15 October 2017
Under the Companies Act, a Singapore branch of a foreign company is required to lodge a notice with the Accounting and Corporate Regulatory Authority (“ACRA”) within 7 days after it has ceased having a place of business or stopped carrying on business in Singapore.
The IRAS has indicated that the branch should also inform IRAS in writing, at the same time that it informs ACRA, with the following details:
- Date of cessation of business in Singapore; and
- Name and contact details of a person whom IRAS can liaise with on tax matters.
At the same time, the branch should also submit to IRAS all outstanding income tax returns (Form C), financial statements and tax computations made up to the last day of business.
Source: Inland Revenue Authority of Singapore (www.iras.gov.sg)