by Mary Swire, Tax-News.com, Hong Kong
03 March 2021
The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership.
Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to fulfil certain duties prescribed in the Income Tax Act.
The rules include that a company in liquidation with receipts has to file its Declaration of Receipts and Payments with IRAS on an annual basis. A company in liquidation without receipts has to file its Declaration every four years.
With effect from May 1, 2021, a company in liquidation will no longer be required to split …
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