IRAS Compliance Checklist

Map GL to Tax categories with fewer misses. Your comprehensive guide to error-free tax filing.

Common Pitfalls to Avoid

Incorrect classification of capital vs revenue expenses

Missing Section 14Q deductions for renovation costs

Overlooked PIC claims for qualifying assets

Improper treatment of foreign income exemptions

Incorrect GST input tax adjustments

Missing carry-forward of unutilized losses

Wrong treatment of related party transactions

Incomplete documentation for transfer pricing

Incorrect computation of partial exemption

Missing deadlines for objection and appeal

Overlooked withholding tax obligations

Improper treatment of employee benefits

Large year-on-year variance in specific GL accounts

Related party transactions above materiality threshold

Foreign currency transactions requiring special treatment

One-off disposal gains or losses

Government grants and subsidies received

Changes in accounting policies or estimates

Restructuring or M&A related adjustments

Tax adjustments from prior year assessments

Section	Check Item	Status	Notes
Revenue	Sales reconciliation	✓ Verified	Matched to GST F5
Expenses	Non-deductible items	⚠ Review	Entertainment expenses flagged
Capital Allowances	Asset additions	✓ Verified	PIC claims applied
Tax Computation	Partial exemption	✓ Verified	First $10,000 exempt

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