The Singapore government has introduced various financing support, tax and other temporary relief measures in light of the COVID-19 pandemic, with the aim to help Singapore businesses survive through this difficult time.
Some of these measures announced during the Unity Budget by the Finance Minister have already been shared in our previous blog post: #SGBUDGET2020 – What Singapore Companies Need to Know.
Since then, additional measures were announced in the supplementary Resilience and Solidarity Budgets. You may refer to a summary of the Key COVID-19 Measures for Individuals and Households / Key COVID-19 Measures for Businesses and Self-Employed (updated as of 6 May 2020) from the Singapore Budget website here.
This blog post will highlight the measures relating to filing deadlines and tax reliefs in response to COVID-19. This information is accurate as of 19 May 2020. However, due to the fluidity of the situation, this info may not always reflect the most updated developments. We encourage you to visit the websites of relevant authorities from time to time for the latest updates.
Some of these measures announced during the Unity Budget by the Finance Minister have already been shared in our previous blog post: #SGBUDGET2020 – What Singapore Companies Need to Know.
Since then, additional measures were announced in the supplementary Resilience and Solidarity Budgets. You may refer to a summary of the Key COVID-19 Measures for Individuals and Households / Key COVID-19 Measures for Businesses and Self-Employed (updated as of 6 May 2020) from the Singapore Budget website here.
This blog post will highlight the measures relating to filing deadlines and tax reliefs in response to COVID-19. This information is accurate as of 19 May 2020. However, due to the fluidity of the situation, this info may not always reflect the most updated developments. We encourage you to visit the websites of relevant authorities from time to time for the latest updates.
Extension of Deadline for Holding Annual General Meetings (AGM) and Filing Annual Returns (AR)
Original Due Date |
New AGM Due Date |
New AR Due Date |
16 Apr 2020 – 30 Apr 2020 |
15 Jun 2020 – 29 Jun 2020 |
15 Jul 2020 – 30 Jul 2020 |
1 May 2020 – 31 May 2020 |
30 Jun 2020 – 30 Jul 2020 |
31 Jul 2020 – 29 Aug 2020 |
1 Jun 2020 – 30 June 2020 |
31 Jul 2020 – 29 Aug 2020 |
20 Aug 2020 – 29 Sep 2020 |
1 Jul 2020 – 31 Jul 2020 |
30 Aug 2020 – 29 Sep 2020 |
30 Sept 2020 – 30 Oct 2020 |
Companies that had previously been granted extension of time to hold their AGMs and/or file their AR within the above new dates will be given a further 60 days of extension from the last date of extension.
More information on the above-mentioned extension of deadlines can be found in Accounting and Corporate Regulatory Authority (ACRA)’s website.
Holding AGMs During COVID-19
- Companies holding AGMs must comply with prevailing safe distancing requirements such as:
o Limiting the number of attendees to 6 people
o Shorten the duration of the physical meetings as much as possible
o Ensure a clear and safe physical spacing of at least 1m apart between each attendee
- Alternatively, companies can choose to hold their AGM virtually.
More information on the conduct of AGMs during COVID-19 can be found in ACRA’s website and the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order.
Deferral of Corporate Income Tax Payment
Income tax payments for companies and self-employed persons will be automatically deferred for 3 months, between April to June 2020.
Extension of Tax Filing Deadlines
- Individual income tax returns extended to 31 May 2020.
- Agents filing client’s individual income tax returns for YA 2020, including Not Ordinary Resident (NOR) scheme application extended to 15 August 2020.
- Filing of tax clearance for non-citizen employees due in April and May 2020 extended to 30 June 2020.
- Income tax returns for trusts, clubs and association/ECI for companies with FY ending January and February 2020 extended to 30 June 2020.
- Additional 1 month granted (on case by case approval basis) to file objection against Notice of Assessment.
More information on the above-mentioned extension of tax filing deadlines can be found in Inland Revenue Authority of Singapore (IRAS)’s website.
Increase Corporate Income Tax Rebate
- Companies will enjoy an enhanced corporate income tax rebate of 25%, an increase from 20%, of tax payable, capped at S$15,000 for YA 2020.
Interest-free Installments for Estimated Chargeable Income (ECI) Payments
- Additional two months of interest-free installments will be automatically granted to companies paying their corporate income tax by GIRO when they file their ECI within three months from their FYE. This applies to companies that file their ECI from 19 February 2020 to 13 December 2020; or companies that file their ECI before 19 February 2020 and have ongoing installment payments to be made in March 2020.
Property Tax Rebate (PTR) for Qualifying Commercial Properties
- 100% PTR for qualifying commercial properties such as hotels, services apartments, tourist attractions, shops and restaurants.
- 60% PTR for integrated resorts such as Marina Bay Sands and Resorts World Sentosa.
- 30% PTR for all other non-resident properties such as industrial properties, offices.
Delay in Increasing Goods & Services Tax (GST)
- GST would be raised from 7% to 9% by 2025 instead of the initially proposed 2021.
More information on the above-mentioned additional measures announced on the Resilience and Solidarity Budget can be found in IRAS: COVID-19 Support Measures and Tax Guidelines.
- - -
We urged businesses to take note of the specific criteria for temporary relief offered by the various government agencies and assess their eligibility. Financing support and other temporary relief measures implemented by the Singapore government is to ensure business continuity and support Singapore based small and medium enterprises. The government hopes that with the various measures in place, it aims to prepare the economy for recovery once this pandemic is over.
More information on the above-mentioned extension of deadlines can be found in Accounting and Corporate Regulatory Authority (ACRA)’s website.
Holding AGMs During COVID-19
- Companies holding AGMs must comply with prevailing safe distancing requirements such as:
o Limiting the number of attendees to 6 people
o Shorten the duration of the physical meetings as much as possible
o Ensure a clear and safe physical spacing of at least 1m apart between each attendee
- Alternatively, companies can choose to hold their AGM virtually.
More information on the conduct of AGMs during COVID-19 can be found in ACRA’s website and the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order.
Deferral of Corporate Income Tax Payment
Income tax payments for companies and self-employed persons will be automatically deferred for 3 months, between April to June 2020.
Extension of Tax Filing Deadlines
- Individual income tax returns extended to 31 May 2020.
- Agents filing client’s individual income tax returns for YA 2020, including Not Ordinary Resident (NOR) scheme application extended to 15 August 2020.
- Filing of tax clearance for non-citizen employees due in April and May 2020 extended to 30 June 2020.
- Income tax returns for trusts, clubs and association/ECI for companies with FY ending January and February 2020 extended to 30 June 2020.
- Additional 1 month granted (on case by case approval basis) to file objection against Notice of Assessment.
More information on the above-mentioned extension of tax filing deadlines can be found in Inland Revenue Authority of Singapore (IRAS)’s website.
Increase Corporate Income Tax Rebate
- Companies will enjoy an enhanced corporate income tax rebate of 25%, an increase from 20%, of tax payable, capped at S$15,000 for YA 2020.
Interest-free Installments for Estimated Chargeable Income (ECI) Payments
- Additional two months of interest-free installments will be automatically granted to companies paying their corporate income tax by GIRO when they file their ECI within three months from their FYE. This applies to companies that file their ECI from 19 February 2020 to 13 December 2020; or companies that file their ECI before 19 February 2020 and have ongoing installment payments to be made in March 2020.
Property Tax Rebate (PTR) for Qualifying Commercial Properties
- 100% PTR for qualifying commercial properties such as hotels, services apartments, tourist attractions, shops and restaurants.
- 60% PTR for integrated resorts such as Marina Bay Sands and Resorts World Sentosa.
- 30% PTR for all other non-resident properties such as industrial properties, offices.
Delay in Increasing Goods & Services Tax (GST)
- GST would be raised from 7% to 9% by 2025 instead of the initially proposed 2021.
More information on the above-mentioned additional measures announced on the Resilience and Solidarity Budget can be found in IRAS: COVID-19 Support Measures and Tax Guidelines.
- - -
We urged businesses to take note of the specific criteria for temporary relief offered by the various government agencies and assess their eligibility. Financing support and other temporary relief measures implemented by the Singapore government is to ensure business continuity and support Singapore based small and medium enterprises. The government hopes that with the various measures in place, it aims to prepare the economy for recovery once this pandemic is over.