Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

W

Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Year of Assessment (YA)

The year of assessment (YA) is defined by IRAS as the year in which income tax is estimated, filed with tax authorities, and tax bills are cleared. This assessment is for the prior year’s chargeable income.

Who decides the Year of Assessment (YA)?

The company can choose the financial year-end (FYE) to calculate its YA based on its preference. However, most organisations choose December 31 as their closure date.

If the fiscal year of a corporation lasts more than 12 months, it must be indicated on the income tax return and taxed as two years.

The corporation, for example, was founded on August 1, 2020, with a fiscal year-end date of December 31, 2021.

When completing your Singapore tax return for the fiscal year 1 August 2020 to 31 December 2021, you must declare your company’s income based on the following two years of taxation:

The fiscal year from 1 August 2020 to 31 December 2020 is covered by the 2021 tax year.
The fiscal year from 1 January 2020 to 31 December 2021 is covered by the 2022 tax year.

You also have the option to change the FYE later by updating the same on BizFile+. IRAS will automatically be updated based on your records on ACRA.

Consequences of Misinterpretation of the Term “Year of Assessment”

Confusion during the assessment year may result in late filing of tax returns, resulting in inefficient accounting department performance and IRAS penalties.