My company qualifies to file Form C-S (Lite). Can I choose to file Form C-S or Form C instead?
Yes. Companies that qualify to file Form C-S (Lite) can still choose to file Form C-S or Form C.
What is the Corporate Income Tax Rate?
Your company is taxed at a flat rate of 17% of its chargeable income. This applies to both local and foreign companies.
What is the definition of Chargeable Income?
Chargeable income refers to your company’s taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).
How are the qualifying conditions different for Form C-S and Form C-S (Lite)?
The only difference is in the annual revenue condition. The annual revenue condition is $5 million or below for Form C-S and $200,000 or below for Form C-S (Lite).
What are the differences between Form C-S and Form C-S (Lite)?
Form C-S (Lite) is a simplified version of Form C-S for smaller companies. For companies with straight-forward tax matters, Form C-S (Lite) requires only 6 essential fields to be completed, compared to 18 fields in Form C-S.
Can I request for an extension to file my company overdue tax return?
For current Year of Assessment
A request for extension to file may be made online via our Request Penalty Waiver/ Extension of Time to File digital service at mytax.iras.gov.sg.
However, if a summons to attend Court has been issued, filing extensions are not allowed. If you require an extension to file, your company representative/the director must attend Court on the Court date to appeal for an extension.
For previous Year(s) of Assessment
No filing extensions will be granted as the returns are long overdue