Corporate Tax Filing In Singapore Offered By Asiabiz

For a newly incorporated company, IRAS send Form C in the 2nd year for assessment. The accounting period was considered the trading period for a business and the assessment period would be held on the following year. As an instance, if the accounting period is held on April 1st, 2009 to 31st March, 2010 then 2011 would be the year of assessment. For the subsequent years, the filing would be in the months on March/April.

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).

Under Section 175 of the Companies Act, a Singapore company is required to hold its first Annual General Meeting (AGM) within 18 months of its incorporation and at the AGM, 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. To help the company prepare the accounts, the Companies Act did not provide the minimum level of qualifications of the persons required. 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 following are the documents to be submitted;

* Tax computation
* Directors Report
* Form C

If you want further details on filing your tax return, contact Asiabiz via email sales@asiabizservices.com or call our accounts specialist at (+65) 6242 6533.