Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to fulfill certain duties prescribed in the Income Tax Act.
Section 59 2 of the Singapore Income Tax Act provides that the liquidator shall not distribute any of Liquidating iras assets of the company in liquidation to its shareholders unless he has made provisions for the full payment of any tax payable by the company. However, these documents are to be prepared and retained for submission upon IRAS' request.
The liquidator must ensure that the books and Liquidating iras of the company are "Liquidating iras" for a period of at least five years instead of two years previously from the date of dissolution of the company.
For a company in liquidation that has receipts, the liquidator will have to file a Declaration of Receipts and Payments With Receipts 1.
For example, Company A commenced liquidation on 2 April and continued to receive income. Company A should continue to submit its Declaration for the relevant month period, within one month of the end of the period, on an annual basis. The Final Meeting is the date of court order for dissolution for companies in compulsory liquidation.
For example, Company A decides on 21 Feb
Liquidating iras call for a Final Meeting within the next six months, i. Company A must file the last Declaration, for the period 2 April to 21 Febby 28 Feb i. If the Final Meeting is called less than four years from the date of commencement of liquidation, the company has to file the Declaration with IRAS within seven days of deciding to call the Final Meeting. Do Liquidating iras that the Final Meeting has to take place within six months of the decision to call for it.
For example, Company B commences liquidation on 1 Jun and does not receive receipts. Company B must file the last Declaration, for the period 1 Jun to 15 Apr
Liquidating iras 22 Apr i. Before the liquidator proceeds with the completion of the liquidation process, which may involve calling the Final Meeting, he can rely on the following documents from IRAS to determine that there is no outstanding tax matter or tax liability:.
However, these documents should be prepared and submitted to IRAS upon request. After the authorisation has been approved by IRAS, the authorised Liquidator Liquidating iras than an individual
Liquidating iras Official Assignee will be able to log in to EASY to authorise their staff to act for the company in liquidation.
The status of the tax return, assessment and payment can be viewed by an authorised staff or third party by logging in to mytax. No, the filing requirements for companies in liquidation stated on this page apply only to filing with IRAS. Generally, IRAS
Liquidating iras take three months from the date of receipt of the last set of the Declaration of Receipts and Payments to complete the review of the company's corporate tax matters. Casino Tax Clubs and Associations Charities.
Companies under Liquidation Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. Duties of Liquidators Section 59 2 of the Singapore Income Tax Act provides that the liquidator shall not distribute any of the assets of the company in liquidation to its shareholders unless he has Liquidating iras provisions for the full payment of any tax payable by the company. Company in Liquidation with Receipts.
Declaration of Receipts and Payments With Receipts 1. All authorisations made by a "Liquidating iras" will be Liquidating iras when it is in liquidation. The liquidator should file the Declaration of Receipts and Payments up to the date it ceases to be the liquidator. The new liquidator should submit the Notice of Appointment and Situation of Office of Liquidators and take over the filing thereafter.
If there is more than one liquidator handling the liquidation matters of the company, one of the liquidators may sign on behalf of the rest of the liquidators. However, all the liquidators will still be responsible for the declaration and information given. Receipts refer to any kind of payment received.
As long as the company has receipts during the liquidation period, the company would have to file its Receipts and Payments
Liquidating iras a yearly basis throughout the period where there are receipts. Yes, the liquidator still needs to file the Receipts and Payments on a yearly basis as long as there are receipts during the relevant year s.
The liquidator can file on a four yearly basis if there are no receipts thereafter.
The purpose of tax clearance is to provide liquidators with the Liquidating iras that the company has no outstanding tax matters or liability before it holds the Final Meeting. As such, tax clearance, if necessary will only be issued once before the Final Meeting. Information Liquidating iras easy to find. Suggestions to improve this page: Please email us if you would like us to respond to your enquiries.
Last updated 7 Aug If you liquidate your IRA, you will generally have to pay tax on the money in the account at your "Liquidating iras" tax bracket rate. If you're under age 59 1/2 when you do.