SINGAPORE – More than 300,000 companies are expected to file their corporate income taxes for the 2025 year of assessment by Nov 30, says the Inland Revenue Authority of Singapore (Iras).
It recommends that companies begin their preparations immediately, unless waivers have been granted, with less than two months to the deadline.
“Directors are reminded that they are responsible for accurate and on-time filing of their companies’ corporate income tax returns,” the authority said.
It added that it will offer support to over 37,000 businesses that will be filing taxes for the first time.
webinars covering the entire tax-filing process
, including record-keeping obligations, tax computation preparation, income tax return filing and post-filing obligations.
Representatives who attended webinars in September and earlier in October were surveyed. All of them indicated an increase in their understanding of tax obligations while the majority of them said they had more confidence in tax filing, Iras said.
The reminder comes after close to 4,500 companies have been prosecuted since January 2025 for late or non-filing of income taxes.
Companies that do not file their taxes by the due date can be fined up to $5,000 and continued non-compliance may result in an additional $100 daily penalty.
On top of these, businesses that fail to file their taxes for two years or more may be ordered by the court to pay a penalty of twice the amount of tax assessed.
Take See Chen Sing Construction, which Iras has taken legal enforcement action against.
The construction company was recently found by the court to have failed to file its taxes for the 2019 and 2020 years of assessment. It has been ordered to pay more than $190,000, which is twice the amount of its tax assessed.
Iras said it took “swift enforcement actions against the small minority of errant companies to ensure all taxpayers pay their fair share of taxes”. It added: “These cases serve as a cautionary example for all companies, reinforcing the importance of timely compliance as the year of assessment 2025 filing deadline approaches.”
Iras offers simplified forms for tax filing, which can be used by companies that meet revenue and other qualifying conditions.
All companies can also tap digital solutions and step-by-step guides to fulfil their tax-filing obligations.
For instance, a Microsoft Excel-based tool, known as the Basic Corporate Income Tax Calculator, guides users through preparing tax computations and schedules, with clear explanatory notes.
Businesses can also turn to a checklist to ensure that they maintain proper records of their financial transactions.
Tax collection in Singapore has risen by 10.7 per cent, driven by robust economic growth and higher consumer spending. Iras collected a total of $88.9 billion in the April 2024 to March 2025 financial year, up from $80.3 billion in the previous financial year.
Corporate income tax remained the largest contributor to the figure. Collections from companies grew by 6.7 per cent to $30.9 billion over the same period, due to strong corporate earnings.
