Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Are there requirements for annual audited accounts to be filed with the local tax (IRAS) and corporate (ACRA) authorities?

April 26, 2017accounts acra annual audited corporate filed IRAs local requirements tax

0

Posted

Are there requirements for annual audited accounts to be filed with the local tax (IRAS) and corporate (ACRA) authorities?

1 Answer

0

Posted

An audit is only mandatory if; i. A company is not private exempt; ii. Its turnover exceeds 5 million dollars; iii. Any shareholder with a stake of at least 5% requests one. However, all private exempt companies must prepare a report with annual account according to Singapore Financial Reporting Standards (FRS), signed by 2 Director(s) on behalf of the company. (Sole director will sign singly). FRS accounts have to be filed with tax authorities (IRAS).