{"id":1954,"date":"2024-01-18T09:22:56","date_gmt":"2024-01-18T09:22:56","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/?post_type=faq&p=1954"},"modified":"2026-05-24T02:33:10","modified_gmt":"2026-05-23T18:33:10","slug":"taxation","status":"publish","type":"faq","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/faq\/taxation\/","title":{"rendered":"Taxation"},"content":{"rendered":"\t\t
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Taxation<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is IR8A?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

Form IR8A is a report on each individual employee\u2019s earnings which must be submitted to IRAS annually by a deadline stipulated by IRAS.<\/p><\/div>\n\t\t\t\t\t<\/div>

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What are Year of Assessment and Basis Period?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

Put simply, the year of assessment is the year your income derived throughout the basis period is assessed and taxed. The basis period refers to the period during which your income is derived. For a company with financial year ending 30 Jun 2026, the Basis Period will be 1 Jul 2025 \u2013 30 Jun 2026, and the Year of Assessment will be YA2027.<\/p><\/div>\n\t\t\t\t\t<\/div>

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When must I file for my personal income tax?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

For personal income tax, you will need to file for tax by the 15th of April every year. The basis period assessable will be the full calendar year for the previous year. Example: Your YA2027 tax assessment will be based on income derived from 1.1.2026 to 31.12.2026.<\/p><\/div>\n\t\t\t\t\t<\/div>

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When must my company file for corporate income tax?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

For corporate tax, you will need to first furnish IRAS with an estimated chargeable income (ECI) within 3 months from the financial year end of the company. You will then be required to file for tax by 30 Nov of the year of assessment.<\/p>

Example 1: Your financial year end is 31.12.2026. You will need to submit your ECI by 31.03.2027 and file for tax for YA2027 by 30.11.2027.<\/p>

Example 2: Your financial year end is 30.06.2026. You will need to submit your ECI by 30.09.2026 and file for tax for YA2027 by 30.11.2027.<\/p><\/div>\n\t\t\t\t\t<\/div>

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What is the benefit of filing ECI to IRAS?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

A company needs to file ECI to IRAS within 3 months from the close of the accounting year. It is actually a legal requirement for companies to file ECI. The main benefit of early filing of ECI is to enjoy the instalment plans granted for tax payments if you file early. Do apply for GIRO arrangement with IRAS beforehand to enjoy the instalment plan scheme.<\/p>

File by 26th of 1st month after Financial Year End = 10 instalment periods<\/strong>
File by 26th of 2nd month after Financial Year End = 8 instalment periods<\/strong>
File by 26th of 3rd month after Financial Year End = 6 instalment periods<\/strong><\/p><\/div>\n\t\t\t\t\t<\/div>

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What is GST?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

GST stands for Goods and Services Tax, an indirect tax on domestic consumption (similar to VAT in other countries). The current GST rate is 9%, raised from 8% on 1 January 2024.<\/p><\/div>\n\t\t\t\t\t<\/div>

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Do I need to register for GST?<\/span><\/circle><\/path><\/g><\/rect><\/clipPath><\/defs><\/svg><\/span><\/circle><\/path><\/svg><\/span><\/div>

You must register for GST if your business turnover exceeds or is expected to exceed S$1 million in the next 12 months. You can also apply for voluntary registration below this threshold, which may benefit businesses whose vendors are mostly GST-registered (allowing you to claim input GST back). Note that voluntary registration also means charging GST on your sales, which may make your prices less competitive if your customers are consumers or non-GST-registered businesses.<\/p>

You may wish to consider the taxation services offered by ContactOne.<\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"featured_media":0,"parent":0,"menu_order":1,"template":"","class_list":["post-1954","faq","type-faq","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/wp-json\/wp\/v2\/faq\/1954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/wp-json\/wp\/v2\/faq"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/wp-json\/wp\/v2\/types\/faq"}],"version-history":[{"count":16,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/wp-json\/wp\/v2\/faq\/1954\/revisions"}],"predecessor-version":[{"id":8406,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/wp-json\/wp\/v2\/faq\/1954\/revisions\/8406"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/contactone.com.sg\/wp-json\/wp\/v2\/media?parent=1954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}