Singapore Tax Compliance Map

Email: sin4ww@evershinecpa.com

Singapore CPA Lau Wei-Koon, speak in both English and Chinese
215 Henderson Road #03-03 Henderson Industrial Park Singapore 159554

GLA – Singapore Corporate Income Tax 

GLA-SG-01 GLA Tax Entity

Question from client:
Is Singapore corporate income tax a national income tax? A local income tax?
Or is there a national and local income tax?
What if the national income tax and the local income tax are levied separately or levied together?
What is the standard tax rate? What is the special tax rate?

Answer from Evershine RD:
In Singapore, taxes are only imposed on a national level, and not by political subdivisions.
The main national tax rate for corporations is 17%.

GLA-SG-02 Registration

Question from client:
Which government unit is responsible for the collection of Singapore corporate income tax?
The registration of the country’s corporate income tax status, that is, the tax certificate number application procedure, paper certificate number application?
Or an online account application? URL?
What is the advance certificate number for applying for this certificate number?
Do I need to use the industrial and commercial certificate electronic card to apply?

Answer from Evershine RD:
Inland Revenue Authority of Singapore (IRAS) is the Singapore tax authority, which assesses, collects, and enforces payment of taxes, and is responsible for administering the tax legislation.
Company’s tax reference number for filing ECI and Form C-S/ Form C is for example, 200312345A.
Tax Identification Number in Singapore are now known as the Unique Entity Number (UEN).
This number is assigned by ACRA, IRAS, and other government agencies.
To access the Corporate Tax e-Services in mytax.iras.gov.sg, Corppass need to be registered.
There are step-by-step guides for a CPA to register at www.corppass.gov.sg.

GLA-SG-03 GLA Order (OD)

Question from client:
What is the order of Singapore corporate income tax return (information flow determines tax base) and payment (fund flow)?
Pay first and then declare? Report first and then pays?
At the same time as the declaration and payment?

Answer from Evershine RD:
Deposit first (DF). Pay by installment first and declare later.

GLA-SG-04 Mechanism of Filing (MOF)

Question from client:
What is the return method for Singapore’s corporate income tax return (information flow determines the tax base)?
Filing cycle: monthly? Every bimonthly? Every season? every half year? Per year?
Electronic filing? Manual filing? Electronic filing and manual filing coexist?
If electronic filing is possible: website URL?

Answer from Evershine RD:
The company must file its estimated chargeable income (ECI) within 3 months of its financial year end.
From YA 2021, the filing deadline for corporate tax returns (Form C-S/ Form C) is 30 November (for hard copy forms) and 15 December (for e-filing).
All companies are required to file their income tax returns electronically.
The company can access the digital services at mytax.iras.gov.sg using Corppass.
IRAS Mytax-portal. https://www.iras.gov.sg/irashome/Businesses/Companies/Filing-Taxes–Form-C-S-Form-C-/Guidance-on-Completing-Form-C-S/-C/

GLA-SG-05 Mechanism of Payment (MOP)

Question from client:
What is the funding method for Singapore corporate income tax payment (funds flow)?
Payment cycle: M per month? B every bimonthly? Q every season? H every six months? A every year?
Automatically authorize the deduction of ACH (that is, take the initiative of the recipient)?
Electronic remittance to EFT (that is, the payer takes the initiative)?
Bank counter payment OCT?
Or the above methods coexist?

Answer from Evershine RD:
The company must file its estimated chargeable income within 3 months of its financial year end.
The IRAS will require payment of the estimated tax, with refunds or top-ups to follow after the detailed income tax return is filed with IRAS by 30 November.
Companies may choose to pay corporate tax through internet banking if they have an internet banking account with any of the listed banks.

GST – Singapore GST

GST-SG-01 VAT Tax Entity

Question from client:
Is Singapore GST National GST? Local GST? Or is there a national plus Local GST?
What if the National GST and Local GST are levied separately or levied together?
What is the standard GST rate? What is the special GST rate?

Answer from Evershine RD:
Singapore’s value added tax is referred to as the Goods and Services Tax (GST).
The GST Act is applicable in the entire territory of Singapore.
There is no separate state, provincial or local indirect taxes.
GST standard rate in Singapore is 7%.

GST-SG-02 Registration

Question from client:
Which government unit is responsible for the levying of GST in Singapore?
The registration of Singapore’s GST levy status, that is, the application procedure for GST certificate number, paper certificate number application?
Or online account application? URL?
What is the advance certificate number for applying for a GST certificate number?
Do I need to use an industrial and commercial certificate electronic card to apply?

Answer from Evershine RD:
The Inland Revenue Authority of Singapore (IRAS) acts as an agent of the Singapore government to administer, enforce and collect the GST from GST registered businesses.
Singapore Customs is the government agency under the Ministry of Finance that is responsible for the collection of GST on the importation of goods into Singapore as well as administering GST customs and relief schemes.
The First Schedule of the Singapore GST Act provides that a person must register for GST if his or her taxable turnover at the end of any calendar year exceeds the registration threshold of 1 million Singapore dollars.
Act, a person who is required to register at the end of any calendar year must notify the Inland Revenue Authority of Singapore (IRAS) of this requirement by January 30 of the subsequent year.

In addition, a person subject to registration because a threshold is to be exceeded in the next 12 months must notify the IRAS within 30 days after the first day of the relevant 12-month period.
The company must register for GST online on the IRAS myTax Portal.
Paper applications are accepted only for exceptional cases, such as where businesses are not granted access to the myTax Portal.
The GST registration number is usually in the format M1 2345678 X.

GST-SG-03 WWT Order (OD)

Question from client:
What is the order of Singapore’s GST declaration (information flow determines the tax base) and payment (fund flow)?
Pay first and then declare? First declare and then pay?
At the same time as the declaration and payment?

Answer from Evershine RD:
Same period (SP): Filing of GST return and pay the taxes due by the same time.

GST-SG-04 Mechanism of Filing (MOF)

Question from client:
What is the return method for Singapore GST declaration (information flow determines the tax base)?
Reporting cycle: every month? Every bimonthly? Every season? every half year? Per year?
Electronic filing? Manual filing? Electronic filing and manual filing coexist? If electronic filing is possible: Website URL?

Answer from Evershine RD:

The Singaporean GST return must be filed with the Inland Revenue Authority of Singapore (IRAS) not later than one month after the end of the taxpayer’s prescribed accounting period together with payment due.
Taxable persons usually have quarterly accounting periods, although monthly accounting periods and six-month accounting periods (for smaller businesses) may be requested.
The relevant GST return form for filing is called “GST F5” and is applicable for all taxpayers regardless of timing.
Singapore GST returns must be filed electronically through the myTax Portal.
Taxpayers must have Singapore Corporate Access (“CorpPass”) authorization to be able to access the myTax Portal.

GST-SG-05 Mechanism of Payment (MOP)

Question from client:
What is the funding method for Singapore GST payment (funds flow)?
Payment cycle: M per month? B every bimonthly? Q every season? H every six months? A every year?
Automatically authorize deduction of ACH (that is, take the initiative of the recipient)?
Electronic remittance to EFT (that is, the payer takes the initiative)?
OCT payment at the bank counter?
Or the above methods coexist?

Answer from Evershine RD:
The payment deadline for Singaporean GST is one month after the end of the relevant accounting period.
Payment of Singaporean GST is by cheque or by interbank deduction.
Cash is not an acceptable form of payment.
Payment by interbank deduction must be made through a bank account in Singapore.
If payment is made by interbank deductions, in practice, the deduction is not made by the IRAS until 12 to 15 days after the due date.

Please be aware of below Warning:
The above contents are digested by Evershine R&D and Education Center in October 2021.
Regulations might be changed as time goes forward and different scenarios will adopt different options.
Before choosing options, please contact us or consult with your trusted professionals in this area.

Contact Us

Singapore Evershine BPO Service Limited Corp.
E-mail: sin4ww@evershinecpa.com
Singapore CPA Lau Wei-Koon, speak in both English and Chinese
215 Henderson Road #03-03 Henderson Industrial Park Singapore 159554

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(version: 2024/07)
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