Filing Form C/C-S is mandatory in Singapore businesses
- All Singapore corporations are required to electronically file their Corporate Income Tax Returns with IRAS using Form C or Form C-S.
- The filing deadline is November 30th, and no extensions will be granted.
- The tax return covers income earned in the previous fiscal year (Year of Assessment YA).
- Form C-S is for businesses with less than $5 million in annual revenue that are taxed at the prevailing corporate tax rate of 17 percent (i.e. no concessional tax rate) and do not claim loss carry back relief, group relief, investment allowance, or foreign tax credit, whereas others must submit Form C with financial statements.
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Navigating the complexities of corporate tax filing in Singapore is a critical aspect of ensuring financial compliance and maximizing operational efficiency. At Xerosoft, our Corporate Tax Filing Services are designed to simplify this process, offering businesses a seamless and accurate approach to meeting their tax obligations.
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Tax return filing on time for your business to stay compliant and avoid penalties.
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Form C and Form C-S are both annual corporate tax returns that must be e-filed with IRAS.
The Form C-S, which is a simplified version of the Form C, has fewer fields to fill out. The Form C-S consists primarily of the following:
A statement of the company's eligibility to file the Form C-S
Information on tax adjustments (i.e. adjustments for non-taxable income and non-deductible expenses);
Information from the financial accounts.
Companies qualify to file for Form C-S if all of the following conditions are met:
- The company must be incorporated in Singapore;
- The company should have an annual revenue* of S$ 5 million or less;
- The company only generates income taxable at the current corporate tax rate of 17% %**;
- The company is not claiming any of the following in the Year of Assessment:
– Carryback of current-year capital allowances and losses;
– Group relief;
– Investment allowance;
– Foreign tax credit and tax deducted at source
Failure to file annual returns and taxes can have serious consequences for businesses. ACRA has updated its penalty framework to include fines for late filing. For missing deadlines, late filing penalties of S$300 and S$600 are imposed. Failure to file annual tax returns may result in a Notice of Assessment (NOA) with increased taxes. The estimated tax must be paid within one month. Failure to comply may result in legal action. Engage our experienced accounting secretary services to make the process easier and less time-consuming.
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