Filing corporate taxes in Singapore involves submitting tax return forms C or C-S. The forms must be completed and submitted to the IRAS within a timeframe. (Find out other IRAS compliance here.) Before you delve into details of how to fill-up each type of form, it is important to understand what each one is.
The Basics of Form C
Form C is an elaborate 7-page form which must be submitted along with tax computations, tax-related papers, and financial statements. A company should file for Form C in case it is not eligible for Form C-S. The deadline for paper Form C submission is 30 November while e-filing will be accepted until 15 December.
How to Complete e-Filing for Form-C
- Visit mytax.iras.gov.sg to initiate the application
- Choose “Organisation/Business Tax Matters” and log in with your IRAS PIN or SingPass
- Enter the Organisation Tax Reference Number
- Click on the “Corporate Tax” tab, and choose “File C-S/C”
- Select the year of assessment and continue to Form C-S
- Save the confirmation page and press “submit”
If you are unable to complete the form at once, you can always save your session progress and continue later. The draft will remain in the system until the last date of submission, which is 15 December. Furthermore, if you leave the filing page idle for over 20 minutes, you will be logged out of your account automatically.
The Basics of Form C-S
Form C-S, on the other hand, involves a more simplified filing process. The abridged 3-page form helps small companies file to report income tax with the Inland Revenue Authority of Singapore (IRAS). Similar to Form C, this form can be submitted virtually, or on paper before 15 December and 30 November respectively.
Documents Required for Filing Form C-S
The IRAS requires businesses to submit a declaration statement explaining the company’s eligibility in addition to essential financial and tax information. You should also prepare tax computations, tax adjustments, and financial details in case IRAS requests submission of any additional documents.
Eligibility Criteria for Filing Form C-S
Singapore Incorporated Companies earning a yearly revenue of $5 million or less, and with income derived taxable at 17%, are eligible for filing Form C-S. However, you will not be eligible for Form C-S if you claim investment allowance, group relief, foreign tax credit at source, or carryback of current year losses or capital allowances.
E-File for Tax Form C-S: What You Need to Know
E-filing of tax Form C-S not only increases productivity but it also provides auto-computation of payable tax. Moreover, taxpayers are notified instantly regarding successful filing.
To e-file for tax form C-S, you will need an e-Services Authorisation System- approved Access Code authorized by the company. You will also need your IRAS PIN or Personal SingPass and the company’s tax reference number.
Be it physical or virtual, filing income tax returns to IRAS could be a very time-consuming and tedious process. You can choose to reach out to professionals like Timcole to assist you throughout the process.
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