Get Ready for Mr Taxman!

[interloper]

Hello beautiful people,

Can someone pls make it be known, when taxes for people on EP's need to be sorted out. Is it April?
(and is it a "painful" process or short 'n' sharp?)

Cheers in advance

[et]

It is always 15 April each year.

A relatively simple process unless you are a company director or if you are receiving some benefits-in-kind (formula apply).

You can file it several ways, via the phone, internet, or forms.
www.iras.gov.sg

[kristin]

If we get the "bill" on the 15th April, how long do we get to pay it.  Thanks.

[Rob]

You have to make a tax return by the 15th. The bill will turn up several months later. You can then pay it on one go, or elect to pay in by installments over the following 10(I think) months - interest free. This sounds great, but beat in mind that when/if you leave Singapore, you will owe a LOT of tax

[Pete]

You get the bill by mid / end of March, and have to pay by April 15. If you don't get the bill, call the IRAS (number is on their website).

2000 was my first year in Singapore. I'll leave end of April, and they now want a payment guarantee from a local bank over the estimated taxes owed for 2001 ! Are they f'ing insane ? They gave me three weeks to bring a bank guarantee over 30.000 S$, and I don't even have a local bank account. Guess the tax Nazis are the same wherever you go.

Pete

[et]

> You get the bill by mid / end of March, and have to pay by April 15. If you don't get the bill, call the IRAS (number is on their website).

If you are carrying on a business (sole-proprietor or partnership), you must file an estimated income 3 mths after the accounting year-end if this does not coincide with the calendar year-end.  IRAS then sends you a Notice of Assessment (bill) based either on THEIR estimate if you have not filed one or based on yours (assuming your figures look reasonable to them).  So I'm afraid you don't always get the bill by mid/end March.

>2000 was my first year in Singapore. I'll leave end of April, and they now want a payment guarantee from a local bank over the estimated taxes owed for 2001 ! Are they f'ing insane ? They gave me three weeks to bring a bank guarantee over 30.000 S$, and I don't even have a local bank account. Guess the tax Nazis are the same wherever you go.

You can object to the Notice of Assessment within 30 days from date of Notice.  Substantiate the fact that you will be leaving Singapore end April with the relevant documents such as employment contract, termination notice, etc. Notwithstanding this, you are required to pay by due date, so better pay them a visit in person with the letter of objection!!!

[Pete]

et, thanks, but they already know that I will leave end of April, which is why they want a guarantee over "only" 30.000 S$ which should about cover the income taxes owed for my employment through end of April.

Had they asked for a guarantee for all of 2001, I would have objected.

Thanks,
Pete