Learn more about tax report submissions in Singapore with this article.
When should the tax report be filed?
The IR21 form should be filed to the IRAS as soon as an employee resigns, while the IR8A form should be filed by the first of March every year.
What are the consequences of failing to comply with the tax report requirements?
Failing to comply with the tax return deadline can result in penalties and fines from IRAS, including:
- Issuance of a Notice of Assessment, which requires the payment of estimated tax within a month from the date.
- IRAS may offer to compound the offence, allowing to settle the matter out of court in exchange for a payment of a reduced fine.
- Should IRAS decides to take legal action, they may summon an individual to court to defend themselves against the allegations of non-compliance.