Auto Inclusion Scheme (AIS) for Employment Income
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Understand AIS and its benefits
• Employers will submit their employees’ employment income information to IRAS from 6 Jan to 1 Mar each year.
• Prepare the AIS submission early to avoid last minute rush.
• The submitted income information will be auto-included in employees’ tax returns for their verification and tax filing.
• Go green as you eliminate hardcopy Form IR8A.
• Simplify tax filing for your employees with the convenience of No-Filing Service (NFS)!
To File Annual Lodgments and Ad hoc Filing on time
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With effect from 14 Jan 2022, there will be higher penalties for late filing of the annual lodgments by Singapore-incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs).
Under the 2-tier penalty framework, first announced in Dec 2020, the penalty for late filing of the annual lodgments will be $300 within the first 3 months after the due date or $600 if the lodgment is filed more than 3 months after the filing due date. This applies to annual lodgments that are due on or after 14 Jan 2022. For annual lodgments due before 14 Jan 2022, the existing penalty framework continues to apply.
1.3 Million Singaporean Households to receive $100 CDC vouchers
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Every Singaporean household will receive $100 in Community Development Council (CDC) vouchers!
At Budget 2021, the nationwide CDC Voucher Scheme was announced to thank Singaporeans for coming together amidst the Covid-19 pandemic, and to support the hawkers and heartland merchants.
CDC Vouchers can be claimed from go.gov.sg/cdcv, and spend them on food and items at participating hawkers and heartland merchants. More info can be found HERE.
Source: MOF
Changes to default Direct Debit deduction date for CPF submission
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From 1 February 2021, the default Direct Debit deduction date will be changed from the 14th day of the following month to 2 working days after the submission date.
This is to ensure that employers complete their payment quickly when they submit their CPF contributions after the due date (i.e. on the last day of the calendar month). Employers will still have the flexibility to choose their preferred deduction date. Please refer to the example below.
Companies are advised to ensure sufficient funds is maintained in the bank account for a successful deduction.
Source: CPF Board
Annual General Meeting (AGM) and Annual Return (AR)
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A director of a company incorporated under the Companies Act, Cap 50 ('the Act') has to comply with a number of statutory obligations under the Act. The following are two of the statutory obligations which ACRA takes enforcement action against.
→ Section 175 of the Act requires the company to hold an Annual General Meeting (AGM). Listed companies are to hold the AGM within 4 months after Financial Year End (FYE), while any other company is to hold their AGM within 6 months after FYE. Private companies may not need to hold an AGM if they meet the criteria specified in section 175A of the Act (elaborated below).
→ Section 197 of the Act requires a listed company to file Annual Returns (AR) within 5 months after FYE, and for all other companies, within 7 months after FYE. For companies having a share capital and keeping a branch register outside Singapore, Annual Returns must be filed within 6 months after FYE in the case of a listed company or within 8 months after FYE in the case of a company that is not listed.
