Income Tax Planning and Compliance

We offer professional corporate taxation services for businesses in Singapore. We are committed to helping your organization to meet the tax compliance obligations by:

• Helping client ensure tax returns are filed promptly
• Ensuring all tax deadlines duly complied
• Identifying tax incentives, grants and policies to new start-up SMEs, maximise tax benefits allowed by the government

Companies that fail to file their Corporate Income Tax returns on time or fail to e-File when required to, without reasonable excuse, are guilty of an offence and may face a fine of up to $1,000 and in default of payment, imprisonment for a term of up to six months.

Companies that do not file their Corporate Income Tax returns on time may receive a Notice of Assessment (NOA) based on IRAS’ estimation of their income. Tax must be paid within one month from the date of the NOA notwithstanding any objections. IRAS will review the estimated assessment upon receiving the Corporate Income Tax returns.

Companies that fail to file their Corporate Income Tax returns for a particular YA or fail to e-File when required to, for two years or more, may face a penalty of double the tax assessed and a fine of up to $1,000. In default of payment, an imprisonment term of up to six months may be imposed.

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IRAS Warns Against Tax Evasion

IRAS takes a serious view of non-compliance and tax evasion. There will be severe penalties for those who wilfully evade tax. The authority will not hesitate to bring offenders to court. Offenders may face a penalty of up to four times the amount of tax evaded. Jail terms may also be imposed.

Want to know more you can contact us