Corporate Tax Filing Season 2015: 3 Filing Mistakes Companies Should Avoid
As companies prepare to e-File their income tax returns by 15 Dec 2015 (or 30 Nov 2015 if they paper file), IRAS would like to highlight three common mistakes so that companies can avoid them1.
Compliance Reviews and Guides to Help Companies File Correctly
IRAS recovered $217 million in taxes and penalties from our compliance reviews on companies last year. Three common mistakes found from these reviews were:
- Failure to keep proper records and accounts
- Wrongful claim of tax deduction on private expenses, or inflated payments to related parties; and
- Wrongful claim of tax deduction under the Productivity and Innovation Credit (PIC) Scheme
For more information, please view Corporate Tax Filing Season 2015: 3 Filing Mistakes Companies Should Avoid.