30 December 2011
IRAS has on, 29 December 2011, updated its website for clubs with private lotteries wishing to fulfill their tax obligations.
With effect from 1 April 2011, clubs are not required to submit the monthly audited statement of account and auditors’ report on the conduct of all lotteries (including fruit machines, Tombola, Lucky Draws and Scheduled Lottery) to IRAS.
However on the monthly meter reading date for fruit machines, appointed auditors are required to perform a review of Form PL-R1 based on the minimum checks imposed by IRAS.
Filing requirements are as follows:
- All clubs conducting private lotteries will need to to file Form PL-R (Private Lotteries Duty Return) by the 14th of the month following the end of the month it conducts the lottery.
- For clubs conducting scheduled lottery, the return has to be filed within 14 days from the date of the lottery.
- Audited Financial Statements (with accompanying notes to the accounts) for the year, together with a reconciliation between the club’s annual audited accounts and corresponding figures submitted for private lotteries duty for the year, will need to be filed within 6 months from the club’s financial year end.
- Clubs operating fruit machines are subject to additional filing requirements.
More details can be found here.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit www.iras.gov.sg for more information.