Inland Revenue Authority of Singapore (IRAS)

🌎 IRAS on the world stage: We recently participated in the 17th Global Forum Plenary Meeting in Asunción, Paraguay. The event brought together delegates from 103 jurisdictions and 9 international bodies. 🎉 The Global Forum marked its 15th anniversary of promoting tax transparency and international cooperation. We have been an active member since its inception in 2009, serving various roles including Chair of the Peer Review Group from 2016 to 2022, and currently as members of the Steering Group and AEOI Peer Review Group. 💼 In other news, Singapore, along with over 60 other jurisdictions including major financial centres and digital asset hubs, has committed to implement the Crypto-Asset Reporting Framework (CARF). This extends our automatic exchange of information to include crypto assets, keeping pace with the evolving financial landscape. 🎤 Assistant Commissioner Angela Ang contributed as a panellist, sharing our insights on the Common Reporting Standard. She wore two hats – one as an AEOI Peer Review Group member and another as an Assessed Jurisdiction. 🤝 Tax Director Gordon Cheong chimed in too, emphasising how we had teamed up with industry partners to implement CRS. He highlighted that we will continue to closely engage and partner with the industry as we implement the amended CRS and CARF in the coming years. Read our announcement at go.gov.sg/iras-carf and discover more about the Global Forum plenary meeting at go.gov.sg/oecd-carf. #GlobalForum #AEOI #AutomaticExchangeOfInformation #CARF #TaxTransparency #GFplenary2024

The Government will provide a one-off Property Tax (PT) rebate of 20% for Owner-Occupied (OO) HDB flats, and 15%, capped at $1,000, for OO private residential properties in 2025. The rebate will automatically offset any PT payable.    In addition to the rebate, the Government previously announced at Budget 2024 that all Annual Value (AV) bands of the OO residential PT rates would be raised with effect from 1 January 2025. Homeowners can thus expect to pay the same or lower property taxes at each band, assuming that there is no change in their AVs and before any rebate.     As a result of both changes, all OO HDB flats and over 90% of OO private residential properties, will see lower PT in 2025. This will help Singaporeans mitigate cost-of-living concerns.     Read more at: https://lnkd.in/gz64jxAq

#DidYouKnow Companies that fail to file their Corporate Income Tax (CIT) Returns by 30 Nov may face consequences such as:   - An estimated notice of assessment payable within 1 month from the date of notice: Objection to the estimated assessment will only be considered upon submission of the CIT return and documents.   - A composition amount of up to $5,000: Appeals for a waiver will only be considered if the company has filed on time for the past 2 years and has submitted the outstanding tax returns and/or documents before the due date stated in the offer of composition.   - Notice to Attend Court / Summons may be issued to the Company and/or its Directors: Failure to attend Court will result in further legal actions taken against the company (i.e. a warrant of arrest may be issued against the company director).   For more information about the consequences of late or non-filing of CIT Returns, visit https://lnkd.in/gYRucDYg. For more details on filing your Corporate Income Tax Returns, visit https://go.gov.sg/cit2024.

Earlier this week, we had the privilege of hosting Prime Minister of Montenegro Milojko Mickey Spajic and his delegation at Revenue House for an insightful exchange on tax administration. Our Commissioner, Mr Wai Choong Ng, and PM Spajić engaged in a productive dialogue, sharing insights on tax policies and discussing challenges unique to tax authorities of small states. Assistant Commissioner Ms Wai Yee Chow of our Corporate Development Division also shared more about Singapore's revenue system, in particular our approach to encouraging voluntary compliance and IRAS' initiatives to enhance taxpayer experience. The visit exemplifies our commitment to global knowledge sharing and collaboration in tax administration. We look forward to continuing our bilateral relations and exchanging experiences with Montenegro.

An early heads-up for you to keep a lookout for an SMS or email on your property tax bill soon.   When you do, the payment process is as fuss-free as it gets – simply pay via PayNow QR, AXS or i-banking (DBS, POSB, OCBC or UOB). Also, remember to check the payment due date stated in your bill.    Check out go.gov.sg/iras-pt2025 for more details. #propertytax2025

2 more days till the end of #CorporateIncomeTax2024 Filing Season. File your YA 2024 Corporate Income Tax Return (Form C/ Form C-S/ Form C-S (Lite)) at mytax.iras.gov.sg now. Failure to file the tax return by the deadline is an offence under the Income Tax Act 1947, and you may be subject to penalties of up to $5,000.

Poh Pwey Lihn (“Poh”), 53-year old Director of Sunway Facilities Pte Ltd (“Sunway”), has been convicted of unauthorised collection of Goods & Services Tax (GST). The amount of GST wrongfully collected amounted to $46,609. Poh’s company, Sunway, was in the business of managing waste management projects for Town Councils. He has been sentenced by the Court to 2 weeks’ imprisonment and ordered to pay $139,828 in penalty.

⚠️ Keep your personal data safe and don’t fall prey to scams during Corporate Tax Season 2024.   Any tax refunds are automatically credited into taxpayers’ bank account registered with IRAS or PayNow (NRIC/FIN/UEN) accounts. We do not process tax refunds to credit/debit cards and will not send you emails on your tax refund amount. You can check for updates on refunds at mytax.iras.gov.sg.   Visit go.gov.sg/iras-scam to safeguard yourself against scams.

ICYMI: IRAS clawed back more than S$3 million in unpaid taxes and penalties from 49 firms in the funeral industry over the past five years. Here’s the story. #singapore #tiktoksg #fyp #taxnews #taxcrimes

Funeral Service Providers (FSPs) fulfil a vital role in our society, offering compassionate end-of-life services for bereaved families.   We're glad to have collaborated with National Environment Agency and CPF Board on this curated session for FSPs, where we got to share essential tax information with the industry.   We are committed to supporting businesses across all sectors in fulfilling their tax obligations, recognising their unique contributions to our community.