Asiabiz Singapore Corporate Tax Filing Service

IRAS is required to submit Form C for newly set up company in the 2nd year for assessment. The trade period for a business is the accounting period and the subsequent year would be the assessment period. For Example if the accounting period is April 1st, 2007 to 31st March, 2008 then the assessment year would be 2009. For the following years, March/April would be the filing months.

It is required that local and foreign companies in Singapore to comply with annual filing requirements from the Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority of Singapore (ACRA).

Within 18 months of its incorporation and at the AGM Under Section 175 of the Companies Act, a Singapore company is required to hold its first Annual General Meeting (AGM). Furthermore, the directors shall present the companys accounts that comply with the requirements of the Accounting Standards and give a true and fair view of the status of the company to its shareholders. The preceding AGMs should be done every calendar year and the gap between these meetings should not exceed 15 months after the date of the last AGM.

Under Section 197 of the Companies Act, the Singapore incorporated company is required to file its Annual Return with the Registrar within one month after holding the AGM.

The law requires every company to hold its AGM and file its Annual Return. The Companies Act does not prescribe the minimum level of qualifications of the persons required to help the company prepare the accounts.

To facilitate with the preparation of accounts, directors will decide on the level of expertise required based on the complexity of the accounts. Directors should also be prepared to justify how the level of expertise falls within the purview of Section 157C of the Companies Act (i.e. provision on use of information and advice). Section 157C of the Companies Act accords directors with protection for reasonable reliance on information and advice from professionals and experts, provided that in so doing, the director acts in good faith, makes proper inquiry if the circumstances warrant, and has no knowledge that his reliance on such information or advice is unwarranted. The filing deadline for corporate income tax return is 31 October. Documents to be submitted are tax computation, directors report and Form C.

Asiabiz, a leading company registrar can assist you if you need guidance with your corporate tax filing. The AsiaBiz Services team consists of a group of professionals who have extensive experience with Singapores legal, financial, tax, corporate and regulatory frameworks. With their help, you will be guided on the tax breaks that government offer to newly incorporated companies as well as other specified industries and therefore, help you gain significant savings.