-Services Authorisation System (EASY) (It is an online portal where companies can authorize their employees or third party on behalf of the companies to access e-Services)

+After being “Approver”, log in to mytax.iras.gov.sg to fill out the form, and submit the completed form.

  • Submitting a hard copy of the Form C-S/C to IRAS.

+Only fill out the first page of the form

+It is not required by IRAS to submit financial accounts

Waiver of Income Tax Return (Form C-S/ C) Submission

A dormant company will be granted a waiver of income tax return (Form C-S/C) from IRAS if the company satisfy the qualifying conditions below:

  • It must be dormant and has up-to-date with the Form C-S or Form C, accounts & tax submissions till it’s cessation.
  • It must not own any investments (e.g. shares, real properties, fixed deposits)
  • It must have been de-registered for Goods and Services Tax (GST)
  • It must not have the intention to restarting business within the next 2 years.

To apply for a Waiver of Income Tax Return (Form C-S/C), the company can choose applying between e-service and hardcopy application.

  • E-service: authorize yourself as the “Approver” for Corporate Tax Matters though EASY
  • Hardcopy application: fill the “Application for Waiver of Income Tax Return (Form C/ C-S) submission by a dormant company” Form. Then send to IRAS at 55 Newton Road, Revenue House, Singapore 307987

It is up to 2 months from the date IRAS receiving your application, you will be notified the result. It is not required to renew the waiver as long as your company stays dormant.

File Annual Returns

From 3 January 2016, a dormant non-listed company is exempt from preparing financial statements if:

  • The company fulfils the substantial assets test; and
  • The company has been dormant from the time of formation or since the end of the previous financial year.

To get more details, contact ACE Global Accountant for a free consultancy

Withholding tax in Singapore

If you are a non-resident company or individual based in Singapore, you must consider another tax which is called “withholding tax” apart from corporate income tax and individual income tax.

What is withholding tax?

It is known as tax deduction at source in other countries. In fact, withholding tax is charged on income of a non-resident company and individual which is derived from Singaporean sources, for services provided or work done in Singapore. This tax will be paid to the Inland Revenue Authority of Singapore (IRAS).

Note: a Singapore company paying a non-resident company or individual for services carried on Singapore has to keep a percentage of that payment to pay to IRAS. (how much percentage is depended on kinds of services)

For determining a company and individual tax residence status in Singapore, please read information below:

A non-resident company is:

  • Incorporated outside Singapore but carrying out business activities in Singapore
  • Incorporated in Singapore but it is managed and controlled outside Singapore

A non-resident individual is:

  • Working less than 183 days in Singapore

Which situations does Singapore withholding tax apply?

This tax is applied for non-resident companies and individuals based in Singapore in cases:

  • Income derived from a Singaporean source
  • Services provided or work done in Singapore
  • Specific types of payments

Payments are subject to withholding tax

 

Nature of Income

Tax Rate

Interests, commissions and any other depts – or loan related to fees 15%
Royalty, rights of use or other lump sum payments for the use of moveable properties 10%
Rent or other payments for the use of moveable properties 15%
Management fees Prevailing Corporate Tax rate
Technical assistance and service fees Prevailing Corporate Tax rate
Services rendered Prevailing Corporate Tax rate

Payments are NOT subject to withholding tax

  • Dividend Payments
  • Payments to Singapore Branches of Non-Resident Companies

Effect from 21 Feb 2014 based in Budget 2014, payments such as interest, commission, royalties or management fees made to Singapore branches of non-resident companies will be not taxed to withhold.

  • Payments Made by Banks, Finance Companies and Certain Approved Entities

To facilitate access to a wider range of funding sources for the lending business of specified entities and to strengthen our position as a regional funding centre, payments made by banks, finance companies and certain approved entities to specified entities are exempted from withholding tax.

  • Payments for the Charter of Ships

According to Budget 2012, withholding tax exemption has been granted on payments made to non-residents, excluding permanent establishments in Singapore, for bareboat, voyage and time charters of ships. The exemption applies to charter fees which are due and payable on or after 17 Feb 2012.

  • Other Payments Exempt from Withholding Tax

– Payments for Satellite Capacity

– Payments for the Use of International Submarine Cable Capacity, Including Payments for Indefeasible Rights of Use (IRUs)

The exemption does not apply to payments which are:

  1. Treated as income earned by any trade or business carried on or exercised by a non-resident person in Singapore; or
  2. Effectively connected with a permanent establishment in Singapore.

For any questions related to withholding tax, contact us for a free consultancy.

Requirements for striking off a Singapore company

Striking off means closing down a local company.

The Striking off company is a process that company apply to Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the Companies Register if it is no longer carrying on business.

Requirements to strike off a company

Singapore regulations to strike off a company:

  • The company must have stopped business activities or not have commenced activities from the date of incorporation
  • No current or contingent assets or liabilities
  • No outstanding tax liabilities with the IRAS

In this regard, companies should ensure:

  1. All outstanding Income Tax Returns (Form C-S/ C) have been submitted. If the company is filing Form C, the accounts and tax computation must also be submitted;
  2. Accounts and tax computations have been submitted up to the date of cessation of business (i.e. for the period(s) where IRAS has not yet issued an Income Tax Return);
  3. All outstanding tax matters* have been settled with IRAS  (e.g. answered all queries raised by IRAS, ensured all assessments are finalised and paid etc);  and
  4. GST registration has been cancelled and there are no outstanding GST matters.
  • No ongoing involvement in any court proceedings
  • No outstanding charges in the company’s charge register
  • Written consent from the majority of the shareholders must be obtained
  • Finalised accounts drawn up till the date of cessation must be attached

After received of information, ACRA will process the application within 5 working days.

If approved ACRA will send a striking off notice to:

  • Company registered office in Singapore

If no objection after 1 month, ACRA will publish Company name in the Government Gazette. This is referred to as the First Gazette Notification.

If there is no objection during the 3 months after the First Gazette Notification, ACRA will publish the name in the Government Gazette and the company name will be struck off. This is referred to as the Final Gazette Notification.

Note:

  • Please do not close the company’s bank accounts until all outstanding matters are settled.

De-registration by Singapore Branches of Foreign Companies

Section 377(1) of the Companies Act requires the Singapore branch of a foreign company to lodge a notice with ACRA within 7 days after it ceased to have a place of business or to carry on business in Singapore.

The branch should also inform IRAS in writing at the same time that it informs ACRA so that the tax matters and tax liabilities of the Singapore branch could be settled.

The written notification to IRAS shall include:

  • Subject heading “Cessation of Business in Singapore”;
  • Date of cessation of business in Singapore;
  • Name and contact details of a person whom IRAS can liaise with on tax matters; and
  • All outstanding Income Tax Returns (Form C), financial statements and tax computations made up to the last day of business.

Generally, IRAS strives to complete all assessments within one month of receiving full information. However, in the event IRAS requires further information from branches with complex affairs or that have submitted incomplete information, it may require up to 6 months to review the assessments.

If you have any questions, contact ACE Global Accountant for a quote

Overview of Goods and Services Tax (GST) in Singapore

What is GST?

GST means Goods and Services Tax in Singapore while it is considered as VAT (Value Added Tax) in many other countries. GST is broad-based consumption tax levied on the import of goods which are collected by Singapore customers. In fact, a standard rate of GST is set at 7%, regardless of the nature of goods or services provided.

In case a business is a GST-registered business, this business has to collect GST on behalf of IRAS (the Inland Revenue Authority of Singapore). It means that these services and products of the business are included GST into their prices; and then claim GST credits back on the products or services purchases as business expenses. Non-registered companies will not be able to do so.

In Singapore, GST-registered companies would declare how they have computed their GST through filing their GST returns regularly throughout the year.

Charging and Collecting GST

After registering for GST, the business must charge GST on your supplies at the prevailing rate. There are two kinds of taxes which the business need to understand including output tax and input tax. Look at a picture shown about output and input tax.

Note: this input tax credit mechanism ensures that only the value added is taxed at each stage of a supply chain.

Paying Output Tax and Claiming Input Tax Credits

As a GST-registered business:

  • You must submit your GST return to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.
  • You should report both your output tax and input tax in your GST return.
  • The difference between output tax and input tax is the net GST payable to IRAS or refunded by IRAS.

Taxable and Non-Taxable Goods and Services

Generally, some goods and services are exempt from GST in Singapore as follows:

  1. Financial services;
  2. Sale and lease of unfurnished residential properties;
  3. Importation and local supply of investment precious metals
  4. International services; and
  5. Exported goods

Benefits of registering GST

In fact, registration for GST could be beneficial to businesses so there are some businesses choose to register for GST voluntary when it is not compulsory to them.

Here are 5 benefits for being GST-registered businesses in Singapore:

  • Establish a Presence
  • Shape the Polices Which Affect You
  • Lower Individual Income Tax Rates
  • Boosts Savings and Investments
  • Lower Cost of Administration and Doing Business

Registering for GST

As mentioned, there is not a compulsory for all companies registering GST in Singapore. A company is required being a GST-registered company if its annual taxable supplies exceed $1 million. However, in case of do not reaching $1 million annual taxable supplies, the company may choose to register for GST voluntarily after careful consideration.

The registration for GST of businesses can be done both online through myTax Portal and by submitting paper forms. Note that to access myTax Portal, the business is required a SingPass.

Businesses would like to apply for GST registration, contact to ACE Global Accountant for details instruction.

Business in Singapore: Tax Residence Status

Determining Tax Residency of a Company

As an individual, a company is either a tax resident or a non-resident of Singapore. Places that a principal of a company controls and manages the company is a factor in determining the tax residency of a company.

In general, if the business is controlled and managed in Singapore in the preceding calendar year, it will be considered as a Singapore tax resident for a particular Year of Assessment (YA). For instance, control and management of a company was exercised in Singapore for the whole of the year of 2017, the company is a tax resident for YA 2018.

To conclusion, a company is a non-resident when the control and management of the company is not exercised in Singapore.

Please note that the incorporated place of a company is not a key factor for determining of the company tax residence.

Foreign – Owned Investment Holding Companies

A definition of a foreign-owned company is that there is 50% or more of its shares are held by foreign companies/ shareholders.

Foreign-owned investment holding companies that only receive “purely passive sources” of income or “foreign-sourced” income are considered as non-residents because these companies usually act on the instructions of its foreign companies/shareholders.

However, these companies can be treated as the tax residency in Singapore if they are able to satisfy IRAS with certain conditions. Click here for more detail: Applying for COR for Foreign-Owned Investment Holding Companies.

Non-Singapore Incorporated Companies and Singapore branches of foreign companies

As mentioned above, companies that are not controlled and managed in Singapore are regarded as non-Singapore residency.

Besides, non-Singapore incorporated companies and Singapore branches of foreign companies are also non-residents because the control and management of their businesses is depended on their foreign parents.

However, these companies can be treated as the tax residency in Singapore if they are able to satisfy IRAS with certain conditions. Click here for more detail: Applying for COR for Non-Singapore Incorporated Companies.

Benefits of Singapore Tax Residency on Foreign Income

In fact, resident or non-resident companies in Singapore are taxed in the same manner but there is more benefits for resident companies. Here are some benefits related to income from foreign sources:

  • Tax benefits provided under Avoidance of Double Taxation Agreements (DTAs) Singapore has concluded with other jurisdictions;
  • Tax exemption on foreign-sourced dividends, foreign branch profits, and foreign-sourced service income under section 13(8) of the Income Tax Act; and
  • Tax exemption for new start-up companies

Certificate of Residence (COR)

Singapore tax residents that derive income from other countries may apply to IRAS for a Certificate of Residence (COR). The COR is a letter certifying that the company is a tax resident in Singapore. Tax residents need this certificate to claim benefits under the Avoidance of Double Taxation Agreements (DTAs) Singapore has concluded with other jurisdictions.

Click here to find out more information of Overview of COR and How to Apply for COR.

Filling taxes: Overview of Form C-S/ C

All Singapore companies need to report their income to IRAS annually if they carried on a trade or business in Singapore. Form C-S/ C is considered as a method of filling their Income Tax Return. For businesses do not understand about Form C-S/ C may read the article here.

Compulsory e-Filing for Form C-S/ C

As announced in Budget 2016, in line with Government’s direction for more cost effective delivery of public services and the Smart Nation vision to harness technology to enhance productivity, e-Filing of Corporate Income Tax returns (including ECI, Form C-S and Form C) will be made compulsory in a phased approach from Years of Assessment (YAs) 2018 to 2020 as follows:

The phased implementation will provide more time for smaller companies to modify their processes and ease into e-Filing

Benefits of e-Filing

  • 15 – day extension still 15 December to e-File
  • Auto-computation of certain fields to minimize filling errors
  • Save draft until you are ready to submit
  • Instant computation of estimated tax payable
  • Instant acknowledgement upon successful e-filling

Filing Due Dates

The annual filing due dates for Form C-S/ C is:

Form C-S/ C

The Income Tax Return has two types including Form C-S and Form C

The Form C-S/ C is a declaration form for companies to declare their actual income. Companies must ensure that the form is correctly completed and gives a full and true account of the company’s income. In case companies are making losses, they are still required to file the Form C-S/C.

Simplified Tax Filling with Form C-S

From Year of Assessment (YA) 2012, to simplify the filling procedure for small companies, Form C-S – an Income Tax Return form is introduced by IRAS with shortened to three pages for qualifying small companies.

Fewer Fields

Previously, small companies had to file Form C which has twice as many fields. Form C-S comprises:

  1. A declaration statement of the company’s eligibility;
  2. Information on tax adjustments; and
  3. Information from the financial accounts.

No need to submit documents unless requested

Beside fewer fields to fill, qualifying small companies are also not required to submit financial statements and tax computation because the Form C-S has to declared essential tax information and financial information.

Nevertheless, companies should prepare these financial statements and tax computation and submit them to IRAS if requested.

Qualifying to file Form C-S

From YA 2017, IRAS will increase the annual revenue threshold for filing Form C-S from the current $1 million to $5 million to reduce compliance cost on businesses. All other conditions will remain unchanged.

From YA 2017, companies will qualify to file Form C-S if meeting all of conditions as below:

  1. The company must be incorporated in Singapore;
  2. The company must have an annual revenue of $5 million or below
  3. The company only derives income taxable at the prevailing corporate tax rate of 17%3; and
  4. The company is not claiming any of the following in the YA:
    1. Carry-back of Current Year Capital Allowances/ Losses
    2. Group Relief
    3. Investment Allowance
    4. Foreign Tax Credit and Tax Deducted at Source

Form C

With not qualifying companies to file the Form C-S, they must file the Form C

To file the Form C, the companies need to submit their companies’ financial statements, tax computation and supporting schedules

Click here to find out how to e-File Form C: Tips on e-Filing Form C

Getting the Form C-S/ C

IRAS will send companies either a Form C-S or Form C e-Filling notification letter by May of each year, starting from the second year following the year of incorporation. Companies are required to file their Income Tax Return by 30 Nov (for paper filling)/ 15 Dec (for e-Filling) in the year of following the financial year.

Signing Form C-S/ C

The director of principal officer of the company is responsible for the company’s tax affairs. However, any person authorized by the company can sign the Form C-S/ C.

Failure to File Form C-S/ C

If the company does not file its Form C-S/ C by the due date, they will receive Notice of Assessment (NOA) from IRAS based on an estimation of the company’s income. If the company does not agree with IRAS’ estimated assessment, please inform IRAS by filing a Notice of Objection within two months from the date of the NOA. Even if the company objects to the estimated assessment, tax on this assessment must still be paid within one month from the date of the NOA.

To find out more, please refer to Objecting to NOA

Businesses would like to register a company in Singapore, contact us for a quote 

Source: Inland Revenue Authority of Singapore

Business in Singapore: Late Payment or Non-Payment of Taxes

In Singapore, most taxpayers pay their taxes on time. However, to ensure that all businesses are in compliance with paying taxes, there are penalties for the businesses if their taxes amount is not paid on time.

Late Payment Penalty

You have one month from the date of receiving the Notice of Assessment (NOA) to pay your taxes.

You are still required to pay the tax assessed as shown on the NOA by the payment due date even if you have filed an objection and are awaiting the outcome. If the assessment is subsequently revised, any excess payment will be refunded.

If payment is not received by the due date, a 5% penalty and subsequently an additional 1% penalty will be imposed for every completed month (up to a maximum of 12% of the tax outstanding).

Late Payment Penalty Letter

In case you are not pay taxes on time, you will receive a letter that informed you of the 5% penalty. Payment must be made by the due date stated on the letter to avoid further enforcement actions from IRAS.

GIRO Cancellation or Termination

If the deduction through GIRO is unsuccessful due to reasons such as insufficient funds in the bank account, or the deduction amount is higher than the limit set, etc., IRAS will cancel the GIRO plan.

A late payment penalty letter and a GIRO cancellation letter will be issued to inform you that the GIRO plan has been cancelled.

Imposition of Additional Penalty

If the tax remain unpaid 60 days after the imposition of the 5% penalty, you will get additional penalties of 1% per month. The 1% penalty will be imposed for each completed month that the tax remains unpaid, up to a maximum of 12% of the tax outstanding (inclusive of the 5% late payment penalty).

Further Enforcement Actions

If the tax continues to remain unpaid, other actions to recover the taxes may include:

  • Appointing agents like your bank, employer, tenant or lawyer to pay the moneys to IRAS;
  • Issuing a Travel Restriction Order (TRO) to stop you from leaving Singapore; and/or
  • Taking legal action.

In addition to the recovery actions, IRAS may concurrently impose an additional 1% penalty on the overdue tax for each completed month that the tax remains unpaid, up to a maximum of 12% of the tax outstanding.

Releasing Appointed Agents

Agents will only be released from the appointment after the tax and penalties have been paid, or when payment has been arranged with IRAS.

Note:
For banks appointed as agents, requests for release cannot be processed on Saturdays, Sundays and Public Holidays. Any request for release of bank after 2pm on weekdays can only be processed on the next working day.

Travel Restrictions

If a Travel Restriction Order (TRO) is issued, you will be stopped from leaving Singapore at the Immigration exit checkpoints.

The TRO will be withdrawn upon full payment of the tax due. To do so, you are required to produce the proof of payment to the Immigration & Checkpoints Authority (ICA) officer. It is your responsibility to ensure that you have a valid pass to remain in Singapore. If extension of time is required to resolve your tax matters with IRAS, please approach the ICA to extend your stay in Singapore.

Please note that IRAS is unable to withdraw the TRO on weekends and Public Holidays.

Checking Tax Balance and Making Payment

Please log in to myTax Portal and select “View Account Summary” to check your current balance.

Please refer to Income Tax Payments for the various payment modes available.

Appeal for Late Payment Penalty Waiver

Appeals have to be made online via myTax Portal and will only be considered if the following conditions are met:

  1. You have paid the overdue tax in full, by the due date as stated in the late payment penalty letter;and
  2. This is your first appeal; or  
    b. You have paid on time for the past two years.

Source: Inland Revenue Authority of Singapore

CorpPass for businesses in Singapore

What is corpPass?

Singapore Corporate Access (or CorpPass) is a one-stop authentication and authorisation service, which is owned by the Ministry of Finance and managed by the Government Technology Agency. The purpose of CorpPass is allowing corporate users on behalf of their organizations to transact with government agencies online.

From 1 September 2018, CorpPass will be required for all entities to transact with the government. Singapore registered entities with a Unique Entity Number (UEN) that have not registered for CorpPass should do so as existing login methods, such as SingPass and EASY will cease by then.

Individuals who need to transact in a business capacity with the government are required to be UEN-registered and thus be eligible for CorpPass.

What are the types of CorpPass roles and accounts?

1/Registered Officer (RO)

Only Singapore registered entity having Unique Entity Number (UEN) is applicable to Registered Officer.

The RO is the person whose name is officially registered with ACRA or any of the other UEN-issuance agencies. Examples of RO(s) include: Owner, Partner, Director, Corporate Secretary.

Typically, the RO should be the person nominating and approving new CorpPass Administrators.

Of these five CorpPass roles, the RO does not require an account. To transact with government digital services, the RO may choose to obtain one of the following four account types:

2/CorpPass Administrator (Admin)

A person authorised to create CorpPass accounts and manage access to digital services for the entity. The appointed Admin may be a person who currently manages Government-to-Business (G2B) transactions on behalf of the company. Examples of who may fulfil this CorpPass role include: Director of Corporate Services (Admin / Finance / Human Resources) or any person(s) authorised by the RO.

For Singapore registered entities with UEN, Admin must be authorised by the Registered Officer (RO). For smaller organisations, the RO may assume the role of a CorpPass Admin.

*Note: Each entity can only have a maximum of 2 CorpPass Admins.

3/CorpPass Sub-Administrator (Sub-Admin)

A person authorised by the CorpPass Administrator (Admin) to help manage CorpPass accounts and digital service access on behalf of the entity. A Sub-Admin has full management rights to CorpPass users’ digital service access, unless restricted by the Admin.

Sub-Admin accounts can only be created by the Admin, and do not require approval. Similar to the Admin, the Sub-Admin can create other CorpPass accounts (i.e. CorpPass Enquiry User, CorpPass User) for users within the entity

4/CorpPass Enquiry User

The Enquiry User is an account created by the entity’s CorpPass Administrator or CorpPass Sub-Administrator. The Enquiry User account may be used to transact with Government digital services, and to view details of the entity’s CorpPass setup. For example, the Enquiry User may view the entity’s list of digital services, the details of CorpPass accounts under the entity, and the transaction history of these accounts.

5/CorpPass User

A person who is assigned by the CorpPass Administrator (Admin) to transact with Government agencies on behalf of the entity. Examples of who may fulfil this CorpPass role include: Corporate Services Personnel (e.g. Payroll Executive, Human Resources Manager).

Each User will have a unique CorpPass ID. There is currently no restriction on the number of Users that each entity may have.

For smaller organisations, the Admin may assume the role of a User

To get more information about how to registering CorpPass, please contact us!

Source: Singapore CorpPass Access