Official Notices
3 notices published
IRAS AIS: 123K Employers Must Submit Employee Income by 1 Mar 2026
IRAS requires 123,000 AIS employers, including over 11,000 new ones, to submit 2025 employee income data by 1 March 2026 to enable pre-filled tax returns for 2 million workers. Enhanced digital tools simplify compliance, but non-filers face fines up to $5,000 and directors up to $10,000 or jail. Businesses must act now to avoid penalties and errors like omitting benefits-in-kind.
IRAS Charges MLM Agent for $323K Tax Evasion: Compliance Alert for Sales Distributors
IRAS has prosecuted a sales distributor for falsifying tax returns, evading $323,631 in income tax for YA 2016-2019. This stems from intensified audits on MLM and commission agents, recovering $1.66M in taxes. Businesses must prioritize accurate commission reporting and verifiable expenses to mitigate prosecution risks.
Singapore-Taipei 2026 Tax Agreement Enters Force: Lower Withholding Taxes
The new 2026 Tax Agreement between Singapore's Trade Office in Taipei and Taipei's Representative Office in Singapore replaces the 1982 pact, slashing withholding tax rates on cross-border income to boost trade and investment. Businesses engaging in bilateral activities will benefit from reduced tax leakage and simplified compliance. This development signals stronger economic ties amid evolving global tax landscapes.