How long should you keep your tax returns

SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) is providing an automatic extension of tax filing deadlines for individuals and businesses as part of its support for taxpayers in light of the COVID-19 situation. The filing deadlines for income tax for individuals, including sole proprietors and partnerships, will be extended until May 31, said IRAS in a media release on Saturday (Apr 4). Filing deadlines have also been extended for Goods and Services (GST) returns for the accounting period ending March 2020, estimated chargeable income (ECI) for companies with financial year ending in Jan 2020, as well as for income tax for trusts, clubs and associations. READ: COVID-19: Essential healthcare services to continue operating, other services to be scaled down READ: COVID-19: Singapore to waive foreign worker levy, enhance Jobs Support Scheme, says Heng Swee Keat Taxpayers requiring face-to-face tax filing assistance and other taxpayer counter services must make … [Read more...] about Tax filing deadlines extended, counter services by appointment only: IRAS

Kindly Share This Story: Britain is expected to keep vast emergency financial support propping up the UK’s virus-battered economy when unveiling its annual budget Wednesday, but could also raise tax to fight surging debt. “The key thing is right now to keep supporting the economy… but also level with people,” finance minister Rishi Sunak said Sunday, as Britain from next week begins to exit its third Covid lockdown. Britain is the worst-hit country in Europe with more than 120,000 Covid deaths and four million cases but its economic recovery hopes have been boosted by its vaccination of millions of adults. Reports suggest that Chancellor of the Exchequer Sunak will pump out extra billions of pounds to help save jobs and businesses. But he is expected also to increase corporation tax, or a levy on company profits, from a UK record-low 19 percent while sticking to the Conservative government’s pre-pandemic pledge not to increase income tax or value … [Read more...] about COVID-19: UK may raise tax to fight surging debt — Reports

Walt Disney Co will postpone the May 1 theatrical release of Marvel movie Black Widow to a future date because of the coronavirus outbreak, the company said in a statement on Tuesday. Black Widow was meant to kick off the next batch of Marvel Cinematic Universe (MCU) movies known as Phase Four. READ: Disney, Netflix and Warner Bros. have shutdown productions due to COVID-19 Since establishing the MCU, Marvel has released its films in phases, which represent an inter-connected series of films and usually culminate in an Avengers team-up. What happens in one film usually has an impact on other film in the same phase, which raises the possibility that a delay on the release of Black Widow could affect the entire Phase Four. Films in Phase Four currently include The Eternals, Shang-Chi And The Legend Of the Ten Rings, Doctor Strange In The Multiverse Of Madness, a sequel to Spider-Man: Far From Home and Thor: Love And Thunder. Besides Black Widow, another Phase Four … [Read more...] about Disney delays Marvel’s long-awaited Black Widow debut due to coronavirus

SINGAPORE: Workers’ Party (WP) chief Pritam Singh called for “a thorough review of what a living wage in Singapore ought to be” for Singaporeans, following the announcement of the Solidarity Budget on Monday (Apr 6) in response to the COVID-19 pandemic. Speaking in Parliament, Mr Singh and other WP Members of Parliament (MPs) expressed their support for the Budget, but called for the Government to examine the long-term effects of the COVID-19 pandemic beyond the next nine months. The COVID-19 pandemic has exposed sectors that could be manned by more Singaporean workers in the future “for better resilience and national outcomes”, said Mr Singh. “A thorough review of what a living wage in Singapore ought to be for Singaporeans who man our critical infrastructure and keep the country’s hearts beating would also be appropriate and timely, the same way strengthening our food security and critical supply chains are.” READ: Solidarity Budget - S$600 cash support for all adult … [Read more...] about WP’s Pritam Singh calls for ‘thorough review’ of Singaporean living wage following ‘useful lessons’ from COVID-19

SINGAPORE: All retail tenants at Suntec City will get a rental waiver for the month of April to cope with temporary closures and disruptions, the mall announced on Monday (Apr 6) as it stepped up support for its tenants ahead of a month-long “ circuit breaker ” aimed at curbing the spread of COVID-19. This waiver is “funded entirely” by the landlord and will also be extended to tenants providing essential services, such as supermarkets, pharmacies, food courts, restaurants and banks, its statement said. From Apr 7 to May 4, most workplaces will have to shut, with only essential businesses allowed to remain open. Suntec City said it will work closely with its tenants to comply with these rules. As part of its enhanced rental assistance package, the mall will also pass on the full savings of the Government’s property tax rebates to all retail tenants next month. READ: Solidarity Budget: Singapore spends another S$5.1b to save jobs, protect livelihoods amid impending circuit … [Read more...] about Suntec City waives April rent for mall tenants amid enhanced ‘circuit breaker’ rules