If you have filed your company’s estimated / actual tax correctly and on time, you will receive a tax bill from the IRAS. This tax bill is commonly known as the Notice of Assessment.
There are different types of Notice of Assessments which reflect the different circumstances in which your company’s tax is being filed. In this post, I will talk about one of the notice issued by the IRAS – Notice of Assessment – Original.
Notice of Assessment – Original
Companies typically received this Notice when they file their taxes for the first time (whether it is estimated or actual).
Upon receiving this Notice, it will generally indicate that the IRAS has agreed to the figures submitted previously. The Notice will show the tax payable and the deadline for payment.
If everything in the Notice is in order, the Company can proceed to make payment as per tax payable stated in the Notice. Do be cautioned that you have up to 30 days from the date of the Notice (stated on the top left corner) to make payment. Otherwise, IRAS may impose late penalty charges on the outstanding tax payable.
Tax payable not equal to figures submitted
In the event that the tax payable is not equal to the figures submitted, your company should object to the Notice within 30 days from the date of Notice. Notwithstanding the objection filed, your company is still required to pay the tax payable to the IRAS.
If your objection is valid and is agreed by the IRAS, the IRAS will subsequently re-issue a Notice of Assessment (Amended) to reflect the correct tax payable. Any refund or additional tax payable will be refunded / issued from the IRAS respectively.