If No Income Do I File Taxes

If No Income Do I File Taxes – Corporate income tax is assessed on the previous year in Singapore. Singapore’s corporate income tax rate is 17 percent.

This means that income earned in financial year 2020 will be taxed in 2021. In tax terms, 2021 is the year of assessment (YA), as your company’s income is assessed for tax purposes.

If No Income Do I File Taxes

To assess the amount of tax, the income, expenses, etc. in the fiscal year. This financial year is known as the ‘base period’.

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The end of the financial year is determined by what best suits your company’s business. It does not determine the end of the financial year of companies.

If you change your company’s financial year end, the change must be registered with the Accounting and Corporate Regulatory Authority (ACRA) via BizFile+. It then updates the records based on the information provided by ACRA.

Your company is taxed at a flat rate of 17% of taxable income. This applies to both local and foreign companies.

Chargeable income refers to your company’s taxable income (after deducting tax-allowable expenses) for a year of assessment (YA).

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Your company must file 2 corporate income tax returns every year: Estimated Chargeable 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 eligible for ECI submission waiver and specifically not required to file ECI.

You will be notified of the ECI filing before the end of your company’s financial year*. This is a reminder to file your company’s ECI.

Learn more about ECI and find out if your company qualifies for an ECI filing waiver or is specifically not required to file.

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* If your company has changed its financial year end, you will need to update the Accounting and Corporate Regulatory Authority (ACRA) via the Financial Year End Digital Service on BizFile+. Learn more about updating company listings.

Before the end of your company’s financial year, you will be notified of the ECI file from the year after its establishment. You will not receive the notice in the year of establishment because most companies do not close the first set of accounts in the year of establishment. For example, if your company is incorporated in 2021 and has a December financial year end, you will receive your first ECI registration year (YA) 2023 notification in December 2022.

However, if your company closes its first set of accounts in the year of establishment, you are still required to file the ECI within 3 months of the end of your company’s first financial year, even if you have not received an ECI financial notification. This is unless the company is eligible for ECI filing waiver.

Using the same example above, if your company closes its first balance sheet on 31st December 2021 and is not eligible for ECI filing deferment, you need to file ECI for YA 2022 by 31st March 2022 (within 3 months from 31st December). 2021)

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Since the initial balance sheet of the company covers a period of more than 12 months from the date of establishment, the profit/loss should be declared and disclosed under 2 YAs.

If the company is not able to directly identify the income and expenses for the 2 periods, the time apportionment basis can be used.

For both scenarios, the company will receive the first ECI submission notification for YA 2023 in December 2022. There will be no notification for YA 2022.

You will receive a C-S/ Form C-S (Lite)/ Form C Submission Notice in May of every 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 Form C-S, Form C-S (Lite) or Form C.

Notice of filing of C-S/ Form C-S (Lite)/ Form C will be sent to you every year starting in May, the second year after the year of incorporation*. You will not receive the notice in the year of establishment because most companies do not close the first set of accounts in the year of establishment. For example, if your company is incorporated in 2021, you will receive your first Form C-S/ Form C-S (Lite)/ Form C Year of Assessment (YA) 2023 notice in May 2023.

Even if you have not received any Form C-S/ Form C-S (Lite)/ Form C-S (Lite)/ Form C filing notice, you are required to file Form C-S/ Form C-S (Lite)/ Form C for YA immediately after the year of incorporation.

Using the same example above, if your company closes its first balance sheet on December 31, 2021 and commences business or earns revenue in 2021, the C-S/ Form C-S (Lite)/ Form C for YA 2022 is due on November 30, 2022.

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* This applies to newly incorporated companies only. Singapore branches of foreign companies will issue C-S / Form C-S (Lite) / Form C application notices after the first year of operation. For example, if your branch is registered in Singapore in 2021, you will receive the first Form C-S/Form C-S (Lite)/Form C filing notice for YA 2022 in May 2022.

B: Closes the first set of accounts but does not start business/does not receive income in the year of incorporation

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

For all 3 scenarios, the company will receive the first Form C-S/Form C-S (Lite)/Form C filing notice for YA 2023 in May 2023. There will be no notification for YA 2022.

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Good record keeping is essential to running a business. Companies with good record keeping practices can:

Your company must keep accurate records of its financial transactions and retain source documents, balance sheets and schedules, bank statements and other records of transactions relating to your business for at least 5 years from the relevant assessment year (YAY).

Access the new Company Starter Kit, an interactive e-learning guide, to learn more about your corporate income tax filing obligations. This kit provides you with the information you need for your first tax filing process – from incorporation to initial estimated chargeable 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 watch our e-learning videos.

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Your company’s first YA is the YA that corresponds to the time your company was founded.

It depends on the end of the selected accounting year and the closing date of the first set of accounts. Therefore, your company’s first YA may differ from another company incorporated on the same day.

The profit/loss of the company should be disclosed on the basis of 2 YAs (ie YAs 2021 and 2022) as the basis period for each YA should not exceed 12 months. So, the first YA is YA 2021, and not YA 2022.

If the company cannot directly separate the income and the expenses for the 2 periods, time division can be used.

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In general, the foundation period cannot exceed 12 months. Therefore, the profit or loss should be apportioned and given for 2 different assessment year(s).

Your company should directly identify the income and expenses for each of the 2 YAs based on the actual dates the income was earned and the expenses incurred. If this cannot be done, a time apportionment method can be used, in which the accrued income and expenses are apportioned based on the number of days in the corresponding YAs.

Generally, expenses you incur before your business starts are not tax-deductible because these expenses are for establishing the operation of the business and not ‘solely and solely’ for the production of income.

To assist businesses in corporate development, income expenses incurred prior to 1 year prior to the date of commencement of business are deductible for tax purposes.

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Learn more about deductibility of pre-business expenses and how to determine the correct business start date.

Your company must first authorize its employees or third parties (eg a tax agent) in Corppass before they can access digital services tax-free. on your company.art 1: [Tax Whiz] If I am in the United States, where do I file and pay my taxes?

1. I am a Harvard student on an F-1 student visa who arrived in the United States on July 6, 2022. Do I have to file a tax return even though I have no income from the United States?

Yes. As an international student, you are considered a non-resident alien for tax purposes. Depending on whether or not you owe taxes, you’ll need to file Form 8843, Form 1040NR, or both. If you don’t have it

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