In Singapore, companies are required to declare the salaries and wages paid to their employees who are Singapore citizens or permanent residents. This declaration is done through the submission of two forms, namely Appendix 8A and Appendix 8B, to the Inland Revenue Authority of Singapore (IRAS). Appendix 8A is used to declare the income earned by employees who are on the company’s payroll for the entire year, while Appendix 8B is used to declare the income earned by employees who joined or left the company during the year.
In addition to the Appendix 8A and Appendix 8B forms, companies are also required to submit two other forms to IRAS, namely the IR8A and IR8S forms. The IR8A form is used to report the income earned by employees during the calendar year, including any bonuses or benefits. The form must be submitted to IRAS by March 1st of the following year. The IR8S form, on the other hand, is used to report the tax withheld from non-resident employees. This form also has the same submission deadline of March 1st.
Apart from these forms, companies may also need to submit the IR21 form to IRAS in certain circumstances. The IR21 form is used to report the departure of foreign employees from Singapore. Companies are required to submit the form within one month after the foreign employee’s last day of work.
To ensure compliance with these tax obligations, companies can engage the services of a professional corporate services provider such as Kothree. Our team of experienced professionals can assist with the preparation and submission of all the necessary tax forms, including Appendix 8A, Appendix 8B, IR8A, IR8S, and IR21. We can also provide guidance and advice on tax-related matters, such as tax planning and compliance.
By outsourcing your payroll and tax-related tasks to us, you can free up valuable time and resources to focus on your core business activities. Our reliable and efficient services can give you peace of mind knowing that your tax obligations are being handled by professionals with years of experience in the industry.
Failing to comply with these submission deadlines or providing inaccurate information can result in penalties for companies. To ensure compliance and avoid penalties, companies can engage the services of a professional corporate services provider such as Kothree.
At Kothree, we understand that every business has unique payroll and tax-related needs. That’s why we offer customized solutions tailored to your specific requirements. Whether you need help with payroll processing, tax reporting, or compliance, we can provide the expertise and support you need to succeed in Singapore.
Contact us today to learn more about our payroll outsourcing services and how we can help your business thrive.