Guide to e-filing Form C-S/ Form C in Singapore

Once a Singapore company has decided its Financial Year End (FYE), it needs to submit two corporate income tax forms to IRAS every year. First is the Estimated Chargeable Income (ECI) form within three months from the FYE. Second is the annual filing of Corporation Tax Returns (even if the company is making losses) commonly known as Form C-S or Form C by November 30, or December 15, in case of e-filing.

Conditions for filing income tax return Form C-S in Singapore

From Year of Assessment (YA) 2012, to simplify the corporation tax return filing procedure for small companies in the city-state, IRAS introduced the Form C-S.

The shortened three-pages-Form C-S, is used by qualifying companies to first declare the entity’s eligibility to submit Form C-S, give a detailed financial account, as well as give all information on tax adjustments.

Starting from YA 2017, the Government changed the eligibility conditions for entities to submit From C-S, as follows: 

incorporated in Singapore;
annual revenue of $5 million or below (for YA 2016 and before, the revenue threshold is $1 million or below)
only derives income taxable at the prevailing corporate tax rate of 17 percent; and
is not claiming either foreign tax credit and tax deducted at source, or Group Relief and Investment Allowance, or carry-back of Current Year Capital Allowances, in a particular Year of Assessment.
Conditions for filing income tax return Form C in Singapore
Your company must file Form C if it isn’t eligible for Form C-S. In this form, you are required to submit your company’s financial statements accompanied by the Directors’ Report and Statement by Directors, detailed profit and loss statement, tax computation and supporting schedules. You can also file revised tax computation(s) for prior Year(s) of Assessment (YAs).

Compulsory e-Filing for Corporation Tax Return Form C-S/ C from YA 2018

Taking its goal of making Singapore a digital nation forward, country’s Finance Minister, as part of his Budget speech in 2016, announced that e-Filing of all the Corporate Income Tax returns including ECI, Form C-S and Form C, will be made compulsory in due course. This exercise has already started with YA 2018, and will be completed in a phased approach till YA 2020, with details as follows:

2018 – companies with revenue more than $10 million in YA 2017
2019 – companies with revenue more than $1 million in YA 2018
2020 – all companies