Singapore: Domestic Corporate Taxation
Filing Requirements and Payment of Tax
Companies are required to furnish estimated chargeable income within three months of the end of their financial year to the Inland Revenue Authority of Singapore (IRAS). Income tax due can be paid either in one lump sum or over a maximum of 12 interest-free monthly instalments via the GIRO facility. Penalties for late or non-payment are 5% of the tax due, plus an additional 1% if the tax remains unpaid 60 days from the imposition of the 5% penalty.
Additionally, a company must file a tax return (Form C), along with audited or unaudited accounts and tax calculation, with IRAS by end-November each year. Form C may be filed electronically. Note that these documents may also need to be filed with the Accounting and Corporate Regulatory Authority (ACRA). The penalties for late filing or failure to file are a composition fee of up to SGD1,000, followed by a summons to attend court for continued non-compliance. Failure to file the relevant documents for any year of assessment for two years or more will result in a penalty of double the corporate income tax owed and a fine of up to SGD1,000.