Singapore News

Share

Announced by our Prime Minister, Mr. Lee Hsien Loong on 03 April 2020 (Friday), as part of the Government’s stricter measures to “minimise physical contact” and keep the Covid-19 pandemic in check, our Singapore Office will be shut down temporarily from 07/04/2020 (Tuesday) to 04/05/2020 (Monday). 

We will try our best to have all correspondence via email & WhatsApp during this period and we sincerely apologies for any delay in replying.

Sorry for any inconvenience caused and thanks for your understanding.

Share

1 Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2020 in Parliament on Tue, 18 February 2020.

2 Budget 2020 is presented against a backdrop of the on-going COVID-19 outbreak, as well as broader uncertainties in the landscape.

3 There are also long-term structural shifts taking place around the world – a decline in support for globalisation, a shift in economic weight towards Asia, technological disruption, and an ageing population in many countries.

Resume Operations

Share

After around two months of circuit breakers, our Singapore office has also resumed operations since 02/06/2020.

Singapore Fortitude Budget

Share

Singapore government has announced Fortitude Budget on 26/05/2020.

  1. Enhanced Jobs Support Scheme (JSS)
    • Extension of JSS to cover wages paid in August 2020
    • Update of base tier of support for severely-affected sectors
    • Only employers who are not allowed to resume operations will continue to receive 75% support for wages paid to local employees, during the period for which they are not allowed to resume operations, or until August 2020, whichever is earlier. Pro-ration will be applied if operations resume in the middle of the month
    • The below table will apply once the employer is allowed to resume operations
  2. Supporting Enterprises
    • Helping with Cash Flow, Costs and Credit
      • Foreign worker levy waiver and rebate
        • Extended by up to 2 months for businesses that are not allowed to resume operations after the circuit breaker
          • 100% waiver and $750 rebate in June 2020
          • 50% waiver and $375 rebate in July 2020
      •  Deferment of Higher CPF Contribution Rates
        • Increase in CPF contribution rates for senior workers deferred by 1 year, from 1 January 2021 to 1 January 2022
  3. Rental Relief for Tenants in Government and Private Non-Residential Properties
    • Rental Relief for SME Tenants in Private Non-Residential Properties
      • For SME tenants (i.e. with not more than $100 million in annual turnover*) with qualifying leases or licenses commencing before 25 March 2020
      • *This will be based on Corporate Tax and Individual Income Tax returns for the Year of Assessment 2019
      • No

        Rental relief schemes

        Qualifying criteria

        Amount of relief for qualifying commercial property

        Amount of relief for other nonresidential properties (e.g. industrial and office properties)

        1

        Property Tax Rebate for nonresidential properties, announced earlier in the Unity and Resilience Budgets

        The rebate is given to property owners, who are required to pass it on fully to their tenants*

        100% Property Tax Rebate (equivalent to about 1.2 month’s of rent)

        30% Property Tax Rebate (equivalent to about 0.36 month’s of rent)

        2

        Government cash grant [New]

        SME tenants in private properties**

        Cash grant of ~0.8 month’s of rent, which will be automatically disbursed to property owners from end-July 2020

        Landlords are required to pass on the benefit to their SME tenants

        Cash grant of ~0.64 month’s of rent, which will be automatically disbursed to property owners from end-July 2020

        Landlords are required to pass on the benefit to their SME tenants

      • For property owners whose properties are only partially let out, or whose properties are let out to both SME and non-SME tenants under a single property tax account, they will not automatically receive the government cash grant. In such instances, the property owner should submit an application to IRAS, and provide supporting documents, including proof of SME tenants within its property. IRAS will pro-rate the government cash grant accordingly
    • Mandated rental waiver by landlords
      • The Ministry of Law will also be introducing a new Bill mandating that landlords grant rental waivers to qualifying SME tenants
      • If the new Bill is passed by Parliament, SME tenants of qualifying commercial properties who have suffered a significant revenue drop will benefit from a total of four months of rental relief shared equally between the Government and landlords
    • Rental relief for government tenants
      • Tenant Type

        Previous

        New

        Total

        Stallholders of hawker centres and markets

        3 months

        2 months

        5 months

        Commercial

        2 months

        2 months

        4 months

        Industrial, office and agricultural

        1 month

        1 month

        2 months

  4. Supporting for Digital Transformation
    • Adopting e-payments
      • Bonus of $300 per month over 5 months to encourage adoption of e-payments by stallholders in
        • Hawker centres
        • Wet markets
        • Coffee shops
        • Industrial canteens
    • Digital Resilience Bonus
    •  

      Baseline

      Category 1 ($2,500)

      Category 2 ($2,500)

      Category 3 ($5,000)

      Food Services

      PayNow Corporate and e-invoicing

      Business process solutions:

      (i)Accounting;

      (ii)HR/Payroll

      (iii)Digital ordering (dine in/takeaway)

      Digital presence: online food delivery (via food delivery platforms or own online shopfront) or e-procurement

      Data-driven operations: data mining and analytics

      Retail

      PayNow Corporate and e-invoicing

      (i)Accounting;

      (ii)HR/Payroll;

      (iii)Inventory management

      Digital presence: e-commerce

      Data-driven operations: data mining and analytics

  5. SGUnited Jobs and Skills Package
    • Enhanced Hiring Incentive

Hiring Incentive under SMCSP (February 2020 Unity Budget)

Enhanced Hiring Incentive ( May 2020 Fortitude Budget)

Salary support

•Employers that hire a local worker aged 40 and above who had gone through an eligible reskilling programme can receive salary support of 20% for six months, capped at $6,000 in total

Salary support

•Employers that hire a local worker aged 40 and above who had gone through an eligible reskilling programme or training programme can receive salary support of 40% for six months, capped at $12,000 in total

•Employers that hire a local worker aged below 40 who had gone through an eligible reskilling or training programme can receive salary support of 20% for six months, capped at $6,000 in total

Eligible reskilling programmes

•PCPs

•PnT programmes for rank-and-file workers

•Career transition programmes by CET centres

Eligible reskilling or training programmes

•PCPs

•PnT programmes for rank-and-file workers

•Career transition programmes by CET centres

•SGUnited Traineeships

•SGUnited Mid-Career Traineeships

•SGUnited Skills

Further Extension on IRAS Tax Filing and ACRA Filing Deadlines

Share

IRAS

 

Tax Type

Original Filing Deadline

 Extended Filing Deadline New

1

Income Tax for Individuals (including sole proprietors and partnerships)

18 April 2020

31 May 2020

2

Income Tax for Trusts, Clubs and Associations

15 April 2020

30 June 2020

3

Estimated Chargeable Income (ECI) for companies with Financial Year ending Jan 2020 and Feb 2020

30 April 2020

30 June 2020

4

GST Returns for accounting period ending Mar 2020

30 April 2020

11 May 2020

5

S45 Withholding Tax Forms due in Apr 2020

15 April 2020

15 May 2020

6

Tax Clearances for foreign employee in Apr 2020

-

30 June 2020

ACRA

 

Tax Type

Original Filing Deadline

 Extended Filing Deadline New

1

Annual General Meeting (AGM)

16 April 2020

to 31 July 2020

60 days extension

2

Annual Return

1 May 2020

to 31 August 2020

60 days extension


Tax Season 2020

Portal to e-File tax return:  https://mytax.iras.gov.sg/ESVWeb/default.aspx

Income Tax for Trusts -  Form T

Persons Required to Submit Form T

  • Legal personal representative (administrator/executor) of an estate of a deceased; and
  • Trustee of an estate held in trust,  private trust or settlement

Income to Declare in Form T

  • Income earned one day after the date of death from assets left behind by a deceased person; or
  • Income from assets held under a private trust/settlement

Income Tax for Clubs and Associations -  Form P1

Persons Required to Submit Form P1

  • The president,
  • Honorary treasurer,
  • Secretary or
  • Any other member of the management committee 

Submit to:

The Comptroller of Income Tax Compliance,
Clubs, Trust and Gaming Branch
55 Newton Road, Revenue House
Singapore 307987

Note: IRAS will not issue any reminders to the clubs or associations

Estimated Chargeable Income (ECI)

ECI is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).

All companies must file Estimated Chargeable Income (ECI) within three months from the end of their financial year except for companies that qualify for the administrative concession and those that are specifically not required to file.

Waiver to File ECI

Company's Financial Year ends

Company's Financial Year ends

In or before Jun 2017

1.Annual revenue is not more than $1 million for the financial year; and

2.ECI* is NIL for the Year of Assessment (YA)

In or after Jul 2017

1.Annual revenue is not more than $5 million for the financial year; and

2.ECI* is NIL for the YA

GST Returns

GST-registered businesses are required to use CorpPass to e-File their GST returns through https://mytax.iras.gov.sg/ESVWeb/default.aspx

S45 Withholding Tax Forms

Payers are required to e-file and pay the withholding tax to IRAS by the 15th of the second month from the date of payment to the non-resident

Tax Clearances for Foreign Employee

When non-Singapore Citizen employee ceases employment in Singapore, goes on an overseas posting or plans to leave Singapore for more than three months

Employer must notify IRAS at least one month in advance

Employer shall withhold all monies due to the employee from the date aware of his impending cessation of employment or departure from Singapore

Applies to all work pass holders including Personalised Employment Pass (PEP) holders