fbpx
Counto Logo
Whatsapp
Call

Mark Your Calendar: 2024 Tax Deadlines for Singapore Businesses

As we step into 2024, it’s good practice to mark your calendar for the year’s compliance deadlines. To avoid hefty penalties, early preparation is key.

At Counto, we understand the importance of staying ahead, which is why we’ve curated a detailed roadmap of essential tax deadlines to streamline your planning process.

Singapore Company Tax Obligations 

Let’s take a quick look at the essential corporate compliance deadlines for Singapore companies:

  1. Annual General Meeting (AGM): Within 6 months after the Financial Year End (FYE), companies must conduct their AGM, unless exempted. Private companies can skip AGMs if they send financial statements to shareholders within five months after FYE, unless shareholders request an AGM within 14 days before the end of the sixth month after FYE. Listed companies must hold AGMs within four months after FYE.
  2. Preparing Financial Statements: All companies must compile financial statements within 6 months after FYE, adhering to Singapore Financial Reporting Standards (SFRS).
  3. Filing Annual Returns with ACRA: Non-listed companies must file within 7 months after FYE, while listed companies have a 5-month window.
  4. Estimated Chargeable Income (ECI) Filing: Within 3 months from the FYE, companies must report their ECI to the Inland Revenue Authority of Singapore (IRAS), unless exempted.
  5. Goods and Services Tax (GST) Returns: For GST-registered companies, filing and payment are due within one month after the end of each accounting period. 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

Did you know? ~ Counto’s tax experts are backed by in-house proprietary AI tax software, which has achieved  IRAS ASR+ Tier 3 qualification, the highest possible accreditation in Singapore.

2024 Corporate Tax Filing Deadlines

The following table outlines the critical compliance deadlines applicable to non-listed companies in Singapore:

 

Compliance obligation Deadline
Annual General Meeting (AGM)Within 6 months after the Financial Year End (FYE), unless exempted
File annual returns with ACRA After AGM and within 7 months after FYE
File corporate tax returns (Form C/C-S/C-S Lite) to IRASBy November 30
File Estimated Chargeable Income (ECI) to IRAS Within 3 months from FYE
File Goods and Services Tax (GST) Returns to IRAS Within one month after the end of each accounting period.

Common Penalties for Non-Compliance:

Understanding penalties is as crucial as meeting deadlines. Here’s a glimpse:

  • Late filing of Annual Returns with ACRA incurs penalties starting at S$300, escalating to S$600 for delays exceeding three months.
  • Late submission of tax returns to IRAS may result in an estimated Notice of Assessment (NOA) and potential legal action.
  • Missed GST return deadlines lead to penalties starting at S$200 and escalating by S$200 per completed month of delay.

Summary

Staying compliant with tax deadlines is non-negotiable for Singapore businesses. By familiarising yourself with these crucial dates and obligations, you pave the way for a smooth and penalty-free fiscal year.

Try Counto accounting service 

Counto exists to help small businesses like you save time and money throughout the year. Get direct access to a dedicated Customer Success Manager, who’s backed by a team of accountants and tax specialists. Discover a smarter way to outsource your accounting with confidence. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

 

Here are some articles you might find helpful:

Understanding Annual General Meetings (AGM) 

Converting sole proprietorship into private limited company

GST registration guide

Share this post

Post

Menu