Malaysia Hotline: +603- 2141 8908
Singapore
annual filling refers to that every corporation is subject to file an annual
return to the tax bureau in Singapore. This guide highlights the annual filing
requirements for Singapore private limited companies and apply to both active
and inactive companies. For an overview of the overall compliance requirements,
see Compliance Requirements for Singapore Companies.
Preparation
of Financial Accounts
Based on
your company’s financial activities during the accounting year, you must
prepare your annual financial accounts in accordance with the Financial
Reporting Standards of Singapore. If you have medium to large number of
accounting transactions each month, we highly recommend that you perform
monthly bookkeeping to keep your ledgers in order. If however, the number of
monthly financial transactions is relatively small, you can perform bookkeeping
on a quarterly or annual basis. The financial accounts 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.
Filing
of Estimated Chargeable Income (ECI)
Singapore
companies are required to declare the revenue amount and Estimated Chargeable
Income (ECI) by filing 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.
Audit
of Financial Accounts
Once the
financial accounts are ready, your company may be required to have its accounts
audited if the company falls under one of the following:
1.
Filing of Annual Return with ACRA
Each
Singapore company must lodge an Annual Return (AR) with ACRA within 1 month of
its AGM. Particulars of the company officers, registered address, and auditors
(if applicable) must be included in the AR. The attachment of company’s
accounts is governed by the applicable rules here.
2.
Filing of Annual Tax Return with IRAS
Each
Singapore Company must file its annual tax return with IRAS by November 30.
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. Note that the directors the company are
responsible and accountable for complying with the annual filing requirements.
Failure to comply with the statutory compliance requirements is an offence and
may result in fines or prosecution. A properly structured private limited
company is a very tax efficient corporate body; hence, this form is the most
common type of business entity registered in Singapore.
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my