taxBytes@iras is a quarterly e-newsletter that keeps you up-to-date on the latest tax developments and other revenue matters!
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Issue 34: Apr - Jun 2020 |
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Companies with Financial Years Ending in Jan to Mar 2020 to File Estimated Chargeable Income (ECI) by 30 Jun
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All companies with Financial Years ending in Jan to Mar 2020 are required to file their YA 2021 ECI electronically at mytax.iras.gov.sg by 30 Jun. ECI is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment.
Looking for more information on filing ECI for your company? Find out more
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Corporate Tax Filing Season 2020 is Now Open
Companies can start to file their Year of Assessment (YA) 2020 Form C-S/ C using CorpPass at mytax.iras.gov.sg. This year, all companies are required to file their Corporate Income Tax returns online.
Have a question about your company’s tax filing obligations? Check out this one-stop guide.
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Tax Season 2020 - Received your tax bill?
Look out for your tax bill – also known as Notice of Assessment (NOA) – coming your way.
If you have updated your Singapore mobile number with IRAS, an SMS alert will be sent once your tax bill is finalised. To update your mobile number, log in to myTax Portal using your SingPass or IRAS Unique Account (IUA), and click on ‘Update Contact Details’.
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Digital Tax Bills
One in 2 taxpayers will be receiving digital tax bills instead of paper bills this year. SMS notifications will be sent once the tax bill is ready.
Received a paper bill but looking to opt in for digital ones? Sign up here.
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Fixed Expense Deduction Ratio for Commission Agents
With the Fixed Expense Deduction Ratio (FEDR), commission agents need only keep simple records such as listings, instead of invoices and receipts. It also facilitates a smoother tax filing experience. Watch this video to find out more about FEDR and if you qualify for it for the next tax season.
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GST Registration Calculator
Not sure if you need to register for GST? Find out by using our GST Registration Calculator.
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