Notice of Assessment (NOA)
The Notice of Assessment (NOA) is a very significant document that you must adhere to when it comes to paying your income taxes in Singapore. It turns out that for processing taxes, the Inland Revenue Authority of Singapore (IRAS) delivers income NOAs to both people and companies.
What Does Notice of Assessment (NOA) Mean?
The Inland Revenue Authority of Singapore creates the Notice of Assessment, or NOA, which serves as the official tax bill for both individuals and registered businesses. In essence, it lists your chargeable revenue as well as the related tax payment due to IRAS.
You should anticipate receiving your NOA as an individual taxpayer immediately following the completion and submission of your final personal income tax return. Usually, the IRAS verifies the submitted information before sending out the tax bills at the end of April, both in the digital and physical versions.
Please be aware, however, that the IRAS issues four distinct forms of Notices of Assessment about business income tax filing:
Type 1 NOA
This is created following your company’s successful submission of its Estimated Chargeable Income for the relevant tax year.
Type 2 NOA
If you fail to submit your company’s Estimated Chargeable Income within three months of the end of its fiscal year, miss the IRAS deadline for Form C and Form C-S filings, or declare a low Estimated Chargeable Income, you’ll be receiving this from the IRAS. Additionally, the IRAS produces notices of similar nature for early tax assessments.
Type 3 NOA
After you successfully file Form C and Form C-S for your firm, the IRAS creates this.
Type 4 NOA
After the IRAS has definitively assessed your company’s chargeable income and the associated payable tax amounts, this serves as the final notice. However, it’s important to keep in mind that you have two months from the date of issuance to submit a formal protest.
Each of these Notices of Assessment includes the tax bill as well as the associated payment instructions. This implies that you also get to learn about the tax payment options and the dates for filing.
And while we’re at it, the IRAS often favours the payment of tax bills using telegraphic transfer, cashier’s order, check, NETS, cash, internet banking, and GIRO. According to the NOA deadline statements, this must be completed within a month. If not, you risk incurring a late payment penalty of up to 5% of the amount of the unpaid tax.
The Significance of NOA
In Singapore, the income tax NOA serves as a kind of invoice. Following an analysis of your reported income information by IRAS, a matching tax bill is generated that includes all the information necessary for filing taxes, including the amount owed and the filing deadlines.
But as it turns out, the sum isn’t necessarily predetermined. Instead, the NOA provides you with a 30-day window in which to contest the due amount. You can continue by submitting a formal objection that details all the problems you’ve found.
How to Get a Copy of the NOA or Tax Bills
Both hardcopy and digital tax bills are produced by the IRAS. The softcopy version is accessible through IRAS’s myTax site, and businesses also receive hard copies at their registered locations.
Please be aware, nevertheless, that the IRAS doesn’t send out all of its tax invoices at once. From the end of April forward, it performs assessments and sends out the letters, with some taxpayers perhaps receiving theirs earlier than others.
You might wish to change your cellphone contact number on the IRAS site if you’d want to get real-time updates regarding your NOA. When the IRAS uploads your tax bill on the site, the system will then send you an SMS alert.
If so, you can do the following to access your NOA:
- Using your SingPass ID or IRAS Unique Account (IUA) login information, access the myTax Portal.
- Go to the “Notices” section, select “Individual,” and then select “View Individual Tax Notices.”
The tax invoices you have received over the last three years should then be available to examine in PDF format and maybe print off for your records.