Investment Holding Company Tax

Investment Holding Company Tax – Corporate income tax assessed on last year’s basis in Singapore. Singapore’s corporate income tax rate is 17%.

This means that earnings earned in the 2020 financial year will be taxed in 2021. In tax terms, 2021 is the Year of Assessment (YA), as this is the year in which your company’s earnings are taxed.

Investment Holding Company Tax

Investment Holding Company Tax

In assessing the amount of tax Look at your income, expenses, etc. during the financial year. This financial year is called ‘Base Period’

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Your company will determine the end of the financial year based on what is best for business operations. The end of the company’s financial year is not fixed.

If you change the end of the company’s financial year You must submit changes to the Accounting and Corporate Regulatory Authority (ACRA) through BizFile+ and then update your records based on your ACRA filings.

Your company is taxed at an average rate of 17% of its taxable income. This applies to both domestic and international companies.

Billable income refers to your company’s taxable income. (after deducting taxable expenses) for the assessment year (YA)

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Your company must file 2 corporate income tax returns every year: Estimated Paid Income (ECI) and Form C-S/ Form C-S (Lite)/ Form C.

Within 3 months from the end of the financial year Except for companies that are eligible for an ECI filing exemption and are not specifically required to file an ECI.

You will receive an ECI filing notification before the end of your company’s financial year*. This is your company’s ECI filing notification.

Investment Holding Company Tax

Learn more about ECI and find out if your company qualifies for an ECI waiver to file specifically.

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* If your company changes the end of the financial year You must update the Accounting and Corporate Regulatory Authority (ACRA) through the BizFile+ fiscal year-end change digital service. Learn more about updating company information.

You will receive an ECI filing notice before the end of your company’s financial year. starting from the year following the year of establishment of the company You will not be notified of the year of incorporation. This is because most companies do not close the first set of accounts in the year of incorporation. For example, if your company was founded in 2021 and ends its financial year in December. You will receive the first ECI filing notice for Year of Assessment (YA) 2023 in December 2022.

However, if your company closes the first set of accounts in the year of incorporation. You are still required to file an ECI within 3 months after the end of the company’s first financial year. Even if you have not received notice of ECI filing unless the company qualifies for an ECI waiver.

From the same example above If your company closed the first tranche on December 31, 2021 and is not eligible for an ECI filing exemption, you must file an ECI for the YA 2022 by March 31, 2022 (within 3 months from December 31, 2021).

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Since the first account of the company covers a period of more than 12 months from the date of incorporation. The company has to specify the profit/loss and declare it in 2 YA.

The time allocation criterion can be used if the company cannot directly specify income and expenses for up to 2 periods.

For both situations The company will receive the first ECI filing notification for the YA 2023 in December 2022. There will be no notification for the YA 2022.

Investment Holding Company Tax

You will receive a Form C-S/ Form C-S (Lite)/ Form C notice in May of each year. This is a reminder to file your company’s Form C-S / Form C-S (Lite) / Form C.

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Learn more about Form C-S/ Form C-S (Lite)/ Form C and whether your company should file a Form C-S, Form C-S (Lite) or Form C.

You will be notified of filing Form C-S/Form C-S (Lite)/Form C beginning in May of each year. Starting from the second year following the incorporation year*, you will not be notified of the incorporation year. This is because most companies do not close the first set of accounts in the year of incorporation. For example, if your company was incorporated in 2021, you will receive the first Form C-S/ Form CS (Lite)/ Form C for filing notice. Form C for Assessment Year (YA) 2023 by May 2023

You are still required to file Form C-S/ Form C-S (Lite)/ Form C for YA immediately after the year of incorporation. Even if you did not receive a Form C-S/Form C-S (Lite)/Form C notice.

From the same example above If your company closed its first set of accounts on December 31, 2021, and started business or earned income in 2021, you must file Form C-S/ Form C-S (Lite)/ Form C for YA 2022 by November 30, 2022. .

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* This only applies to newly formed companies. Foreign company branches in Singapore will issue a Form C-S/ Form C-S (Lite)/ Form C notice after the first year of business. For example, if your branch is registered in Singapore in 2021, you will receive a Form C-S/Form. C-S (Lite)/ First Form C for filing a petition for YA 2022 by May 2022.

B : Closing the first set of accounts but not starting the business/ earning income in the year of establishment

See this step-by-step guide (PDF, 2.65MB) on how to file your first YA Form C-S/ Form C-S (Lite)/ Form C for a YA immediately after the year of incorporation.

Investment Holding Company Tax

For all 3 situations, companies will receive their first Form C-S/Form C-S (Lite)/Form C in their filing notice for YA 2023 by May 2023. There will be no notice for YA 2022.

Basic Guide To Corporate Income Tax For Companies

Access to the New Company Start-Up Kit, an interactive e-learning guide. to learn more about your corporate income tax filing obligations. This kit will provide you with the information you need for your first tax filing process. From filing to filing Estimates of Payable Income (ECI) and Form C-S/ Form C-S (Lite)/ Form C

Company representatives responsible for preparing and filing corporate income tax returns and other corporate income tax matters are encouraged to view our e-learning videos.

Your company’s first YA is the YA associated with the base period when your company was established.

Depending on the selected fiscal year end and the first set of closing dates, your company’s first YA may therefore differ from other companies registered on the same date.

Estimated Chargeable Income (eci) Filing

Company Profit/Loss must be linked and declared in 2 YAs (e.g. YA 2021 and 2022) since the base period for each YA should not exceed 12 months, so the first YA is YA 2021 not YA 2022.

Time splits can be used in cases where the company cannot directly account for two installments of income and expenses.

In general, the base period must not exceed 12 months. Profit or loss should be allocated and attributed to 2 different valuation years (YA).

Investment Holding Company Tax

Your company shall promptly state the revenue earned and the expenses incurred for each of the 2 YAs, based on the actual date of the revenue earned and expenses incurred. If this is not possible Use the time allocation method. It divides earned income and incurred expenses by the number of days in the corresponding YA.

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Generally, expenses incurred before your business starts are not tax deductible. Because these expenses are incurred to set up a business operation and are not ‘solely’ to generate income.

To assist businesses in company development Income expenses incurred 1 year before the start of the business can be tax deductible.

Learn more about deducting expenses incurred before starting your business and how to determine the actual start date of your business.

Your company must authorize an employee or third party (such as a tax agent) in Corppass before they can access digital services in mytax on behalf of a company1 Public Investment Regulations No. 10/2015, translated from the original Bahasa Malaysia text. December 16, 2015

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2 Second edition published by the Inland Revenue Board of Malaysia. First published March 10 by the Inland Revenue Board of Malaysia. This general decision is reserved by the Inland Revenue Board of Malaysia. Printed or electronic copies may be made for use. personal Companies and professional associations are permitted to make general decisions for training purposes only. systematic or multiple reproduction distribution to different locations via electronic or other means reproduction of any content To make this public decision for fee or commercial purposes. or modifying the contents of public decisions is prohibited.

3 Table of Contents Page 1. Objectives 1 2. Provisions of Law 1 3. Interpretation 1 4. Definition of Investment Holding Company 1 5. Definition of Investment Holding Company 1 6. Designation of Investment Holding Company 2 7. Taxes

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