Error in Filing of Taxes in Singapore - Frequently Asked Questions

What happens if there are errors in filing tax returns in Singapore?

If the intention was to evade taxes, the taxpayer may face:

a penalty up to 400% of the amount of tax undercharged;
be fined up to $50,000; and/or
be imprisoned up to seven years.

If the error/omission/discrepancy in the tax return was made without any intention to evade taxes, the taxpayer may face:

a penalty up to 200% of the amount of tax undercharged;
be fined up to $5,000; and/or be imprisoned up to three years.

How to object to IRAS’ Notice of Assessment (NOA)?

Companies that do not agree with the tax assessment raised by IRAS may file an objection through myTax Portal – this is the recommended option by IRAS, objection form, and email or letter; to have the tax assessment revised within two months from the date of the Notice of Assessment (NOA).

Otherwise the initial NOA is treated as final.

Meanwhile, all Singapore companies are to pay the tax stated in the NOA within one month from the date of the NOA even if they object to the assessment.

Need help filing taxes in Singapore?

File your tax returns with Singapore Company Incorporation, one of the leading tax agents in Singapore. Our professional taxation specialists will work closely with you to reduce your tax liabilities and maximise tax savings.