IRAS has confirmed that partnerships must submit Form P electronically from the Year of Assessment (YA) 2027. Partnerships with more than 10 partners will also be required to complete and upload the Partnership Allocation Template as part of the filing process.
Key development
The responsibility for filing Form P rests with the precedent partner. This is generally the partner named first in the partnership agreement. Where no written agreement exists, the partners must agree on and appoint one of the partners to undertake this role.
Form P reports the partnership’s income, expenses and allocation of profits or losses among its partners. Although the partnership is not separately assessed to income tax, the information reported is used to determine each partner’s taxable share of partnership income.
From YA 2027, paper filing will no longer be available. The precedent partner must submit Form P through myTax Portal by 18 April.
Impact on partnerships and tax reporting
- Greater accountability for the precedent partner
The precedent partner is responsible for coordinating the preparation and submission of the partnership’s tax information. This includes ensuring that the allocation of income or losses agrees with the partnership records and the relevant profit-sharing arrangements. - Electronic filing becomes compulsory
Partnerships that previously relied on paper submissions will need appropriate access to myTax Portal and must ensure that the individual filing the return has the required authorisation. - Additional requirement for larger partnerships
Partnerships with more than 10 partners must prepare the Partnership Allocation Template before submitting Form P. The template contains validation checks and is intended to support the accurate transfer of partner-level allocation information into IRAS’ filing system. - Closer alignment between partnership and individual tax returns
Each partner must report their share of partnership income or loss in their own income tax return. Differences between Form P, the partnership allocation records and the partners’ individual returns may lead to processing delays or enquiries from IRAS. - Potential benefit from early filing
Where Form P is submitted by 28 February and processed early, the partnership allocations may be pre-filled in the partners’ individual Forms B or B1. This may reduce manual reporting and reconciliation work for the partners.
Practical issues
- Confirm the appointed precedent partner
Partnerships should review their partnership agreement and IRAS records to confirm that the correct person is identified. Any changes should be updated promptly. - Review filing access and authorisations
The precedent partner or appointed tax agent should verify access to the relevant digital services before the filing season begins. - Prepare partner information early
Larger partnerships may require additional time to compile identification details, profit-sharing ratios, partner status and income allocations for the Partnership Allocation Template. - Reconcile allocations to the accounts
The total profit or loss allocated among the partners should agree with the partnership’s tax computation and accounting records. Changes in partners or profit-sharing arrangements during the year may require additional calculations. - Maintain accurate partner records
Particular attention should be given to partners who joined, withdrew or changed status during the year. The filing must correctly distinguish between acting and sleeping partners, as this may affect the partners’ individual tax treatment. - Manage the filing timetable
Internal completion dates should be set well ahead of the 18 April deadline to allow sufficient time for review, correction of validation errors and approval by the precedent partner. - Consider financial statement submission requirements
Partnerships with annual revenue of S$500,000 or more are required to submit certified financial statements with Form P. Partnerships below that threshold must still prepare accounts and retain adequate supporting records.
Action points
Partnerships and their advisers should begin preparing for the YA 2027 filing changes by:
- confirming the identity and responsibilities of the precedent partner;
- reviewing myTax Portal access and tax-agent authorisations;
- updating partner particulars and profit-sharing arrangements;
- testing the Partnership Allocation Template where the partnership has more than 10 partners; and
- establishing a documented review and approval process for Form P and the related partner allocations.
The move to compulsory e-Filing should improve processing efficiency, but it also increases the importance of complete, consistent and properly reconciled partnership data. Early preparation will reduce the risk of rejected submissions, incorrect partner allocations and subsequent enquiries from IRAS.
Source: IRAS, 20 July 2026.