Accounting & Tax FAQs

How frequent should I do my company accounts?

This depends on your preference. Company accounts can be done on a weekly, monthly, quarterly or yearly basis.

What is an Annual Return?

An annual return or AR is an annual financial statement that companies are required to file with ACRA. These documents include key information on the registered office address, stakeholders, auditor if applicable, and either an audited or unaudited report.

When should I file my Annual Return?

The company’s annual return must be filed 30 days after the Annual General Meeting (AGM) has been held.

What should be included in my company financial statement?

The financial statement should include Profit & Loss Statement, Statement of Changes in Equity, Balance Sheet and Statement of Cash Flow.

What is Goods and Services Tax?

The Government and Services Tax or GST is a consumption tax that is level in nearly all of the goods and services in Singapore. This is similar to the Value Added Tax or VAT in many countries.

Is my company required to register for GST?

The company is eligible for compulsory GST registration if its annual turnover surpasses S$1 million during the previous year or if the company’s expected annual turnover in the coming year surpasses S$1 million.

When should I file for GST Registration?

At the end of each quarter (March, June, September, December) when the company’s annual taxable turnover or projected annual taxable turnover exceed S$1 million.

What is the right format for my company’s financial reports?

Based on the guidelines published by ACRA, companies incorporated in Singapore must file their respective financial statements in the prescribed XBRL format.

When should I file for GST Registration?

Based on the guidelines published by ACRA, companies incorporated in Singapore must file their respective financial statements in the prescribed XBRL format.

Who are required to pay income tax in Singapore?

According to the Income Tax Act, any individual who is earning or receiving income be it in the form of cash or payment-in-kind in Singapore must pay income tax.

How will I know if I am required to file an income tax?

A SingPass invitation letter, an income tax form or an IRAS PIN mailer will be sent by the Inland Revenue Authority of Singapore (IRAS).

When should I file my individual income tax?

The deadline for personal income tax filing is April 15.

What is the corporate tax rate in Singapore?

The corporate tax rate in Singapore is 17%.

What does Estimated Chargeable Income mean?

The Estimated Chargeable Income or ECI is the company’s estimated amount of taxable income for an accounting period. The amount should exclude tax allowable expenses incurred during the Year of Assessment (YA).