TaxSavvySG

XBRL for exempt private company

Our EPC is solvent. Do we need XBRL?

The situation

Solvent exempt private companies are generally exempt from filing financial statements, so XBRL is not needed.

The law

  • Companies Act 1967 and ACRA XBRL filing requirements: Companies filing financial statements file them in XBRL format (full or simplified) unless exempt
  • Sec 197, Companies Act 1967: Annual return filed within 7 months after financial year end

What it means for you

Some EPCs file voluntarily. Make sure the solvency declaration is accurate. Insolvent EPCs must file. The solvency status is declared in the annual return, so make sure the company can pay its debts as they fall due. A false declaration is an offence for directors.

What to do

  1. Confirm EPC status.
  2. Confirm solvency.
  3. File AR without XBRL.
  4. Keep accounts.

We can do this for youXBRL financial statements preparation and filing: SGD 400

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