On Feb. 11, SIN Tax issued rules re auto-inclusion scheme submission.
SIN Tax issued requirements for employers to submit employment income data under auto-inclusion scheme (AIS), applying to those with five or more employees in 2024.
In addition to the employees already on the AIS regardless of their employee count.
Follows SIN Tax Feb. 2023 extended auto-inclusion scheme to employers, #162840.
Outline of Requirements
Employers must submit 2024 employment income data ahead of tax filing season.
Non-compliant employers face fines up to SGD 5,000; company directors or precedent partners can face fines up to SGD 10,000 and/or imprisonment up to 12 months.
Common errors include omitting taxable benefits-in-kind, incorrect reporting of accommodation benefit, under-reporting stock/options gains; submitting inaccurate employment income data may result in penalties up to double the tax undercharged.
Can use voluntary disclosure program for reduced penalties when reporting past error.
