2025 Outlook with ForBis: Essential Corporate Support for Your Business in Singapore

As Singapore enters the new year, businesses of all sizes face both exciting opportunities and new challenges. Whether you’re a startup or an established company, the upcoming year is pivotal in ensuring compliance, efficient financial management, and robust growth. This makes accounting services even more crucial for your business, ensuring you meet deadlines, streamline operations, and gain valuable insights for decision-making.

Here’s a closer look at the accounting landscape for 2025 in Singapore and why corporate accounting services should be a priority for your business.

1. Key Accounting Deadlines for 2025

In Singapore, companies must stay on top of several critical deadlines throughout the year. Missing them could result in penalties, interest charges, or even legal complications. Here’s a summary of key dates for 2025 that your business needs to keep in mind:

a. Filing of Annual Tax Returns (Income Tax Return – Form C / C-S)

• Deadline: 30 November 2025 If your business is a Singapore tax resident company, you must file your income tax return by the due date. Companies with a financial year ending in December must submit Form C by 30 November. However, businesses with different financial year ends should file three months from the end of their financial year.

b. Annual Financial Statements and Audits

• Deadline: Within 6 months* from the end of the financial year Singapore-based companies are required to prepare their financial statements in accordance with Singapore Financial Reporting Standards (SFRS). These must be submitted with audited financial statements, depending on the company’s size and type. Small companies may qualify for audit exemptions, but it’s essential to assess your eligibility.

c. Goods and Services Tax (GST) Filing

• Deadline: Quarterly or Annually, depending on your business turnover For businesses that are GST-registered, filing returns must be done within one month from the end of each quarter (for quarterly filers). If your company is on an annual filing basis, the return is due one month after the end of your financial year.

2. Upcoming Changes in Accounting and Tax Regulations for 2025

Singapore’s business environment is continually evolving, and 2025 will bring several notable changes to accounting and taxation that businesses should prepare for:

a. The Introduction of e-Invoicing in Singapore

The Singapore government has rolled out the nationwide adoption of e-invoicing under the Peppol framework, with full adoption expected by 2025. This transition is part of a broader initiative to streamline and digitize business processes.

What it means for your business: By adopting e-invoicing, companies will benefit from quicker processing times, enhanced accuracy, and improved reporting compliance. For businesses that still rely on traditional paper invoicing, the switch may require training and system adjustments.

b. Updates to Tax Exemptions for Startups

The Singapore government frequently reviews the tax exemption policies for new businesses to encourage innovation and entrepreneurship. In 2025, changes may include expanded support for early-stage companies, allowing them to benefit from increased exemptions on the first $200,000 of chargeable income for the initial three years.

What it means for your business: If your company is in the startup phase, consulting with a tax expert will ensure that you fully understand the scope of exemptions and are taking full advantage of government incentives.

c. Sustainability Reporting Requirements

As sustainability becomes a global priority, businesses in Singapore are expected to report on their Environmental, Social, and Governance (ESG) activities. Companies listed on the Singapore Exchange (SGX) are already required to disclose ESG factors, and the scope is expected to extend to non-listed companies in the near future.

What it means for your business: A growing focus on sustainability means that your financial and operational reporting must align with new reporting standards. Accounting services will be essential for integrating ESG considerations into your financial reporting, ensuring that you comply with both local and international standards.

3. Why You Need Professional Accounting Services in 2025

In light of these deadlines and regulatory changes, it’s clear that the role of accounting services is more crucial than ever. Here’s why engaging a professional accounting service in 2025 will give your business a competitive edge:

a. Compliance with Regulations

The complexities of corporate tax and accounting regulations can be overwhelming. With evolving laws and the increasing importance of timely filings, businesses must stay up to date with compliance requirements. Professional accountants can ensure that your company remains compliant with all tax and financial reporting regulations, avoiding costly penalties and fines.

b. Strategic Financial Advice

Beyond basic compliance, a good accounting firm provides valuable insights into your company’s financial health. From tax planning to budgeting, accountants can help you optimize your finances, forecast future trends, and make informed decisions that drive growth.

c. Time and Cost Efficiency

Outsourcing your accounting tasks frees up valuable time for your management team to focus on core business operations, such as sales, customer acquisition, and product development. Additionally, working with accounting experts can reduce the risk of financial mismanagement, which could otherwise result in expensive corrective measures down the line.

d. Automation and Digital Solutions

As technology continues to reshape the business landscape, accounting firms are adopting automated tools and digital solutions to simplify processes. This allows for quicker reporting, more accurate data analysis, and improved efficiency. With e-invoicing and cloud-based accounting becoming the norm, partnering with a firm that embraces digital solutions is essential for staying ahead.

What should I do next?

2025 is an exciting year for businesses in Singapore, but it also comes with its set of challenges. Meeting deadlines, complying with evolving regulations, and keeping track of financial performance are essential tasks that demand expertise and attention to detail. By partnering with a professional accounting service, you can ensure your business stays on track, remains compliant, and is well-positioned for success in the year ahead.

If you haven’t yet partnered with an accounting firm or are considering a switch, now is the perfect time to take action. At ForBis, we’re ready to help you navigate the complexities of the coming year with expert accounting services tailored to your business needs. With our support, you’ll stay ahead of deadlines, ensure compliance, and unlock the growth opportunities 2025 has to offer. Let us handle the numbers so you can focus on what truly matters—growing your business. Reach out today and let’s make 2025 your best year yet!.