On or about 28 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has updated the content on Companies Applying for Strike off\/ to Cease Registration.<\/p>\n\n\n\n
A company may apply to the Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the Companies Register if it is no longer carrying on business. This process is known as “striking off” a company. <\/p>\n\n\n\n
From 1 October 2021, if the date of cessation of business falls in an advance Year of Assessment (YA) for which the e-Filing service for that YA is not yet available, the company has to use the Apply for Waiver to Submit Tax Return (Dormant Company) e-Service (which will be renamed as Apply for Waiver\/ File last Form C-S\/ C (Dormant\/ Striking Off)<\/em>) to e-File the advance YA return.<\/p>\n\n\n\n Companies are advice not to close the company’s bank accounts until all outstanding matters are settled as if there is a tax credit owing to the company, IRAS may not be able to pay over the tax credit to a third party (e.g. director, shareholder). <\/p>\n\n\n\n When the company is dissolved, the tax credit due to the company will be paid over to the Insolvency Office. The shareholders of the defunct company may approach the Insolvency Office if they wish to claim the tax credit. Charges will be imposed by the Insolvency Office for the processing of the claim.<\/p>\n\n\n\n Source: IRAS<\/em>, 29 Jul 2021<\/p>\n","protected":false},"excerpt":{"rendered":" On or about 28 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has updated the content on Companies Applying for Strike off\/ to Cease Registration. A company may apply to the Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the Companies Register if it is no longer carrying on business. This […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,8,6],"tags":[],"class_list":["post-1739","post","type-post","status-publish","format-standard","hentry","category-accounting","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1739"}],"version-history":[{"count":2,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1739\/revisions"}],"predecessor-version":[{"id":1741,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1739\/revisions\/1741"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1739"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}