Corporate Secretary Accounting & Tax

Financial Calendar 101

You’ve probably heard the laments of meeting compliance deadlines. To save you the worry of leaving work to the last minute, we compiled a guide highlighting the important milestones you might want to save on your calendar. 

Here’s an average timeline of companies- assuming a Financial Year End (FYE) of 31st December.

FYE 01

 

Estimated Chargeable Income (ECI)

When: 3 months after FYE

The Inland Revenue Authority of Singapore (IRAS) requires an estimate of a company’s taxable income for a Year of Assessment (YA).

Here's what you need to provide

  • Taxable income
  • Revenue

Click here to check if your company is exempted from filing an ECI

Annual General Meeting (AGM)

When:  Within 6 months after FYE

AGM’s are critical for keeping your shareholder’s in the loop of your business operations.

What you need to get ready 

  • Financial Statements

Note: A notice of the AGM’s date should be disseminated 14 days before the meeting itself.

FYE 02-01

Annual Return

When: 7 months (if not listed) after FYE 

The annual return is an electronic form lodged with ACRA and contains important particulars of the company. This report must include

  • Particulars of Directors, Secretary
  • Registered Address
  • Shareholder (s) Details
  • Date of AGM
  • Financial Statements
  • Information where  the register of controllers and nominee directors are kept
  • Financial Statements in XBRL Format (if required) 

Chargeable Income

Depending on how you choose to file your tax return, there are two important dates to take note

  • Paper File: 30 November 
  • Electronic File: 15 December

While the ECI is an estimate of your projected income, you’ll still have to declare your company's actual income. And unlike the ECI, all companies are required to file even if they are making losses.

Goods and Services Tax

Depending on how much turnover your business is expecting, you may need to file for GST. This applies if your business turnover is more than $1Million in the past 12 months, or if you expect the turnover to exceed $1Million.

When: IRAS will drop a notification if you are required to file for GST. Subsequently, you'll have to be registered for GST 30 days hence.

If you’re still unsure about the requirements and specifics of preparing for these milestones, drop us a message!

If you want to keep reading

Who is a corporate secretary and why do you need one?

Corporate Secretary

Every company active in Singapore has to abide by local laws and regulations around tax andfalse