Every company in Singapore is required to file returns even if it is making losses. Companies that do not meet the Form C-S qualifying conditions will need to file Form C together with their financial statements, tax computations and supporting schedules.
From Year of Assessment (YA) 2012, to simplify the filing procedure for small companies, IRAS introduced Form C-S – an Income Tax Return form shortened to three pages for qualifying small companies to report their income to IRAS. It comprises a declaration statement of the company’s eligibility; information on tax adjustments; and information from the financial accounts.
Be guided by experienced tax professionals to ensure your corporate tax filing is done accurately and in compliance to local laws.
Do note that qualifying small companies are also not required to submit financial statements and tax computation because essential tax information and financial information would have to be declared in the Form C-S. However, companies should prepare these financial statements and tax computation and submit them to IRAS upon request.
From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:
- incorporated in Singapore;
- an annual revenue of $5 million or below
- only derives income taxable at the prevailing corporate tax rate of 17%; and
- is not claiming any of the following in the YA:
- carry-back of Current Year Capital Allowances/ Losses
- group relief
- investment allowance
- foreign tax credit and tax deducted at source
File your corporate taxes correctly
Every company in Singapore is required to file returns even if it is making losses, using either Form C-S or Form C. Our experts can guide you with filing so as to comply with local Singapore taxation laws.