The Inland Revenue Authority of Singapore (IRAS) has issued a formal reminder requiring all commission-paying organisations registered under its e-Submission of Commission Income (CI) scheme to electronically file detailed commission agent income information for Year of Assessment (YA) 2025 by the strict deadline of 1 March 2025.
This mandatory submission, governed under Section 68A of the Income Tax Act 1947, necessitates the disclosure of both identification and income details pertaining to commission agents engaged by the reporting entities. YA 2025 pertains to income earned by agents during the calendar year 2024.
Information Required for Submission:
Organisations must report comprehensive income data, including:
- Commission payments
- Referral fees
- Training fees
- Retail profits
- Allowances
- Incentives
Scope of “Commission Agents”:
The requirement encompasses a broad range of intermediary roles, including but not limited to:
- Remisiers
- Real estate agents
- Insurance agents
- Distributors
- Financial advisors
- Instructors
- Therapists
- Singapore Pools Retailers
Updated Guidance Available:
To assist organisations in meeting this obligation, IRAS published comprehensive guidance titled “Frequently Asked Questions for Intermediaries – Submit Commission Records” on its website on 11 February 2025. This document provides essential instructions and clarifications on the e-submission process.
Compliance Imperative:
Timely and accurate submission by the 1 March 2025 deadline is a critical compliance requirement for all registered commission-paying entities. Failure to comply may result in penalties under Singaporean tax law.
Source: IRAS, 11 February 2025.