[Singapore companies] – 3As to your perfect IR8A submission

Singapore’s annual employee earnings reporting deadline is approaching fast. By law, all Singapore based employers are required by 01 March each year to prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for employees who are employed in Singapore

We understand that this is an extremely time and data sensitive task. We recommend the following 3As to an error-free and timely IR8A preparation and submission

1. Automation

Managing your company’s HR and processing payroll has never been more efficient. Singapore’s very own software providers such as Talenox, HREasily, QuickHR, Just Login, PayDay etc. to name a few, have made it absolutely simple for your business to collate your employee data for IR8A and submit the same to the IRAS

Here is a short video of Talenox’s IR8A function:

2. Accuracy

All information included on the Form IR8A and its supporting Appendices must be accurate. Inaccurate data could lead to potential fines for the employer. Implementing a HR + Payroll system is the ideal process to begin. However, it is always best practice to cross check the data in your payroll system against other verified evidence such as the Record of Payment with the CPF Board for your Singaporean / Permanent Residents (PRs) staff and the salary declaration submitted to the Ministry of Manpower (MOM) when applying for visas for your non-Singaporean/PR staff

3. AIS

Auto-inclusion scheme (AIS) is a process whereby employers can submit their employees’ income data directly to the Inland Revenue Authority of Singapore (IRAS).

According to Paragraph 3 from Section 68 (2) of the Income Tax Act, Employers who have in total 6 or more employees for the entire year ending 31st December 2020 or who received the “Notice to File Employment Income Of Employees Electronically” are required to provide the completed and correct return in an electronic format specified by the Comptroller of Income Tax

If you have had less than 6 employees during calendar year 2020 or have not received any notice from the IRAS, you are still required to provide a copy of the Form IR8A and its supporting Appendices to your staff by 01 March 2021 and advise them of the following income tax filing deadlines:

e-Filing: 18 Apr 2021 Paper Filing: 15 Apr 2021

To e-File your tax return, log in to myTax Portal using your SingPass 2FA or IRAS Unique Account (IUA). You can file your income tax return either via mobile phone or desktop.

Should have any questions or require any assistance with the Form IR8A, please contact Sarang on finance@wolfe-strategies.com