Year End Requirements

1. Estimated Chargeable Income (ECI)

Companies must file an ECI within three months after the end of their financial year. ECI is an estimate of the company's chargeable income for the year.

2. Corporate Income Tax Returns

Companies are required to file their Corporate Income Tax Returns (Form C-S or Form C) annually. The deadline for e-Filing is December 15, and for paper filing, it is November 30.

Form C-S: A simplified tax return for companies with an annual revenue of S$5 million or less that do not have complex tax matters.

Form C: For companies that do not qualify for Form C-S.

3. Financial Statements

Prepare financial statements according to the Singapore Financial Reporting Standards (SFRS). These must be ready for submission if requested by IRAS.

4. Tax Computations

Companies must prepare detailed tax computations. This includes calculating taxable income, claiming deductions, allowances, and reliefs.

5. Record Keeping

Companies should maintain proper records and accounts for at least five years. These records are vital for supporting the information in the tax returns and for any potential audits.

6. Payment of Tax

After filing, IRAS will issue a Notice of Assessment (NOA), which states the tax amount payable. Companies must pay their tax within one month from the date of the NOA.

7. Withholding Tax Compliance

For payments made to non-residents during the year (e.g., service fees, interest, royalties), ensure compliance with withholding tax requirements, including timely payment and filing of the necessary forms with IRAS.

8. GST Filing

If the company is GST-registered, ensure timely and accurate filing of GST returns, typically on a quarterly basis.