The CRA encourages everyone to file their income tax returns as soon as possible, even though payment deadlines are being extended. Issuers and non-listed companies may continue to conduct their general meetings held on or before 30 June 2021 via electronic means, and are encouraged to do so. Companies are reminded to hold their AGM and file their AR by the extended due dates, to avoid incurring penalties. The CRA will also waive arrears interest on existing tax debts related to individual, corporation, and trust income tax returns from April 1, 2020, to September 30, 2020, and from April 1, 2020, to June 30, 2020, for GST/HST returns. Penalties and interest will not be applied if returns are filed and payments are made by September 30, 2020. The CRA will also waive arrears interest on existing tax debts related to these parts of the Income Tax Act from April 1, 2020, to September 30, 2020. If you already filed a 2019 paper return that has not been processed yet, you can file it again online using NETFILE certified tax software. The later between June 15, 2020 or six months after their day of death. While this measure for existing tax debts does not cancel penalties and interest already assessed on a taxpayer’s account prior to this period, it will ensure that a taxpayer’s existing tax debt will not grow through interest charges during this difficult time. For companies who have shortened their accounting period, the filing deadline … On 23 September 2020, the Ministry of Health issued an advisory to provide that work-related events within the workplace premises that are business-oriented (which includes general meetings) will be allowed to resume, for up to 50 persons at a permitted premises (and not a function centre hired from another) with strict adherence to safe management measures. This includes the late-filing penalty as long as the return is filed by September 30, 2020 (related to the 2019 tax return for individuals and the tax returns for trusts and corporations that would otherwise be due on or after March 18, 2020, and before September 30, 2020). The transitional arrangement will not apply to meetings that are further adjourned after the Control Period. In light of the COVID-19 situation, ACRA will grant a 60-day extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. The annual filing due dates of between 1 May and 31 August for all listed and non-listed companies will also be extended for 60 days. Note that you will not receive a reply.) The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days. People who file their tax returns late will not be fined if they have been hit by the coronavirus under new rules that will benefit millions of workers. Penalties and interest relief will be considered on a case-by-case basis for income tax balances that are not listed above. This also applies to the June 15 and September 15, 2020, instalment payments for those who have to pay by instalments. Companies who are holding general meetings on or before 30 September 2020 should continue to conduct their meetings in accordance with the checklist by the ACRA, MAS and SGX RegCo available here. On 7 April 2020, ACRA published a media release on “Extension of Deadline for Holding Annual General Meetings and Filing Annual Returns”. Applies to corporations that would otherwise have a filing deadline after March 18 and before May 31, 2020. Applies to income tax balances and instalments due on or after March 18 and before September 30, 2020. CRA is experiencing delays in processing paper income tax and benefit returns. The amendment Order clarifies the manner in which a notice should be sent by electronic means for non-listed companies, variable capital companies, trustee-managers of registered business trusts, trustees/managers of unit trusts, and issuers/trustees of registered debentures. The checklist is also applicable to VCCs and non-listed unit trusts, with the necessary modifications. Applies to balances due on or after March 18, 2020, and before September 30, 2020. In light of the COVID-19 situation, ACRA will grant a 60-day extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. It is only the return filing deadlines that have been extended. The Canada Revenue Agency (CRA) says the deadline to pay has been extended from September 1st to September 30th. This applies in respect of income tax returns and the associated elections, designations and information returns, such as the Form T1135, that are required to be filed with or on the same day as the return. Convenient electronic filing options, including IRS Free File, are still available. The extensions to the filing due date for income tax returns detailed below also apply to forms T106 and T1135, and any elections, forms, and schedules that must be filed with the return or on the same day as the return. There is no need for these companies to apply for the extension of time with ACRA. Details of the Extension of Time (EOT) for Holding AGM and Filing AR. Unless otherwise noted, applies to other information returns, elections, designations and information requests that would have been due after March 18 and before May 31, 2020. On 14 April 2020, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) (Amendment) Order 2020 was issued. Further announcements will be made when the extension comes into effect. Businesses impacted by coronavirus can request an extension of the due date for filing and payment of their February 2020 sales tax return due March 20, 2020, for 30 days. The Control Period will be the period commencing retrospectively from 27 March 2020 to the last day the Regulations or the Infectious Diseases (Measures to Prevent Spread of COVID-19) Regulations 2020 is in force. The filing deadline for all 2019 share scheme returns is being extended from 31 March 2020 to 30 June 2020. Note that the CRA does not administer Quebec tax, nor Alberta corporate tax. The filing deadline extension will only apply if the event, such as a change to your company’s directors or people with significant control, happened on or before 5 April 2021. The Canada Revenue Agency is extending some of the filing deadlines for corporations and trusts in a move to help businesses and tax preparers dealing with the COVID-19 pandemic. Although Oct. 15 is the last day for most people to file, some may have more time. For more details, please click here. This does not include returns that the software says must be paper-filed or returns that are excluded from electronic filing. For companies whose filing deadline falls between 27 June 2020 and 5 April 2021 (inclusive) and who have not shortened their accounting period, the Regulations extend their filing deadline by 3 months. Applies to trusts that would otherwise have a filing due date on May 31, or in June, July, or August 2020. Applies to trusts that would otherwise have a filing due date after March 30 and before May 31, 2020. Penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 30, 2020. There is no change to the current penalty framework for other ad hoc filings. On 13 April 2020, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (Order) was issued. Companies that had previously been granted extension of time to hold their AGMs within this period will also be given a further 60 days of extension from the last date of extension. Applies to trusts with a tax year end date of December 31, 2019. The Checklist was first issued amid the evolving COVID-19 situation on 13 April 2020 and updated on 27 April 2020 and 22 June 2020. In some cases, they have extended the due dates for current and prior tax payments and form filings. 1. The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days. SGX RegCo has consulted ACRA on allowing Singapore incorporated companies listed on SGX more time to hold their AGMs and file annual returns. If you have already submitted a request to change your return by mail that has not been processed yet, you may be able to submit it again electronically. ACRA will grant a 60-day extension of time for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. September 30, 2020 Extended as of July 27. For more information, please click here to view the announcement by the Ministry of Law. There is no need for these companies to apply for the extension of time. Note: The Companies (Amendment No. The CRA has further extended the payment due date for the 2019 and 2020 years corporation and trust income tax returns, as well as for instalment payments, from September 1, 2020, to September 30, 2020. If we’re unable to assess your 2019 return by early September 2020, your estimated benefits and/or credits will stop in October 2020 and you’ll have to repay the estimated amounts that were issued to you starting in July 2020. There is no need for these companies to apply for the extension of time with ACRA. 3. Tax payment deadlines have not been extended. The Order prescribes the alternative arrangements for the conduct of general meetings of companies, variable capital companies, unit holders of registered business trusts, unit holders of unit trusts and holders of debentures. (Don’t include any personal information. The last tax year started on 6 April 2019 and ended on 5 April 2020. 3. Applies to non-resident corporations electing under section 216(4) that would otherwise have a filing deadline after March 18 and before May 31, 2020. 4. The later of September 30, 2020 or six months after their day of death. This also applies to the Part XIII remittance requirement associated with income paid or payable to non-resident beneficiaries. October 15 is the filing deadline for those who requested an extension Taxpayers who requested an automatic filing extension should complete their 2019 tax returns and file on or before the Oct. 15 deadline. In Apr 2020, ACRA had granted a 60-day extension of time (EOT) for all listed and non-listed companies whose AGMs are due during the period 16 Apr to 31 Jul 2020, and AR filings due between 1 May and 31 Aug 2020. ACRA Extension of Deadline for Holding Annual General Meetings and Filing Annual Returns May 19, 2020 In light of the COVID-19 situation, some companies may have difficulties holding their Annual General Meetings (AGMs) and filing their Annual Returns (ARs). ACRA will also not impose any penalties on listed and non-listed companies whose AGMs are due during the period 1 April to 15 April 2020 if they hold the AGM within 60 days of the due date. Revenue has agreed to further extend the filing deadline for the 2019 ESS1 - Return of Information by the Trustee of an Approved Profit Sharing Scheme to 31 October 2020. Penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 30, 2020. Penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by the later of September 30, 2020 or six months after their day of death. If the 2019 tax return is not assessed in time, benefits and/… Download the press release (PDF, 100KB) for more details. ACRA will process and allow these applications for extension of time (EOT) through BizFile + for these companies with … The Internal Revenue Service and the Treasury Department have started delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. Tax filing deadlines have been extended due to the COVID-19 outbreak. The later of September 30, 2020 or six months after their day of death. Their AR filing due dates will also be extended for 60 days. Applies to partnerships that normally have a filing deadline on May 31, or in June, July, or August 2020. COVID-19: Payment deadline extension. ... Returns due to the COVID-19 situation, IRAS would grant them a 1-month extension till 15 Jan 2021 to e-File the YA 2020 CIT Returns, provided that the companies had submitted the "Request for Filing Extension for YA 2020 Corporate Income Tax … It is important that tax returns are filed by their due date however, where this is not possible, the URA has provided for an extension of time within which to file the respective tax returns. In light of the Order, ACRA, the Monetary Authority of Singapore and Singapore Exchange Regulation have prepared a checklist to guide the conduct of general meetings during the Control Period. This checklist incorporates the alternative arrangements prescribed in the Order as well as other alternative practices that issuers and non-listed companies should adopt given the inability of members to attend meetings in person. The media release does not specifically address other matters such as deadlines for filing objections and appeals. With effect from 30 Apr 2021, ACRA will implement a revised 2-tier penalty framework for filing of annual return and annual declaration for all Singapore incorporated Companies, Variable Capital Companies and Limited Liability Partnerships. September 30, 2020 Further extended as of July 27. The CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments, from September 1, 2020, to September 30, 2020. The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days. Penalties (including late-filing penalties) and interest will not be applied if returns are filed and payments are made by September 30, 2020. 2. New annual return deadlines There is no need … Unchanged. The refinements to the Order are as follows: The Ministry of Law intends to extend the duration of the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (the “Order”), to 30 June 2021. Submit your requests for changes electronically, using Change My Return in My Account or ReFILE. However, we are preserving the June 1 filing deadline for T1 individuals, and the June 15 filing deadline for T1 self-employed individuals (sole-proprietors), in order to encourage filing returns in time to accurately calculate benefits, which rely on 2019 tax returns for entitlement calculation. Learn how your state may change its tax payment and filing deadlines due to COVID-19. The central government and the finance ministry did their best to help out by extending the various Income Tax compliance deadlines, including extension in the date for filing ITR (income tax return) for FY19 as well as linking one’s PAN with Aadhaar. This will provide companies, variable capital companies, unit holders of registered business trusts, unit holders of unit trusts and holders of debentures, with greater legal certainty to plan their meetings, and the option to hold virtual meetings to minimise physical interactions, amid the continuing COVID-19 situation. This will help keep physical interactions and COVID-19 transmission risks to a minimum, which remain important in the long-term, even as safe distancing regulations are gradually and cautiously relaxed. File your 2019 taxes online as soon as possible and register for direct deposit to get refunds faster and avoid interruptions to benefit and credit payments. New extended tax return filing deadlines have recently been announced by the CRA, Revenu Quebec and Alberta Tax and Revenue Administration (TRA). The CRA is seeking T1 returns by June 15, 2020 for sole proprietors in order to ensure accurate federal and provincial benefits payments. The deadline for furnishing of income tax returns for the Assessment Year 2020-21 … Interest will not be applied if payments are made by September 30, 2020. Penalties and interest will not be applied if returns are filed and payments are made by September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadlines of September 30, 2020. Filing Annual Returns Revised Penalty Framework for Annual Lodgments to take effect from 30 Apr 2021 With effect from 30 Apr 2021, ACRA will implement a revised 2-tier penalty framework for filing of annual return and annual declaration for all Singapore incorporated Companies, Variable Capital Companies and Limited Liability Partnerships. This extension also applies to forms T106 and T1135, and any elections, forms and schedules that must be filed with the return. For listed and non-listed companies whose AGMs are due during the period 1 to 15 April 2020 Applies to non-resident corporations electing under section 216(4) that would otherwise have a filing deadline on May 31, or in June, July, or August 2020. In response to COVID-19, some state tax agencies are offering waivers and extensions to payroll tax deadlines. Applies to partnerships that would normally have a March 31 filing deadline. Should issuers and non-listed companies, after due consideration of public health and other risks, wish to provide for physical attendance at their general meetings, they must ensure that they implement all relevant measures to comply with the safe management measures imposed by the Singapore Government. 3) Order 2020 (002), COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (Order) (13 Apr 2020), COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) (Amendment) Order 2020 (14 April 2020), Additional Guidance on the Conduct of General Meetings During Safe Management Period (updated on 22 Jun 2020), Ministry of Law and Ministry of Finance joint media statement (31 Mar 2020), ACRA-MAS-SGX RegCo updated Guidance on general meetings (31 Mar 2020), Financial Reporting Practice Guidance 1 of 2020, Audit Practice Bulletin No 1 of 2020: Key audit consideration - COVID-19, ISCA’s COVID-19 Navigator – A Guide for Singapore Chartered Accountants, MTI’s information for businesses on the temporary suspension of activities due to tightened safe distancing measures. 2) Regulations 2020 to prescribe the classes of companies to which ACRA is granting the extensions of time was published on 15 April 2020. This also applies to the June 15 and September 15, 2020, instalment payments for those who have to pay by instalments. Click here for more information. Latest Updates on Coronavirus Tax Relief. Penalties and interest will not be charged if payments are made and returns are filed by the extended deadline of September 30, 2020. When granted, businesses will be able to file and pay no later than April 20, 2020 with a waiver of any penalties and interest. September 30, 2020 Further extended as of July 27. Maximum 300 characters, Self-employed and their spouse or common law partner – Deadlines, Information returns, elections, designations and information requests – Deadlines, Changes to taxes and benefits: CRA and COVID-19, Penalties and interest relief for extended deadlines, Processing delays for individual income tax paper returns - file online instead, The CRA will also waive arrears interest on existing tax debts. 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