IRAS streamlines liquidation process

24 March 2015

The Inland Revenue Authority of Singapore (IRAS) has updated its website to clarify that that no tax clearance letter will be issued to companies under voluntary
 liquidation. Where the company is under a members’ voluntary liquidation, liquidators will generally rely on the following items to confirm that there is no outstanding tax matter and tax liability before proceeding with the completion of the liquidation process:

  • latest Notice(s) of Assessment from the company’s authorised personnel; and
  • latest Statement of Accounts

Where the company is under compulsory/ creditors’ voluntary liquidation, liquidators may request for a confirmation (commonly known as a tax clearance letter) from IRAS. Such companies can now rely on IRAS’ documents to confirm that there are no 
outstanding tax matters/ liabilities. Therefore there is no need to request for a tax clearance letter from IRAS. The update was made on 16 March 2015. For further details, please refer to the IRAS website. Source: IRAS