What is Appendix 8B?

What is Appendix 8B?

APPENDIX 8B Details of Gains or Profits from Employee Stock Option (ESOP)/Other Forms of Employee Share Ownership (ESOW) Plans For The Year Ended 31 DEC 2020. Fill in this form and give it to your employee / submit to IRAS by 1 Mar 2021. Please read the explanatory notes when completing this form.

What is Appendix 8A?

Filing Employee Earnings (IR8A, Appendix 8A, Appendix 8B, IR8S) Information to Share with Employees. Auto Inclusion Scheme (AIS) for Employment Income. Understanding the Tax Treatment. Retrenchment Exercise in the Company.

How do I get an IR8E form?

Access your company intranet and choose the Employee Self-Service. Go to the Benefits and Payments section and select Payments . Select IR8E Form. The system displays an entry screen for the tax year.

What is the difference between IR8A and IR8E?

Income Tax Form IR8E (employer does e-submission) or Form IR8A (employer does not do e-submission) of member and other members in his household.

What is IR21 form?

Form IR21 is basically Singapore’s way of keeping foreign tax defaulters in check. By passing on the tax clearance obligations to the employers, IR21 makes it impossible for any foreign employee to flee the country with a tax bill.

How do I submit ir8s?

You can either submit your IR8A through your myTax Portal, through your payroll software, or via hardcopy.

Is employer CPF contribution taxable?

No, mandatory CPF employer contribution is not taxable.

What is Auto Inclusion Scheme?

The Auto Inclusion Scheme (AIS) is a tax scheme geared towards Singapore employers and administered by the Internal Revenue Authority of Singapore (IRAS). It allows employers to submit the income tax information of their employees electronically.

How do I submit employee income?

3 Ways to Submit Employee Earnings:

1. 1) Submission via Payroll Software(API)
2. 2) Submission via myTax Portal.
3. 3) Submission via Provident and Tax System(PAT)

What is the difference between IR8A and IR21?

What is Form IR21? Unlike Form IR8A and the likes, Form IR21 is not a yearly obligation per se. Rather, it only comes into play when your foreign employee (including Singapore Permanent Residents) leaves Singapore for more than three months, takes up an overseas contract, or terminates employment with you.

What should I include in IR8A?

How to fill up Form IR8A?

1. Step 1: Basic Employment Details. To begin with, you need to input basic employment details as shown in the fields below.
2. Step 2: Basic Types Of Income. Next, do note that the IR8A form actually groups employment income into 4 types. a) Salary; b) Bonus; c) Director’s fees; and.

When should I file IR21?

As it turns out, the IRAS requires you to file IR21 at least one month before your employee leaves.

How much CPF is tax deductible?

up to $8,000 (previously $7,000) when you top up to your Special/Retirement Account and/or MediSave Account*; and. an additional tax relief of up to $8,000 (previously $7,000) when you top up your loved ones’ Special/Retirement Account and/or MediSave Account.

How do I submit an auto inclusion scheme?

You can register for the Auto-Inclusion Scheme (AIS) via my tax portal. The closing date is on 31st Dec 2021 for YA 2022. You are required to prepare all your employees’ employment income information. You’ll then submit the information using an AIS software by 1st March.

How do I register for Auto Inclusion Scheme?

1. Step 1: Register for the Auto-Inclusion Scheme (AIS) On the main category page, go to Employers > Register for AIS.
2. Step 2: Submit Employment Income Records. You will need to create a new submission.
3. Step 3: Add individual employee’s details.
4. Step 4: Confirm Details For Submission.

How do I file employee income tax in Singapore?

Online Application at myTax Portal Log into myTax Portal and from the left-hand menu, select ‘Employment Income (AIS Online Application)’ under e-Submission. Register for the CPF Data Link-up Service which allows IRAS to obtain from CPF Board, employees’ data submitted by employers for CPF contributions.

What is appendix 8B_2021?

APPENDIX 8B_ 2021 APPENDIX 8B Details of Gains or Profits from Employee Stock Option (ESOP)/Other Forms of Employee Share Ownership (ESOW) Plans For The Year Ended 31 DEC 2020 Fill in this form and give it to your employee / submit to IRAS

Do I need to prepare form ir8a and appendix 8A?

Employers are required by law (S68 (2) of the Income Tax Act) to prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for employees who are employed in Singapore by 1 Mar each year. Employers do not need to submit the hardcopy forms to IRAS.

Do I need to submit Form ir8a to IRAS?

Employers who are not under the AIS will have to provide the hardcopy Form IR8A and appendices (where applicable) to their employees by 1 Mar each year to file their Income Tax Returns. Employers need not submit the forms to IRAS.

Do I need to submit the hardcopy forms to IRAS?

Employers do not need to submit the hardcopy forms to IRAS. Non-resident employee including those who are based overseas and are required to render service in Singapore during the year (exclude details of employment income where clearance has been filed)