Filing Requirements for Private Limited Companies: All You Need to Know

As a Singapore business owner, it is important to understand filing requirements for private limited companies to ensure tax compliance. This guide outlines key obligations, deadlines, and penalties you should be aware of.

Filing ECI (Estimate of Chargeable Income)

Estimated Chargeable Income (ECI) is an advance estimation of your company’s taxable profits for a specific Year of Assessment (YA). Even if the estimated chargeable income is zero, companies are still required to submit a statement indicating a ‘nil’ ECI.

Note that ECI filing is mandatory, unless your company meets 2 conditions:

• Revenue is < $5million
• ECI is ‘NIL’ for the YA

Holding an AGM (Annual General Meeting)

• File with ACRA (as part of annual return)
• Once a year

Filing your annual returns

• File with ACRA
• Within 1 month after your AGM

Filing an annual return with ACRA involves submitting an electronic form containing crucial details such as company officers, financial reports, registered addresses, and auditors (if applicable). This mandatory submission ensures the accuracy of company information on ACRA’s register, facilitating informed decisions by stakeholders.

All Singapore incorporated companies must file their annual returns within a month after shareholders approve financial statements and within 7 months after the FYE.

Filing your corporate tax return (Form C-S/ C)

• File with IRAS
• By Nov 30 (or Dec 15 for e-filing submission)

This involves reporting your company’s income earned in the previous financial year, known as the Year of Assessment (YA). The process includes declaring chargeable income after deducting tax-allowable expenses, capital allowances, and reliefs.

Singapore’s tax rate stands at a flat 17%, applicable to the company’s taxable income. Financial year-ends may vary, and businesses must inform IRAS if not on 31 December or exceeding 12 months.

Tax payment due date

• 1 month from the date of the Notice of Assessment (Tax Bill) to IRAS

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Filing your GST returns

• File with IRAS
• Every quarter

GST-registered businesses in Singapore are required to file GST returns to declare the amount they have collected and paid. These returns must be converted to Singapore dollars, even if transactions are conducted in foreign currency. If no transactions occurred in a quarter, a nil return must still be filed.

Payments are due within 1 month after the end of the accounting period, with deductions made via GIRO arrangements on the 15th of the following month.

For instance:

• Jan – Mar 2024: Due by 30 Apr 2024
• Apr – Jun 2024: Due by 31 Jul 2024
• Jul – Sep 2024: Due by 31 Oct 2024
• Oct – Dec 2024: Due by 31 Jan 2025

How do I file my corporate tax returns?

To begin the process of filing your Corporate Income Tax (CIT) return, you must first be authorised by your company to handle CIT matters through Corppass. Thereafter, access MyTax Portal and navigate to the ‘Business Tax’ section.

Log in using Singpass and select whether you’re filing the Estimated Chargeable Income (ECI) or Form C-S/ C. Follow the on-screen instructions to complete the filing.

If you’ve filed the ECI, expect to receive the Notice of Assessment (NOA) within seven days. A nil ECI filing does not result in a NOA. For Form C-S/ C, anticipate receiving the NOA from IRAS by May 31 of the following year.

For instance, if filed in November 2023, expect the NOA by May 2024. Payment is due within 1 month of the NOA date.

Experience the Counto advantage

Counto is the trusted provider of accounting, tax preparation and CFO services for startups and SMEs. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price. To learn more, speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

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