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The precedent partner, designated first in the partnership agreement, is responsible for filing Form P. If no agreement exists, the partners must mutually appoint a precedent partner for this purpose.

Identifying the precedent partner

The precedent partner is the first-named partner in the partnership agreement. If no agreement exists, the partners must mutually appoint one of themselves.

For new ACRA-registered partnerships, IRAS typically designates a managing partner as the precedent partner if the partnership agreement is unavailable. If no partners are managers, a Singapore citizen or permanent resident partner may be designated.

To change the precedent partner, the current precedent partner can update the information when e-filing Form P (via Partnership Particulars > Particulars of Ceased/Withdrawn Precedent Partner). Alternatively, they can write to IRAS with the new precedent partner’s full name, address, and appointment date.

Responsibilities of the precedent partner

The precedent partner is responsible for:

• Filing Form P by the due date.
• Informing all partners of their income share. (Individual partners must also declare this share in their income tax returns.)
• Lodging objections to adjusted partnership profits computed by IRAS.
• Notifying IRAS of any partner changes.
• Providing one month’s written notice to IRAS if a partner:
  • Ceases or is about to cease being a partner and is likely chargeable to Singapore tax; or
  • Is leaving or intends to leave Singapore for over three months and is likely chargeable to Singapore tax.

E-filing Form P is available from February 1st. Partnerships e-filing by 28th February will have partnership income pre-filled in their partners’ Form B/B1. This pre-filling initiative eliminates the need for the precedent partner to separately inform partners of their income share.

To provide IRAS with the required one month’s written notice, please include the partner’s name, new address, and expected cessation date. You should also request the Comptroller’s permission to release any monies owed to the partner by the partnership. Do not use Form IR21 (tax clearance for employees) for this purpose.

Administrative Concession: Effective 27 November 2012, partnerships are not required to provide one month’s written notice to IRAS or withhold income from an outgoing partner if the partner is a Singapore citizen or a Singapore permanent resident who is not leaving Singapore permanently.

Filing Form P: The precedent partner is responsible for filing Form P on behalf of the partnership.

Filing Deadlines:

• e-Filing: 18 April 2024
• Paper Filing: 15 April 2024

Filing Methods:

• e-File: myTax Portal (using Singpass)
• Paper Filing: Specify where to submit paper forms – e.g., address, designated locations

A partnership must file Form P if it conducted business during the year or if IRAS has notified the partnership to file.

• Partnership Conducted Business: If the partnership conducted business in the preceding year, Form P must be filed, even if no notification was received from IRAS. Contact IRAS if you have not received Form P by January. Form P will be issued to the precedent partner.
• No Business Activity: If the partnership did not conduct business, Form P must be filed if IRAS issued a paper Form P or an invitation to e-file. Select “No Business Activity” on the Selection Page for e-filing, or cross the box in the “Declaration” section on page 1 of the paper form.
• Incurred Losses: Even if the partnership incurred losses, Form P must be filed if IRAS issued a paper Form P or an invitation to e-file.

Notifying IRAS of Partnership Changes:

• ACRA-Registered Businesses: Update partnership details directly with ACRA via http://www.bizfile.gov.sg.
• Non-ACRA-Registered Businesses: For partnership changes not registered with ACRA or the Ministry of Trade and Industry, the precedent partner should include these details when filing Form P with IRAS.

Reporting Changes in Partnership Composition: When reporting changes in partners, include the new/withdrawn partners’ details in Form P. Declare the required 2-line or 4-line income statement for each period affected by the changes. Use page 2 of Form P for one period’s statement and profit/loss allocation, and attach additional sheets for other periods. If annual revenue is $500,000 or more, also submit certified statements of accounts for each period. For YA 2022 onwards, use the 2-line statement if revenue is $200,000 or less.

Reporting Partner Status: When filing Form P, designate each partner as either “Acting” or “Sleeping.” Acting partners are involved in business operations, while sleeping partners contribute capital but are not involved in operations. Both types are taxed on their share of partnership income, but sleeping partners are not eligible for Earned Income Relief on that income.

Certified Statements of Accounts:

• Revenue $500,000 or more: Submit a certified statement of accounts (profit and loss account and balance sheet) as a single attachment when e-filing Form P. “Certified” means signed by the precedent partner, attesting to the accounts’ accuracy.
• Revenue less than $500,000: No need to submit certified statements. However, you must maintain proper records of business transactions, as IRAS may request them for verification.

Foreign-Sourced Income: Foreign-sourced income received by resident individuals through a Singapore partnership is taxable unless specifically exempt. Taxable foreign-sourced income must be reported in Form P.

If your company needs help filing taxes for the year 2025, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at aceglobalacct@gmail.com. Alternatively, you may leave us a reply using our contact form below.

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