IRAS – Updating Company’s Particular
When company undergoes any changes, such as a new name, registered address, or financial year end, it is crucial to update to the Inland Revenue Authority of Singapore (IRAS).
This guide outlines the necessary steps to ensure that company’s particulars are accurately recorded with the Inland Revenue Authority of Singapore (IRAS) apart from the Accounting and Corporate Regulatory Authority (ACRA).
Updates to Company Name, Registered Address, and Financial Year End
In the event of changes to the company’s name, registered address, or financial year end, company is required to file these changes with ACRA through BizFile+. There is no need to notify IRAS separately, as IRAS automatically receives weekly updates from ACRA.
Example:
* Expediting Updates for Urgent Matters
If company anticipates receiving a tax refund or correspondence from IRAS within two weeks of submitting changes to ACRA, company may request that the updates be expedited. This can be done by emailing IRAS via myTax Mail, providing the following information:
Correspondence Address vs. Registered Address
Under the Income Tax Act 1947, IRAS is obligated to send all forms and notices to the registered address as recorded by ACRA. IRAS cannot dispatch documents to any other address unless it is formally registered with ACRA.
Changes in Financial Year End
If the company changes its financial year end, this must be updated through BizFile+ with ACRA. IRAS relies on this information for issuing Estimated Chargeable Income (ECI) filing notifications and conducting tax assessments.
For companies that extend their financial statements beyond 12 months due to a change in financial year, adjusted profits or losses may need to be apportioned across two different Years of Assessment (YAs). Proper tax computation in such cases is essential.
