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Do I need to file tax this year?

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putorcall
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Do I need to file tax this year?

Postby putorcall » Mon, 02 Dec 2013 1:07 am

I"m going to register my PTE LTD in Singapore, next week.
so there won't be any business activities for this year definitely, since there's only 1 month left.

in this case, do i still need to file any tax return with IRAS?

thanks

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Strong Eagle
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Postby Strong Eagle » Mon, 02 Dec 2013 1:50 am

You will have to file annual returns and make reports to IRAS via Bizfile. How else would the gahmen know whether you had income or not?

Edited to correct an error. You file with the ACRA via Bizfile. IRAS has its own filing system for your corporate income tax return.

See also my next post about ACRA filing requirements.
Last edited by Strong Eagle on Mon, 02 Dec 2013 8:51 am, edited 1 time in total.

putorcall
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Postby putorcall » Mon, 02 Dec 2013 8:00 am

Strong Eagle wrote:You will have to file annual returns and make reports to IRAS via Bizfile. How else would the gahmen know whether you had income or not?


thanks Strong Eagle
never use bizfile to file anything, hope this won't be a challenge for me.

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Postby Strong Eagle » Mon, 02 Dec 2013 8:49 am

If you have a registered pte ltd, you are also required to file an annual report with the ACRA. And, you need to maintain a record of AGM and EGM minutes, and directors resolutions to be in compliance with the law. If you don't know all the paperwork you need to do, you really need a secretary to do it for you.

From Bizfile, a list of possible transactions under the annual filing button:

Annual Return by Local Company
Prepare Financial Statements: Link to FS Manager
Extension of Time under section 175 (30 to 60 days) for private limited & unlisted public companies
Extension of Time under section 201 (30 to 60 days) for private limited & unlisted public companies
Notification for Change of Financial Year
Apply for Relief from Requirements as to Form and Contents of Accounts and Reports
Application for filing Annual Returns with One Director's Signature with AGM
Application for filing Annual Returns with One Director's Signature without AGM
Application for filing Annual Returns without AGM

putorcall
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Postby putorcall » Mon, 02 Dec 2013 9:39 am

thank you Strong Eagle, i will learn that step by steps.

:)

Strong Eagle wrote:If you have a registered pte ltd, you are also required to file an annual report with the ACRA. And, you need to maintain a record of AGM and EGM minutes, and directors resolutions to be in compliance with the law. If you don't know all the paperwork you need to do, you really need a secretary to do it for you.

From Bizfile, a list of possible transactions under the annual filing button:

Annual Return by Local Company
Prepare Financial Statements: Link to FS Manager
Extension of Time under section 175 (30 to 60 days) for private limited & unlisted public companies
Extension of Time under section 201 (30 to 60 days) for private limited & unlisted public companies
Notification for Change of Financial Year
Apply for Relief from Requirements as to Form and Contents of Accounts and Reports
Application for filing Annual Returns with One Director's Signature with AGM
Application for filing Annual Returns with One Director's Signature without AGM
Application for filing Annual Returns without AGM

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Postby livingontheedge » Sat, 14 Dec 2013 12:25 am

For your case, you can choose an extended financial period for the 1st financial year, that is, your financial year will be from December 2013 to December 2014 (13 months).

So for your Annual Filing of the FS with ACRA, it will be the financial statements for the extended period, filed in 2015.

For your Tax Assessment, the same will apply, whereby you will file your Tax Returns in 2015, but the tax computation will need to show a split between the profits/losses for the period of December 2013 for YA 2014 and January to December 2014 for YA 2015. Tax will be assesed separately for each period.


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