Tax - Accounting & Auditing in

The Required Tax Reports That Need To Be Submitted For a Singapore Company

All companies in Singapore are obligated to submit annual business activity reports and tax filings to the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore

Estimated Chargeable Income (ECI)

Within 3 months from the end of the financial year.
This is an estimated figure for the company's taxable income for a specific year of assessment (YA).
Companies must file the ECI for that year of assessment within 3 months after the end of the financial year.
Even if the company has zero estimated taxable income, it must still file a NIL ECI.

Annual General Meeting (AGM)

Within 3 months from the end of the financial year.
The first AGM must be held within 18 months from the company's incorporation date.
Subsequent AGMs will be held annually, with the interval between two meetings not exceeding 15 months.

Annual Return (AR)

Within 1 months after the AGM.
The Annual Return must be submitted within 1 month after the AGM.

Income Tax Return (Form C- S lite, Form C-S, Form C)

30th November of the following financial year.
This is the most important report for all companies in Singapore.
The deadline for submitting the income tax return is November 30th each year.

Accounting & Bookkeeping Services

Singapore companies are required to maintain accurate bookkeeping records and accounting documents in compliance with the Singapore Financial Reporting Standards (SFRS).

Our professional accounting team is ready to assist you in preparing comprehensive management accounts using our advanced accounting software system. Accounting fees are based on the number of transactions processed. on the number of transactions

Extensible Business Reporting Language

Extensible Business Reporting Language (XBRL) is a widely adopted electronic communication language used in banking, financial, and business systems. It plays a crucial role in enabling the accurate and reliable transmission of financial information online and between businesses.

The Accounting and Corporate Regulatory Authority of Singapore (ACRA) utilizes XBRL to streamline financial reporting for companies in Singapore. By leveraging XBRL, businesses can enhance the efficiency and accuracy of their financial reporting processes, ensuring compliance with regulatory requirements.

Financial Statements

Tagging Process

Instance Document (XML File)

Financial statements in XBRL format

Services fee of Financial Statement Compilation and XBRL ServicesFROM US$475

Preparation of the Annual General Meeting (AGM) and Annual Report (AR)

All companies incorporated in Singapore must hold an AGM and file their AR annually with ACRA.

Annual General Meeting (AGM)

AGM stands for Annual General Meeting, a mandatory yearly meeting where meeting minutes must be recorded.
The first AGM must be held within 18 months of the company’s incorporation date.
Subsequent AGMs are to be held annually, with no more than 15 months between two meetings.

Annual Return (AR)

Annual Return is distinct from financial statements and contains essential information about the company, such as its directors, secretaries, shareholders, share capital, and registered address.
The Annual Return must be submitted within one month after the AGM.
Failing to submit or submitting the AGM and Annual Return late can result in penalties ranging from 300 SGD to 600 SGD, (depending on the duration of the delay).

Financial Statement Compilation Services

A compilation report prepared by a professional firm will ensure thorough due diligence and meet all necessary technical competencies.

Companies that are exempt from audit and filing requirements are still obligated to prepare a complete set of financial statements, including relevant notes, and must include a Directors’ Statement

Singapore Auditing Services

The Accounting and Corporate Regulatory Authority (ACRA) does not require small private companies to submit audited financial statements if they meet two out of the following three criteria:

Total annual revenue for the previous fiscal year is less than S$10 million.
Total assets for the previous fiscal year do not exceed S$10 million.
The total number of employees for the previous fiscal year is fewer than 50.

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FAQs

An AGM is a mandatory annual meeting of shareholders. At the AGM, your company will present its financial statements (also known as "accounts") before the shareholders (also known as "members") so that they can raise any queries regarding the financial position of the company.

All companies incorporated in Singapore which are either limited or unlimited by shares (except exempted companies) are required to file their full set of financial statements in XBRL format according to the recent guidelines released by ACRA (Accounting and Corporate Regulatory Authority) Singapore June 2013.

In Singapore, accounting standards known as Singapore Financial Reporting Standards (SFRS) are aligned with the International Financial Reporting Standards (IFRS). All companies with financial periods beginning on or after January 1, 2003, are required to comply with the SFRS.

The SFRS framework consists of approximately 41 individual standards, each labeled as FRS followed by a number (e.g., FRS 1). Each standard addresses a specific accounting area, such as financial statement presentation, revenue recognition, inventory valuation, and other key financial topics.