1. Do I need to file my annual financial statements with ACRA?

Yes, you have to file your financial statements within one month of your AGM.

2. In what format, do my financial statements have to be filed?

If your company is either limited by shares or unlimited, you are required to file your financial statements in XBRL.

Your two filing options are either:

  • a full set of financial statements in XBRL (i.e. Full XBRL or Option A); or
  • a minimum of the Balance Sheet, Income Statement and Information denoted by a red asterisk in FS Manager in XBRL (i.e. Partial XBRL or Option B).

3. Are any companies excluded from filing XBRL statements?

Singapore incorporated unlimited companies or companies limited by shares which are banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore are not required to file their financial statements in XBRL format will select Option C (Full PDF format).

4. What is XBRL?

XBRL, which stands for eXtensible Business Reporting Language, is a language for the electronic communication of business and financial data. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

5. If my company has filed an Annual Return to ACRA, does it still need to file any documents with IRAS?

A company must file its Annual Return (AR) with the Accounting and Corporate Regulatory Authority (ACRA). The AR must be filed within one month of the Annual General Meeting. In addition, the company must file its Income Tax Return (Form C), accounts and tax computations to the Inland Revenue Authority of Singapore (IRAS) annually. Penalties will be imposed for failure to do so.

6. What expenses are tax-deductible, and what are not?

You can claim deduction for expenses that are wholly and exclusively incurred the production of income.

To qualify for tax deduction, the expenses must:

  • Be revenue-generating in nature. This covers normal day-to-day expenses, but excludes capital expenditure.
  • Not be prohibited under the Income Tax Act.
  • Have actually been incurred. Contingent liability is not allowed as a tax deduction.

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