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Filing Taxes

Your Income Tax Return will depend on the type of business you own.


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Published by Enterprise Singapore
on 11 Oct 2019

Filing Taxes

Determining If You Need To File A Return

File your income tax:

  • at the end of each tax year
  • when you receive either the paper form or an invitation to e-File
  • even if your business incurred losses
  • even if there is no business done in the preceding year
     

A. Sole-Proprietorships

  • You must file no matter what your annual income was in the previous year.
  • Check if you need to file via SMS mobile service or by using IRAS’ Filing Requirement Tool.

B. Partnerships & Companies

  • Complete either Form P or Form C / Form C-S.
  • Attach either a copy of your financial records or a form that summarises your income and expenses.

 

When And How To File Taxes

A. Filing Due Dates

Filing due dates depend on the type of business owned:

  • Sole-proprietorships and partnerships need to paper file by 15 April and e-file by 18 April every year.
  • Companies should paper file by 30 November and e-file by 15 December.

Please refer to the pages below for more information on filing due dates.

B. How To File Taxes

  • Submit your tax return by: 
  • Report your income when you file tax. Find out more at "Reporting Business Income".
  • Based on your tax return, IRAS will assess how much tax you need to pay.
  • IRAS will then send you a Notice of Assessment and Statement of Account.
 

Other Things To Note

A. Deductible Expenses

Deductible expenses include rental, utility charges and staff costs.

You may deduct these expenses to arrive at your taxable income. You will then pay your income tax based on your taxable income.

B. Depreciation Of Assets

Depreciation refers to the wear and tear on a fixed asset. It must be deducted from your business income.

While businesses must claim depreciation on fixed assets, not all fixed assets can be depreciated.

 

Getting More Information

Last Modified Date: 11 Oct 2019