As an employer in Singapore, your responsibilities include filing tax forms for your employees accurately and on time. While this might sound daunting, breaking it down makes it easier to handle. Here’s a simplified guide to the essential tax forms required by the Inland Revenue Authority of Singapore (IRAS), for employers to file for their employees, what they mean, and how to stay compliant.
Understanding the Essential Tax Forms
Form Name | Purpose | Who It Applies To | Due Date for employers |
Form IR8A | Reports income for all employees. | Full-time, part-time, non-resident employees, directors, board members, pensioners, and those with income in 2023. | 1 Mar each year |
Appendix 8A | Reports benefits-in-kind (e.g., housing, car, or other non-cash perks). | Employees who receive non-cash benefits. | 1 Mar each year |
Appendix 8B | Captures profits from stock or share ownership plans like ESOP or ESOW. | Employees benefiting from stock or share options. | 1 Mar each year |
Form IR8S | Adjusts overpaid CPF contributions or claims refunds. | Employers who have contributed excess CPF or are claiming CPF refunds. | 1 Mar each year |
Details You Need to Know
Form IR8A: Income Reporting
This form is compulsory for all employees, including directors and board members. Even if an employee has left but received income (e.g., stock option gains) during the year, their income must be reported.
Special Note: For employees posted overseas, employers don’t need to include overseas income unless it is related to Singapore employment.
Appendix 8A: Benefits-in-Kind
Any non-cash benefits provided to employees, such as housing or transport, must be reported using Appendix 8A.
Appendix 8B: Employee Stock Gains
Employees receiving gains from stock options or share plans, such as Employee Stock Option Plans (ESOP) or Employee Share Ownership Plans (ESOW), need these information recorded in Appendix 8B.
Form IR8S: CPF Adjustments
If you have contributed more than the required amount to CPF or need to claim a refund, you must complete Form IR8S.
Streamline Your Reporting with AIS
Auto-Inclusion Scheme (AIS)
The Auto-Inclusion Scheme simplifies tax filing by allowing employers to submit income information electronically to IRAS.
- Benefits of AIS:
- Information is pre-filled in employees’ tax returns.
- No need to issue hardcopy forms.
- Deadline: Submit electronically by 1 March every year.
For Non-AIS Employers
Employers not in AIS must provide hardcopy IR8A and any applicable appendices to employees by 1 March to file their returns.
Quick Highlight
Action Point | Deadline |
Submit forms electronically via AIS | By 1 March annually. |
Provide hardcopy forms (if not in AIS) | By 1 March annually. |
YYC’s Message for Employers
Managing tax compliance doesn’t have to be stressful! With proper planning and the right tools, you can fulfill your obligations seamlessly. At YYC, we’re here to support you in navigating tax regulations with confidence.
Need help with your tax forms or compliance processes? Reach out to YYC – Your Partner in Empowering Entrepreneurial Success!