SINGAPORE: COVID-19 VAT IMPLICATIONS
SINGAPORE
File GST returns for period ending Mar 2020 by 11 May 2020
The filing and payment due date for GST returns due in Apr 2020 had been extended to 11 May 2020. For example, the 1 Jan 2020 to 31 Mar 2020 return previously due on 30 Apr 2020 is now due on 11 May 2020 instead.
Although circuit breaker measures have been extended to 1 Jun 2020, the filing due date for the above-mentioned returns will remain as 11 May 2020. This is because GST is a tax that is already paid for by consumers and collected by GST-registered businesses on behalf of the Singapore Government. For returns that are due on 11 May 2020, the GIRO deduction date will also remain as 15 May 2020.
If you are unable to prepare accurate GST figures by 11 May 2020, refer to “Filing payable GST returns based on information available” below to find out how you can estimate your GST figures.
We may also extend the filing due date to 31 May 2020 on request, if they relate to specific situations mentioned below.
IRAS will assess the merits of each request. To apply for extension till 31 May 2020 for the following situations, please submit the Request for GST Filing Extension form by 4 May 2020.
Source Credit – IRAS
SINGAPORE – Update 9th April
GST rate will remain at 7% until 2021, but will increase to 9% sometime between 2022 and 2025
Source Credit – Deliotte
SINGAPORE – Update 4th April
IRAS Extends Tax Filing Deadlines
- Filing deadlines extended for (i) Individual Income Tax, (ii) GST returns for accounting period ending Mar 2020, (iii) Estimated Chargeable Income (ECI) for companies with Financial Year ending Jan 2020, (iv) Income Tax for trusts, clubs and associations
- One-month extension of submission deadlines for (i) S45 Withholding Tax Forms due in April 2020 and (ii) tax clearances
- Connect with IRAS digitally where possible
As part of its support for taxpayers in light of the latest measures to manage the COVID-19 situation, the Inland Revenue Authority of Singapore (IRAS) is providing an automatic extension of deadlines for tax filing for individuals and businesses:
| S/N | Tax Type | Original Filing Deadline | Extended Filing Deadline New |
|---|---|---|---|
| 1 | Income Tax for Individuals (including sole proprietors and partnerships) | 18 Apr 2020 | 31 May 2020 |
| 2 | Income Tax for Trusts, Clubs and Associations | 15 Apr 2020 | 31 May 2020 |
| 3 | Estimated Chargeable Income (ECI) for companies with Financial Year ending Jan 2020 | 30 Apr 2020 | 31 May 2020 |
| 4 | GST Returns for accounting period ending Mar 2020 | 30 Apr 2020 | 11 May 2020 |
| 5 | S45 Withholding Tax Forms due in Apr 2020 | 15 Apr 2020 | 15 May 2020 |
| 6 | Tax Clearances for foreign employee in Apr 2020 | – | 1 additional month |
Taxpayers who can file earlier should continue to do so.
Source Link here
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