What is the difference between IR8A and IR21?
When to File the Form IR8A
As an employer, you are required to complete a Form IR8A and Appendix 8A / Appendix 8B / Form IR8S (if
applicable) to report the remuneration for the following employees:
(a) Full-time resident employee;
(b) Part-time resident employee;
(c) Non-resident employees including those who are based overseas and are required to render service in Singapore
during the year (exclude details of employment income where clearance has been filed);
(d) Company director (including a non-resident director);
(e) Board Member receiving Board/Committee Member fees;
(f) Pensioner; and
(g) Employee who has left the organisation but was in receipt of income in 2021 (e.g. stock options gains).
Exclude:
(a) Foreigners posted overseas after clearance has been filed (i.e. Form IR21) and did not render any employment
service in Singapore for the rest of the calendar year;
(b) Foreigners who are contracted by a Singapore employer to be based overseas and rendered their employment
services wholly outside Singapore for the whole calendar year; and
(c) Foreigners who have left the organisation where the filing of Form IR21 is required.
When to File the Form IR21
If tax clearance is required for your employee, you must file the Form IR21 at least one month before:
- The employee ceases to work for you in Singapore;
- The employee starts an overseas posting; or
- The employee leaves Singapore for any period exceeding three months.
What is XBRL?
XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data worldwide. As one of the families of "XML" languages, it is becoming a standard means of communicating information between businesses and on the Internet.
What income is taxable?
Taxable income refers to:
- Gains or profits from any trade or business
- Income from investment such as dividends, interest and rental
- Royalties, premiums and any other profits from property
- Other gains that are revenue in nature
Such income is taxed when it is:
- Accrued in or derived from Singapore; or
- Received in Singapore from outside Singapore
What is the difference between Form C-S, Form C-S (Lite) and Form C?
Form C-S is for companies that:
- Are incorporated in Singapore;
- Have an annual revenue of $5 million or below;
- Derive income taxable at the prevailing Corporate Income Tax rate of 17%; and
- Are not claiming the following:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
Form C-S (Lite) is for companies that qualify to file Form C-S and have annual revenue of $200,000 or below.
Form C is for companies that do not qualify to file Form C-S or Form C-S (Lite). Financial statements, tax computations and supporting schedules must be filed together with Form C.
What are the types of tax to be paid in Singapore?
They are Corporate Income Tax, Goods and Services Tax (GST), Stamp Duty, Property Tax and Personal Income Tax.