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Tax Return - Individuals (B.I.R. 60)
| 1. |
Tax Return - Individuals (B.I.R.
60) is directed at individuals. It enables the taxpayer to report/claim
in one return: |
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(a) |
income from employment, office and pension; |
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(b) |
rental income from solely owned property; |
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(c) |
profits from the carrying on of sole proprietorship
business; |
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(d) |
election for Personal Assessment |
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(e) |
deductions/allowances |
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| 2. |
An eTAX Account holder, who has selected
to receive electronic notices and documents related to tax return
filing, will receive an electronic Notice
to file Tax Return - Individuals instead of a paper
return. |
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| 3. |
For taxpayer previously assessed
as not liable to tax, B.I.R. 60 may not be issued to him/her
annually. However, he/she has to notify liability to tax (see
Notification of Chargeability
for details). Advice Letter
will be issued to review his/her tax liabilities. |
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Property Tax Return (B.I.R. 57 / B.I.R. 58)
Property Tax Returns are sent to Joint Owners, Co-owners,
Corporations and Bodies of Persons for Property Tax purposes.
Rental income from solely owned property should be reported
in Tax Return - Individuals (B.I.R. 60).
There are two series of tax return forms: |
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| 1. | Property Tax Return - Property Jointly Owned or Co-owned by Individuals (B.I.R. 57) |
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| 2. | Property Tax Return - Corporations and Bodies of Persons (B.I.R. 58) |
Profits Tax Return (B.I.R. 51 / B.I.R. 52 / B.I.R. 54)
| 1. |
Profits Tax Returns are issued
to Corporations and Partnership Businesses for Profits Tax
purposes. Profits from the carrying on of sole proprietorship
business should be reported in Tax Return - Individuals (B.I.R.
60).
There are three series of tax return forms. You may download
a specimen of the tax return forms for reference. No attempt
should be made to use a printed copy of the specimen form
for filing purpose. |
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| (a) |
Profits Tax Return - Corporations (B.I.R. 51)
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| (b) |
Profits Tax Return - Persons Other Than
Corporations (B.I.R. 52) |
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| (c) |
Profits Tax Return - In Respect Of
Non-Resident Persons (B.I.R. 54) |
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| 2. | Who must file |
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| (a) |
Newly Registered Business
Generally, a newly registered business will receive its first Profits Tax Return some 18 months
after the date of commencement of business or the date of incorporation.
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| (b) |
Continuing Business - Annual Bulk Issue of Returns
The annual exercise to issue Profits Tax Returns in bulk takes place on the first working day of April each year.
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| (c) |
Business Not Required to Submit Return Annually
It is the practice of us not to call for the annual submission of Profits Tax Returns in instances
where trade or business carried on does not give rise to assessable profits or where trade or business
has not commenced or has ceased and not recommenced. However, upon receipt of a Profits Tax Return
which may be issued from time to time in the course of reviewing their future tax potential,
the requirement to lodge the return form must still be complied with.
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| 3. | When to File |
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| (a) |
Normal Filing Time
Generally, Profits Tax Return should be filed within one month from the date of issue.
The compliance date of submission is specified on page 1 of the Profits Tax Return.
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| (b) |
Block Extension
Scheme
Under a block extension scheme, extension is generally granted to taxpayers who make up their
annual accounts after 30 November:
| Extended Due Date | Accounting Date |
| 15 August 2008 |
for D Code Returns
(i.e. Accounting Date between 1 to 31 December) |
| 15 November 2008 |
for M Code Returns
(i.e. Accounting Date between 1 Jan to 31 March) |
| 13 February 2009 |
for M Code Returns
(Current Year Loss Cases) |
In the beginning of each year, the Commissioner of Inland
Revenue issues a Circular
Letter to tax representatives setting out details
of the block extension scheme lodgement arrangements for the
year and how the block extension can be applied for. |
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| (c) |
Application for Extension for the Submission of Return
Apart from the block extension scheme, individual application for extension of time for submission of
returns can be made in writing. An explanation of why lodgement cannot be made on a timely basis,
together with supporting evidence, must accompany the application.
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Normal Issue Dates
| Normally, we will send the annual tax returns to taxpayers in bulk on: |
| Normal Issue Date |
Tax Return - Individuals
(B.I.R. 60) | first working day of May each year |
Property Tax Returns
(B.I.R. 57 / B.I.R. 58) | first working day of April each year |
Profits Tax Returns
(B.I.R. 51 / B.I.R. 52) | first working day of April each year |
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Obtaining a Duplicate Tax Return
| 1. |
You may complete and send the request
form to us for a duplicate tax return if the original
has been lost, damaged or not received. |
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| 2. |
If you have eTAX
Password, you may obtain a duplicate Tax Return - Individuals
(B.I.R. 60) under
the Tax Position Section of your eTAX Account. |
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| 3. | If the deadline for submitting the tax return
is drawing near, or has elapsed, you are strongly advised to obtain a duplicate tax return in person
by visiting our Central Enquiry Counter. |
Completion and Filing of Tax Return
Electronic Filing of Tax Return
Failure to Submit Tax Return
In all cases where a tax return has not been lodged by the due date / extended due date,
estimated assessments will be issued and / or penalty proceedings commenced. If a taxpayer fails,
without reasonable excuse, to file return on time, he will be exposed to the risk of penal action
being taken.
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