Corporate Tax Compliance in Singapore 2025 

Corporate Tax Compliance
Corporate Tax Compliance

In today’s fast-evolving regulatory environment, corporate tax compliance is more than just filing returns — it’s about protecting your business from serious financial and legal risks. 

One key area of concern for businesses in Singapore is the Missing Trader Fraud (MTF) scheme, a method used by fraudulent syndicates to exploit the GST system. Because of its impact on public revenue, IRAS has stepped up its efforts to detect and crack down on such arrangements.

Understanding Missing Trader Fraud and Its Consequences

Businesses unknowingly caught in MTF arrangements are exposed to intense audits and severe consequences. If IRAS suspects your business is involved, you may face:

❌ GST refunds withheld

❌ Input tax claims denied

❌ 10% surcharge or penalties

❌ Up to 10 years’ imprisonment

❌ Fines up to S$500,000

Even if your business is not intentionally committing fraud, a lack of proper due diligence can still lead to heavy penalties. Therefore, companies must be vigilant and ensure they are not inadvertently drawn into such schemes.

Common GST Compliance Errors to Avoid

Aside from fraud-related audits, IRAS also routinely audits businesses that submit low-value GST refund claims, especially those that:

  • Claim input tax while the business is dormant
  • Submit claims without valid tax invoices or import permits
  • Claim GST on disallowed expenses (such as motor vehicles or medical costs)
  • Make personal claims (e.g., utilities or groceries for home-based businesses)
  • Lack export documentation for zero-rated goods

For example, a home-based business may mistakenly claim GST on household utility bills — but IRAS considers these personal expenses and will disallow the claim. Similarly, if export documents are missing, GST-exempt sales may be reclassified, leading to backdated GST charges.

Why Corporate Tax Support from Plutus Matters

Plutus Corporate Services offers proactive tax compliance solutions tailored for Singapore businesses. Our expert team helps you:

  • Review past GST submissions to catch potential errors
  • Understand your GST obligations for non-residential property sales
  • Clarify your sole proprietorship tax liabilities across all business activities
  • Safeguard your business from audit risks through proper record-keeping
  • Take advantage of voluntary disclosure programs to reduce penalties

Whether you run a traditional office, a home-based operation, or manage multiple income streams, our team ensures your corporate tax filings are accurate, timely, and audit-ready.

Stay Compliant — Contact Plutus Today

Avoid the risk of heavy penalties, denied refunds, or legal action. Let Plutus guide your business with expert advice and compliance checks that help you avoid both accidental mistakes and fraudulent pitfalls.

📞 Call or text us at 9221 0222
 📧 Email: hello@plutuscentral.com

With Plutus, you gain a trusted partner in corporate tax — so you can focus on growing your business, not fighting penalties.

Simplify Your Business with Plutus 

At Plutus, we provide a comprehensive range of corporate services, corporate loan advisory, and general insurance solutions. Our offerings include payroll services, corporate secretarial support, tax filing, financial reporting, and more—all designed to streamline your operations. 

Whether you’re a start-up or an established business, our expertise in business process outsourcing and corporate finance solutions helps you make data-driven decisions for long-term success. You can also leave the hassle of S-Pass, Employment Pass, and Long-Term Pass applications to us—we’ll handle the entire process for you.

Let us take care of the administrative burden while you drive your business forward. Get in touch today for a consultation!