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Pre-filled Tax Returns for 2 Million+ Employees; 120,000 AIS Employers Must File Income Data by 1st March

February 21, 2025

In 2024, 11,000 employers failed to meet the deadline for submitting their Annual Information Statements (AIS), resulting in inaccurate or delayed tax assessments for 140,000 employees. For the Year of Assessment 2025, over two million employees (9 in 10) whose employers participate in the Auto-Inclusion Scheme (AIS) will benefit from pre-filled tax returns, the […]

Precedent Partner Obligations

February 07, 2025

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 […]

Important Update: Bizfile Filing Deadline and Penalty Waiver

January 22, 2025

ACRA understands that some Bizfile users may have encountered difficulties with recent filings. ACRA is actively working to address these issues and improve the filing experience. They appreciate user patience and cooperation as they strive to provide a seamless and efficient service. Important information: Late Filing Penalty Waiver Extended: Following the previous notice on […]

Go Green This Lunar New Year: Embrace Fit Notes & Digital Gifting

January 08, 2025

Singapore, 2 January 2025… In anticipation of the upcoming Lunar New Year (LNY) celebrations, the Monetary Authority of Singapore (MAS) urges the public to embrace Fit notes[1] or e-hong baos to contribute to a more sustainable future. Online pre-booking of Fit notes for customers of DBS, OCBC, and UOB will commence on 7 January […]

ACRA NRIC Disclosure: Lessons Learned for Businesses

December 26, 2024

19 December 2024 SINGAPORE – In a press conference today, ACRA CEO Mrs. Chia-Tern Huey Min apologised for the recent incident where full NRIC numbers were inadvertently disclosed on the Bizfile portal. Mrs. Chia-Tern acknowledged the public anxiety and concern caused by this incident and reiterated ACRA’s crucial role in fostering a transparent and […]

Singapore and New Zealand authorities reach agreement on Measures to Prevent Base Erosion and Profit Shifting (“MLI”)

Singapore-New Zealand Competent Authority Arrangement on the Application of the MLI’s Arbitration Provisions

December 13, 2024

On 18 and 21 November 2024, the competent authorities of Singapore and New Zealand signed a Competent Authority Arrangement (CAA) to establish procedures for initiating and conducting arbitration proceedings under Part VI (Arbitration) of the Multilateral Instrument (MLI). The arbitration provisions enable taxpayers to submit unresolved issues arising from Mutual Agreement Procedures (MAPs) that have […]

The Impact of Late or Non-Filing Corporate Income Tax Returns

November 29, 2024

Failure to File Tax Returns: Potential Consequences Failure to file your Corporate Income Tax Returns, financial statements, and tax computations by the due date is a serious offense. IRAS may take the following actions: Estimated Assessment: IRAS may issue an estimated Notice of Assessment, requiring immediate payment within one month. Compounding Offer: You may be […]

ACRA Chief Executive shares insights on the future accounting

ACRA Chief Executive Shares Insights on the Future of Accounting

November 15, 2024

25 Oct 2024 Ms. Magdalene Ang, Vice Chair of the ACCA Singapore Members Network Panel, and Mr. Pulkit Abrol, Director of Asia Pacific at ACCA, addressed a distinguished audience at the annual ACCA Singapore conference. The event, themed “Reinventing the Profession for a Changed World,” focused on the evolving landscape of the accounting profession. […]

Singapore Strengthens Fight Against Money Laundering

October 31, 2024

Singapore, 30 October 2024 – Singapore today unveiled its National Anti-Money Laundering (AML) Strategy to strengthen its fight against financial crime. This strategic approach targets emerging money laundering risks and criminal tactics, ensuring the ongoing effectiveness of Singapore’s AML framework. [1] To learn more, please visit this link. As a trusted global financial hub, Singapore […]