Documents required for opening a bank account
2018-04-19
Withholding Tax Requirements
2018-04-27
Strike Off Company
Firstly, the company should pay unpaid taxes.
Secondly, companies should ensure that:
1. All delinquent income tax returns (Form C-S or Form C) have been filed. If the company is required to file a Form C, it must also file financial accounts and tax computations with it;
2. All financial accounts and tax computations filed before the close of business.
3. All arrears or unpaid taxes have been settled through the Tax Administration.
4. cancellation of GST registration with no arrears of GST payments.
Prior to applying to ACRA for cancellation of the company, the company must submit its delinquent income tax returns, financial accounts, and tax computations along with a letter stating its decision to apply for the cancellation of the company. For companies filing a Form C-S, financial accounts and tax computations do not need to be filed with the Form C-S. However, the company should still prepare these documents and file them as required by the IRAS.
The IRAS usually makes every effort to complete all assessments within one month of receiving complete information. However, if the IRAS requests further information from a company with complex matters, or if a company submits incomplete information, it may take up to six months to review the assessment.
How do I check for outstanding filings and tax liabilities?
Companies can check to see if they have any outstanding taxes and other tax issues through the following:
- IRAS website myTax Portal
- 24-hour toll-free telephone self-service
If the company has been dormant since the date of incorporation or since the filing of the final income tax return (Form C-S or Form C), and the company has received outstanding income tax returns during its dormant period, the corporation may complete an application for exemption from filing income tax returns as a dormant corporation.
For dormant companies
Companies should note that the Inland Revenue Department will not produce any tax clearance letters for companies applying for cancellation.
Companies can rely on the following documents from the Inland Revenue Department to confirm that there are no outstanding or unfulfilled tax matters and liabilities: – Tax Matters – Latest Notice of Assessment; and – Tax Liabilities – Latest Statement of Accounts.
Cancellation of Singapore Company by a Foreign Company
As required by the Companies Act (Cap 377(1)), the Singapore branch of a foreign company is required to file a notice with ACRA within 7 days of its cessation of operations. The Singapore branch shall also notify ACRA in writing at the same time as it notifies the Inland Revenue Authority of Singapore (IRAS) so that the tax matters and tax liabilities of the Singapore branch can be resolved. The written notice to ACRA shall include⊙ the subject heading “Cessation of Business in Singapore”;⊙ the date of cessation of business in Singapore;⊙ the name and contact details of the responsible person(s) with whom ACRA will contact the company regarding tax matters; and⊙ all outstanding income tax returns, financial statements and tax computations up to the last day of business. Generally, the Inland Revenue Authority of Singapore (IRAS) aims to complete all assessments within one month from the receipt of complete information. However, it may take up to six months to review the assessment if the Inland Revenue Authority requires further information from a branch with complex issues, or which has not submitted complete information.
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