Singaporean businesses must be aware of this year’s compliance requirements as 2024 approaches. Respecting deadlines is crucial to avoid severe consequences for not adhering to regulations on time. One essential responsibility is preparing ahead for these deadlines.
We have created a brief checklist of vital compliance deadlines to help busy business owners navigate their obligations. In this article, we will learn how to meet Singaporean compliance deadlines.
Singapore’s 2024 Corporate Compliance Deadlines
Meeting certain business deadlines is vital for maintaining your legal commitments. The main deadlines for corporations in Singapore for corporate compliance are as follows:
1. Organizing Annual General Meeting (AGM) – Companies, unless otherwise exempt, must schedule the mandatory Annual General Meeting with shareholders no later than six months after the Financial Year End (FYE). Private companies might be exempt from holding AGMs if they provide their shareholders access to their accounting records within five months after the FYE.
2. Filing Annual Reports with ACRA – Singapore-incorporated businesses need to file annual reports with the Accounting and Corporate Regulatory Authority (ACRA) to ensure that current company information is recorded in ACRA’s registry. The filing deadlines are:
– Within seven months of the fiscal year-end for unlisted companies.
– For listed companies, within five months after FYE.
3. Financial Statement Preparation: All Singaporean companies must prepare their annual financial statements within six months after the FYE or before the AGM date.
The financial statements must comply with the Singapore Financial Reporting Standards (SFRS) and include essential elements such as director statements, comprehensive income, financial condition, changes in equity, cash flow, and extensive notes.
Singapore’s 2024 Tax Compliance Deadlines
For Singaporean businesses to meet their financial obligations, meeting tax compliance dates is essential. Companies file two forms on their annual tax returns: Corporate Income and Estimated Chargeable Income. The significant filing deadlines are as follows:
Submit your company’s estimated chargeable income (ECI) for the year of assessment (YA). ECI is an estimate of taxable profits after deducting tax-allowable expenses.
Companies must submit their ECI to the Inland Revenue Authority of Singapore within three months of the Financial Year End unless they meet the criteria to be exempt from reporting.
Declare Company Income via Corporate Tax Return: Companies must file their corporate income tax returns for the previous financial year by November 30 of each year. For example, the company income tax return for the fiscal year ending on March 31, 2023, must be submitted by November 30, 2024.
3. Submit Goods and Services Tax (GST) Returns: For GST-registered businesses, the return and payment are due one month from the end of the accounting period covered by the return.
In Summary
By adhering to these compliance requirements and ensuring timely submissions, Singaporean companies can maintain good legal standing and avoid troubles with the law.
Contact EBOS Cloud Accountants today to stay compliant and avoid fines! Mark these crucial dates for Singaporean companies in 2024 on your calendars. Staying informed ensures timely filings and smooth operations.
