Singapore Tax Agency Updates Guidance on Post-Filing Procedures Related to Corporate Income Tax Returns

The Singaporean Inland Revenue Authority May 18 updated guidance on post-filing procedures related to specified annual corporate income tax returns. Updated topics include: 1) after the returns are filed, the Tax Agency reviews them using a risk-based assessment approach and issues a Notice of Assessment (NOA); 2) NOAs for companies with straightforward tax affairs are issued by May 31 of the following year, and NOAs for companies with more complex tax affairs are issued by Feb. 28 of the following year; 3) the Tax Agency has four years to raise an assessment or additional assessment, except in cases of fraud; ...