In light of the COVID-19 situation, ACRA and IRAS, the two regulatory bodies, have come to rescue of the companies operating from Singapore by giving various leeway. Thus, these regulatory bodies are taking measures for supporting companies/taxpayers by providing extension of various deadlines.

Accounting and Corporate Regulatory Body (ACRA):

ACRA has supported entities who find it challenging or are unable to hold AGM and file Annual Returns. Broadly, its announcement can be categorized into – 

• 60 days extension is also applicable for both listed and non listed companies whose Annual Return filing due dates fall during the period 1 May 2020 to 31 August 2020.

• Since the Lockdown being imposed from this week itself ACRA has also provided respite to 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. The AR filings has also been similarly extended by 60 days and no lodgement to ACRA for claiming this extension is required.

• ACRA has granted a 60-days extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. The extension is also applicable to Companies that had previously been granted extension of 60 days of time from the last date of extension to hold their AGMs within this period.
  

Details of the Extension of Time (EOT) for Holding AGM and Filing Anual Return 

Original Due Date/ Extended Due Date previously granted for AGM	New AGM due date	New AR due date
16 Apr 2020 to 30 Apr 2020	15 Jun 2020 to 29 Jun 2020	15 Jul 2020 to 30 Jul 2020
1 May 2020 to 31 May 2020	30 Jun 2020 to 30 Jul 2020	31 Jul 2020 to 29 Aug 2020
1 Jun 2020 to 30 Jun 2020	31 Jul 2020 to 29 Aug 2020	30 Aug 2020 to 29 Sep 2020
1 Jul 2020 to 31 Jul 2020	30 Aug 2020 to 29 Sep 2020	30 Sept 2020 to 30 Oct 2020

 

Inland Revenue Authority of Singapore (IRAS):

For ease and support of taxpayers, IRAS is providing an automatic extension of deadlines for tax filing for individuals and businesses. As such the deadlines are extended for:

• Individual Income Tax
• GST returns for accounting period ending Mar 2020,
• Estimated Chargeable Income (ECI) for companies with Financial Year ending Jan 2020
• Income Tax for trusts, clubs and associations
• One-month extension of submission deadlines for (i) S45 Withholding Tax Forms due in April 2020 and (ii) tax clearances

The original due date and the extended due date is demonstrated by IRAS as under:

S/N	Tax Type	Original Filing Deadline	Extended Filing Deadline
1	Income Tax for Individuals (including sole proprietors and partnerships)	18 Apr 2020	31 May 2020
2	Income Tax for Trusts, Clubs and Associations	15 Apr 2020	31 May 2020
3	Estimated Chargeable Income (ECI) for companies with Financial Year ending Jan 2020	30 Apr 2020	31 May 2020
4	GST Returns for accounting period ending Mar 2020	30 Apr 2020	11 May 2020
5	S45 Withholding Tax Forms due in Apr 2020	15 Apr 2020	15 May 2020
6	Tax Clearances for foreign employee in Apr 2020	–	1 additional month

 

If you want our assistance to plan your taxes and other regulatory requirements in Singapore feel free to write to us at info@taxmantra.com or visit our page over here.

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