What is the due date for filing corporate taxes?↓

The deadline for filing final corporate income tax return in Singapore is 30 November of each year. The income tax return is filed on a preceding year basis e.g. the tax return for the financial year ended 2016 is filed in the Year of Assessment (͞YA͟) 2017 and due for filing by 30 November 2017. Keep in mind however that each company is required to file an Estimated Chargeable Income (ECI) within 3 months of the end of its financial year.

Is a Singapore company required to file audited accounts?↓

Before 1 July 2015
Companies that meet the following criteria are not required to have their accounts audited and can file unaudited compilation accounts:

• No corporate shareholders; and
• Total number of shareholders < 20; and
• Annual revenue ≤S$5 million.

From 1 July 2015
Under the new small company concept, companies which qualify as small companies are not required to be audited and can file unaudited compilation accounts.

A company qualifies as a small company if:

(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) Annual revenue ≤ $10 million;
(ii) Total assets ≤ $10 million;
(iii) Number of employees ≤50.

All other companies are required to file audited accounts.

Are capital gains taxable?↓

Singapore does not impose any tax on capital gains.

Are dividends to shareholders taxable?↓

The Singapore tax treatment of dividends would depend on various factors such as the nature of dividend distribution, the entity declaring the dividend, whether the dividend is a local or foreign dividend, the recipient shareholder’s status. We are able to offer you tax advisory services driven by your core business objectives. We can help you at a strategic business planning level to understand the effect your business strategies may have on your tax profile. Please contact us to discuss further.