The innovation under the rules for the payment of corporate tax in Singapore will not spread. However, it always arouses close interest from the business community. The Singapore Revenue Authority (IRAS) carefully considers all changes in an effort to minimize potential harm, and therefore they almost never pose a threat to stability and security. This is confirmed by the new guidance on filing corporate income tax returns.
Which areas of domestic tax policy in Singapore are covered by the updated guidance:
- submission of corporate income tax returns;
- rules and recommendations for preparing a tax report;
- declaration status;
- the subtleties of the interpretation of the current tax code in Singapore
In general, there were no global changes, but a certain “work on the bugs” was done.
Clarifications on the submission of the declaration:
- updated regulations through the IRAS web portal;
- clarification regarding the declaration (C-S, light C-S, C);
- the need to file a declaration for 2023 (fiscal year 2022).
Explanations on the specifics of preparing a declaration/tax report:
- qualification of income subject to taxation;
- qualification of costs that allow the use of a deduction;
- general and special tax credits and deductions for companies in Singapore;
- a list of typical mistakes made when submitting documents, as well as recommendations from IRAS specialists on how to avoid / prevent them;
- advice on the accurate calculation of corporate income tax in Singapore;
- preparation of tax calculation for special cases (on the example of an investment holding company).
Clarification on the status of submission of information to IRAS:
- determination and verification of the status of the declaration for corporate income tax;
- making the necessary changes and amendments to corporate income tax returns.
Clarifications regarding the tax code:
- when Singapore companies receive their tax return;
- actions on the part of the business, if specific figures in the declaration raise questions;
- tax advice;
- clarifications on the method of tax refund.
The deadline for filing a corporate income tax return is November 30, 2023.