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Presented by: Ms Ang Siok Peing

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Overview of Presentation
1. Scope of Tax 2. Basis of Assessment 3. Enhanced Partial Tax Exemption Scheme 4. Enhanced Tax Exemption Scheme for New Start-Up Companies 5. 6. 7. 8. General Filing Requirements Statutory Record Keeping Requirement Introduction to the Basic Tax Calculator Corporate Tax e-Services
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Scope of Tax
Income tax payable on:
Income accruing in or derived from Singapore (i.e. income sourced in Singapore) E.g. trade income of company carrying on business in Singapore Income received in Singapore from outside Singapore (i.e. foreign income received in Singapore) E.g. interest income from a foreign bank outside Singapore that is received in Singapore

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Basis of Assessment
Income is assessed on a preceding year basis Year of assessment (YA) Year in which income tax is charged Current YA is YA 2008 Basis period for a YA Period of income relevant to the YA

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Basis of Assessment
Trade / business income Basis period for a YA Example YA 2008 basis period for a June year-end company Accounting period preceding the YA Passive nontrade income Calendar year preceding the YA

1 Jul 2006 to 30 Jun 2007

1 Jan 2007 to 31 Dec 2007

With effect from 1 Jan 2008 (YA 2009), all income whether trade or non-trade, will be assessed on accounting year basis.
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Corporate Tax
Payable on Chargeable Income (after Exempt Amount) YA 2008 : 18%

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Enhanced Partial Tax Exemption Scheme


With effect from YA 2008 Given on Chargeable Income (excluding Singapore franked dividends) of up to $300,000 which is subject to tax at the normal corporate tax rate:
First $10,000 @75% Next $290,000 @ 50% $300,000 $7,500 $145,000 $152,500

Maximum exempt amount is $152,500


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Enhanced Tax Exemption Scheme For New Start-Up Companies


With effect from YA 2008 Granted to qualifying new company for any of its first 3 consecutive YAs Exemption granted on normal chargeable income (excluding Singapore franked dividends):
First $100,000 @100% Next $200,000 @ 50% $300,000 $100,000 $100,000 $200,000
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Enhanced Tax Exemption Scheme For New Start-Up Companies


Qualifying conditions
Company incorporated in Singapore (other than a company limited by guarantee) Tax resident in Singapore for that YA No more than 20 shareholders throughout basis period for that YA Only individuals as shareholders throughout basis period for that YA Beneficially held, directly or indirectly, by individuals as shareholders throughout basis period for that YA Company that does not meet the above qualifying conditions would still be eligible for partial tax exemption

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Enhanced Tax Exemption Scheme For New Start-Up Companies YA 2009


Qualifying conditions Company incorporated in Singapore (other than a company limited by guarantee) Tax resident in Singapore for that YA No more than 20 shareholders throughout basis period for that YA a. all of whom are individuals beneficially and directly holding the shares in their names; OR b. where there are non-individual shareholders, at least 1 shareholder is an individual holding at least 10% of the issued ordinary shares of the co.
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Enhanced Tax Exemption Scheme For New Start-Up Companies


Incorporated on 1.08.07 (accounting year ended 31.12.08)

Example

1. 1. 07

31.12.07 31.12.08

31.12.09

31.12.10

31.12.11 31.12.12

YA 2008 YA 2009 YA 2010


(First YA upon Incorporation) Tax Exemption Scheme for New StartUp Companies

YA 2011 onwards
Partial exemption

General Filing Requirements

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Estimated Chargeable Income (ECI)


All companies are required to furnish ECI within 3 months after the end of the accounting period
Example Accounting year ended 31 Aug 2007 ECI for YA 2008 must be filed by 30 Nov 2007

Claiming tax exemption under tax exemption scheme for new start-up companies declaration required

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Estimated Chargeable Income (ECI)


Dormant / making losses: NIL return required (i.e. ECI = 0) Company fails to submit its ECI by due date Estimated assessment will be raised and/ or enforcement actions may be taken

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Estimated Chargeable Income (ECI)


Example: Accounting Period: Year of Assessment:
ECI (before Exempt Amount) Less: Exempt Amount 100% x $100,000 50% x $100,000 ECI (after Exempt Amount) Estimated tax @ 18% To furnish ECI as Exempt amount will be automatically calculated 100,000 50,000 150,000 50,000 $9,000.00 $200,000
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ABC Pte Ltd 1.9.2006 31.8.2007 2008


$200,000

Income Tax Return (Form C) All companies are required to submit Form C Claiming tax exemption under tax exemption scheme for new start-up companies declaration required Dormant: NIL return required Due date for filing Form C for YA 2008 is 30 Nov 2008 Failure to submit tax return by filing due date Enforcement action
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Complete Tax Return Form C Appendices to Form C


Additional Information on Income & Deductions (Form IRIN 301) Where applicable: Exempt Dividend Account (Form IRIN 306) Schedule of Dividends / Interest / Trust Distribution Received and Tax Deducted (Form IRIN 307) Details of Interest-Free / Subsidised Loans to Individual Directors / Shareholders (Form IRIN 312)

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Complete Tax Return (contd) Tax computation with supporting schedules, showing how chargeable income and tax payable is arrived at Type of accounts to be filed depends on how the financial statements have been filed with ACRA
full set in XBRL format - File detailed profit and loss account with IRAS partial set in XBRL format or not in XBRL format - File full set of accounts with IRAS
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Audit Exemption
Under the Companies Act administered by the Accounting and Corporate Regulatory Authority (ACRA), the following companies are not required to have their accounts audited :

Dormant companies Exempt private companies with an annual revenue of not more than $5 million.

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Tax Filing Requirement For Companies Qualifying For Audit Exemption


Company qualifies for audit exemption

Company chooses not to have accounts audited

Company chooses to have accounts audited

Submit: Accounts (including notes to accounts) Directors report Directors statement prepared in accordance with Companies Act.

Submit: Audited accounts

Statutory Requirements
Payment of Tax - Within 1 month from date of notice, whether or not objecting to assessment - Failure to comply penalties late payment

Objection to Notice of Assessment - Must be lodged in writing within 30 days from date of notice - State precise grounds of objection
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Statutory Record Keeping Requirements


Prior to YA 2008 - 7 years from the relevant YA E.g. Records for 2006 (YA 2007) should be kept up to 31 Dec 2013 YA 2008 and each subsequent YA - 5 years from the relevant YA E.g. Records for 2007 (YA 2008) should be kept up to 31 Dec 2012
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Changes to Form C Filing Deadline

YA 2007

Statutory filing deadline 31 July (YA 2007 is last YA in which extension will be granted)

2008 2009 and thereafter

30 Nov 2008 31 Oct

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Payment of Tax by Instalments


For current year ECI only Number of instalments
Companys accounting year ends on 31 Dec
ECI filed by 26 Jan 26 Feb 26 Mar After 26 Mar E-filers 10 8 6 No instalments ECI filed by 24 Jan 24 Feb 24 Mar After 24 Mar Paper-filers 5 4 3 No instalments

GIRO application form downloadable from IRAS website


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Basic Tax Calculator

Preview
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Basic Tax Calculator

Basic Tax Calculator

Basic Tax Calculator

Launch


Case Study Pte Ltd Income Tax Computation for the Year of Assessment 2008 Basis Period: 01.09.2006 to 31.08.2007 S$ S$ Net Profit as per audited accounts 80,600 Non taxable items 1,000 Gain on sale of fixed assets 79,600 Separate source of income Interest Income 11,900 Rental Income 51,900 40,000 27,700 Disallowable expenses Depreciation 1,000 Donations 1,000 Fines penalties & 1,000 Medical expenses 6,000 Property tax 7,000 Upkeep of motor vehicles 5,000 21,000 Adjusted profit before capital allowance 48,700

Less: Less: Add:

P & L P & L P & L P & L P & L Sch 6 Sch 7 Sch 8 Sch 9

Cont

Case Study Pte Ltd Income Tax Computation for the Year of Assessment 2008 Basis Period: 01.09.2006 to 31.08.2007 Adjusted profit before capital allowance Capital allowance S19 IA S19AA S19A(1) AA S19A(2) AA Adjusted profit after capital allowance Separate source of income Interest Rental Less: Property tax Donations (Double deduction) Chargeable Income before exempt amount Exempt amount (see notes) First $10,000 @ 75% Next $72,800 @ 50% ($82,800 - $10,000) Chargeable Income after exempt amount Tax @ 18% 3,600 2,400 300 3,300 48,700 Sch 11 9,600 39,100 11,900 33,000 84,000 1,200 82,800 43,900 38,900 7,002.00 Sch 2 Sch 3 Sch 8 Sch 5

Less: Add: Less: Less:

40,000 7, 000 7,500 36,400

Corporate Tax e-Services

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What is EASY?
e-Services Authorisation System Allows organisation to authorise - Own staff; or - Third party To access IRAS e-Services (i.e. CT, GST & e-Tax Clearance) and other government agencies eServices (i.e. JTC e-services) on its behalf When an organisation authorises a third party, the third party will also use EASY to authorise its own staff to perform e-services for this organisation
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How to access EASY

Overview of EASY
IRAS issues different Access Code

Tax Agent Firm (TA) Access Code handled by appointed EASY Administrator Authorisation of staff via EASY TA Staff Using SingPass or IRAS PIN

3rd

Authorisation of party via EASY

Authorisation of staff via EASY

Co Staff Using SingPass or IRAS PIN Login to : myTax Portal

How to access myTax Portal

Logging into myTax Portal


https://mytax.iras.gov.sg

How to sign up for e-Services Workshop

How to sign up for e-Services Workshop

How to sign up for e-Services Workshop

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