For responsible corporate administrators, like Savvy Platform, July is the busiest and also the most important month of the year.
That's because we file annual tax reports for hundreds of our customers.
In 2024, we file corporate income tax reports in respect of financial years that ended any day of 2023.
There is a special term in Singapore, "Year of Assessment", or YA.
When you see YA 2024, it also means the financial years ended in 2023.
For most companies started in Singapore in 2024, their first Year of Assessment will be YA 2026, i.e. their first corporate income tax reports should be submitted in the second half of 2026, unless they chose 31st of December 2024 their financial year end date.
The deadline for the filing is November 30.
Missing the deadline results in penalties.
And now tell us, dear readers and followers:
- Why should you memorise all this boring stuff if you can get rid of this by entrusting your tax reporting matters to us?
When it comes to administration of your Singapore company, all you need to remember is Savvy Platform.
Approach us and we do the rest.
Makes sense?
