Unlike Hong Kong companies, not all companies need to be audited. According to the Singapore Company Law, companies that fail to meet the audit requirements need not be audited. Companies that meet the requirements need to appoint auditors to issue audit reports.

 

Singapore company auditConditions for:

 

1. The total sales volume and total assets of the Singapore company and its affiliated group are more than 10 million Singapore dollars;

 

2. The total sales volume of the Singapore company and its affiliated group is more than 10 million Singapore dollars and the number of employees is more than 50;

 

3. The total assets of the Singapore company and its affiliated group are more than SGD 10 million and the number of employees is more than 50;

 

The affiliated group includes the parent company and its subsidiaries. The same applies to the subsidiaries registered outside Singapore.

 

 

Main contents of audit:

 

1. Singapore corporate income tax: reported annually.

 

2. Singapore individual income tax: The declaration is to declare the individual income tax of the previous year before April 15 of each year, and pay it one month after receiving the tax payment notice.

 

3. Singapore Form C Tax Form: The tax year of the company is the next year if the end date is December 31 of each year and the financial year of the company is on or before December 31 of that year.

 

4. Singapore consumption tax: It shall be declared quarterly, and the declaration shall be completed within one month after the quarter. Taxpayers can also apply to the tax authorities to declare once every month or every six months. Whether the declaration is made every six months, the time of declaration and payment shall be within one month after the end of the relevant period.

 

5. Singapore ECI estimated tax: The company must declare three months after the annual financial closing date. After the declaration, the government tax bureau IRAS will issue a tax payment notice according to the tax assessment form, and usually pay the relevant tax within one month after receiving the notice 1-2 months after the tax assessment deadline.