When it comes to settling your income taxes in Singapore, one particularly important document that you’ll be required to follow is the Notice of Assessment. It turns out the Inland Revenue Authority of Singapore (IRAS) sends both individuals and corporations an income NOA for the sake of tax processing.
Now, to help you understand what’s subsequently expected of you, this article explains what the income tax notice of assessment entails, and then proceeds to walk you through the application process, as well as the resultant document details.
The Notice of Assessment, or NOA in short, is a document prepared by the Inland Revenue Authority of Singapore to act as the official tax bill for both individuals and registered companies. It essentially spells out your chargeable income plus the corresponding tax amount that’s payable to the IRAS.
As an individual taxpayer, you should expect to receive your NOA right after you fill in and submit your final personal income tax filing. The IRAS typically reviews the filed particulars and then proceeds to dispatch the tax bills from the end of April, in both digital and hardcopy format.
Please note, however, that when it comes to corporate income tax filing, the IRAS happens to issue four different types of Notices of Assessment:
All these Notices of Assessment provide not only the tax bill, but also the corresponding payment instructions. That means you also get to find out the tax payment modes, plus the settlement deadlines.
And speaking of which, the IRAS normally prefers to have the tax bills settled via telegraphic transfer, cashier’s order, cheque, NETS, cash, online banking, and GIRO. This should be done within 1 month as expressed in the NOA deadline statements. Otherwise, you stand to attract a late payment penalty of up to 5% of the payable tax amount.
The income tax NOA is an invoice of sorts in Singapore. Once the IRAS analyzes your filed income particulars, it generates a corresponding tax bill that provides all the tax settlement details - such as the amount due and the deadline dates.
As it turns out, however, the amount isn’t always fixed. Rather, the NOA gives you the chance to dispute the payable amount within 30 days. You can proceed by filing a formal objection that highlights all the issues you’ve identified.
As we’ve stated, the IRAS happens to issue its tax bills in both hardcopy and softcopy forms. You can obtain the softcopy version from IRAS’s myTax portal, while companies additionally receive hard copies through their registered addresses.
Please note, however, that the IRAS doesn’t dispatch all its tax bills on the same day. It conducts assessments and then proceeds to send out the notices from the end of April, with some taxpayers potentially obtaining theirs earlier than others.
If you’d like to receive real-time updates about your NOA, you might want to update your mobile contact number on the IRAS portal. The system will then send you an SMS alert when the IRAS posts your tax bill on the portal.
In that case, you can access your NOA by:
You should then be able to view all the tax bills you’ve received over the past three years in PDF form, plus possibly print them for future reference.
In your company’s income tax Notice of Assessment, you’ll find the following details:
As for individual taxpayers in Singapore, the income tax Notice of Assessment comes with the following details:
To get this and the rest of the tax filing processes in order, you should consider seeking the guidance of a well-qualified tax professional. Luckily for you, Wealthbridge happens to have quite a number, and we're all excitedly waiting for you to reach out. Check our tax filing services here to help you with requesting a NOA or if you have any Singapore tax concerns.