微信:
The following table summarises the various types of Corporate Income Tax Return in Singapore.
| Description | Form C-S | Form C-S (Lite) | Form C |
| Annual Revenue for Qualifying Companies | $5 million or below | $200,000 or below | Any company can submit |
| Submission of Financial Statements & Tax Computation | Not Required | Required | |
| Other Qualifying Conditions |
|
||
Your company is taxed on the income earned in the preceding financial year.
This means that income earned in the financial year 2020 will be taxed in 2021. In tax terms, 2021 is the Year of Assessment (YA), as it is the year in which your company’s income is assessed to tax.
To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year. This financial year is known as the ‘basis period’.
The basis period is generally a 12-month period preceding the YA.
Failure to file your Form C-S/ C together with financial statements and tax computation by the due date is an offence.
IRAS may take the following enforcement actions if you fail to file by the due date:
The following table provides you with our fee guideline for Corporate Income Tax Filing Services. For a more accurate estimate, kindly contact us for further discussion.
| Apply Waiver of Form C for Dormant Companies | $100 |
| Filing of Form C/S with Tax Computation | $300 |
| Filing of Form C with Tax Computation | $600 |
| Tax Filing for Sole Proprietorship / Partnership | $150 – $250 |
| Other Ad-hoc Tax Services (e.g. Personal Income Tax Submission) |
$50 – $150 |
| Tax Returns with Capital Allowance or S14Q R&R Claims | Add $50 – $150 |
Yes. Companies that qualify to file Form C-S (Lite) can still choose to file Form C-S or Form C.
Your company is taxed at a flat rate of 17% of its chargeable income. This applies to both local and foreign companies.
Chargeable income refers to your company’s taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).
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).
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.
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
All companies need to submit their tax returns in the relevant Year of Assessment to IRAS. With the assistance of our tax professionals, this goal is a lot easier to attain. We will help you plan effective tax strategies and to do proper tax planning, so that you can be paying as little tax as possible, without breaking the law.
Our corporate tax services assist you in the:
Please call us now for a discussion on how we can help you to register your company for GST and to assist you in doing proper corporate income tax filing.