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Epica FAQ Series

What are the compliance requirements of the Inland Revenue Authority of Singapore?

IRAS Compliance

What are the compliance requirements of the Inland Revenue Authority of Singapore?

Minimum filing requirements for a Singapore Company explained


Here are the compliance requirements of the Inland Revenue Authority of Singapore.

  • Each company is required to file its Estimated Chargeable Income within three months after the end of its financial year or FYE. Even a company with zero ECI is required to register ‘NIL’ ECI to IRAS. However please note, there are certain companies expemted from this requirement.
  • Every Singapore-based company must keep accounting records for five years. Accounting Records consist of a Balance Sheet, Equity Statement, Profit and Loss Account, and one Cash Flow Statement. All of these documents must be in accordance with SFRS (Singapore Financial Reporting Standards). Additionally you should also keep records of the ledger and copies of expenses receipts and sales invoices.
  • It is mandatory to file tax returns. Required documents to file Tax Returns are audited or unaudited Report and Form C (tax computation). 30 November is the filing deadline for corporate income tax returns.
  • A company is required to submit an audit report in case an audit is compulsory. Most of the small companies are however, exempted from these requirements.
  • All companies must submit a Financial Report. This report contains financial statements like income statements and balance sheets, declaration of new and vital accounting policies, disclosure of the company’s operations and interests of shareholders and directors.

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