Notice of Singapore Tax and Annual Return Filing Extension

Notice of Singapore Tax and Annual Return Filing Extension

As part of its support to taxpayers in light of the latest measures to manage the COVID-19  situation, the Inland Revenue Authority of Singapore (IRAS) and Accounting and Corporate Regulatory Authority (ACRA) announced the automatic extension of deadlines for tax filing for individuals and businesses as well as filing annual returns.

Q:     What is the extended filing due date for individual income tax?

A:        Income tax for Individuals (including sole proprietors and partnerships) were originally due on 18 Apr 2020 has been extended to 31 May 2020. This is an automatic extension no application is required.

Q:     Is there any extension for filing of Estimated Chargeable Income (ECI)?

A:          Since the ECI filing deadline is 3 months after the financial year end, the extension of filing of ECI will only granted to the companies with Financial Year Ending Jan 2020. There is no extension for the companies with other financial year end.

Q:     Is there any extension for GST return?

A:         GST returns for accounting period ending Mar 2020 was originally due on 30 April 2020, will be automatically extended to 11 May 2020.

Q:     How is support measures for taxpayers to ease cash flow?

A:        Support for Companies

All companies with Corporate Income Tax (CIT) payments due in the months of April, May and June 2020 will be granted an automatic three-month deferment of these payments. The CIT payments that are deferred from April, May and June 2020 will be collected in July, August and September 2020 respectively.

Support for Self-Employed

The income tax payments due in May, June and July 2020 will be deferred automatically for three months to August, September and October 2020 respectively. No application is required.

Property Tax Measures

Commercial properties badly affected by COVID-19 like hotels, shops and restaurants will  receive 100% rebate. Other non-residential properties like offices will get a 30% rebate on property tax payable.

Q:     How is support measures for taxpayers to ease cash flow? (Cont’d)

Support for Employees

Employees may opt to defer your income tax payments due in May, June and July 2020 if you need help with your tax payments. If you are paying by GIRO, there will be no GIRO deduction in May, June, and July 2020. The income tax deduction will resume in August, September or October 2020. There is no change with the tax payable amount.

Q:     What is the extension of deadline for holding Annual General Meeting and filing of Annual returns?

A:         In light of the COVID-19 situation, some companies may have difficulties holding their Annual General Meetings (AGMs) and filing their Annual Returns (ARs).

ACRA will grant 60-day extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. Companies that had previously been granted extension of time to hold their AGMs within this period will also be given a further 60 days of extension from the last date of extension. The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days. There is no need for these companies to apply for the extension. ACRA will also not impose any penalties on listed and non-listed companies whose AGMs are due during the period 1 April to 15 April 2020 if they hold the AGM within 60 days of the due date. Their AR filing due dates will also be extended for 60 days. Please refer to the below table for details: