There are three common forms for filing corporate tax returns in Singapore: Form C-S, Form C-S(lite) and Form C. Knowing the distinctions between these forms and when to use each can simplify the tax filing process, saving you time and resources. This article provides a clear and concise guide to help you file your corporate tax return Singapore efficiently.
What is Singapore’s Form C-S?
In Singapore, Form C-S is specifically designed for small companies with annual revenue less than SGD 5 million to report their actual income to the IRAS or Inland Revenue Authority of Singapore. Serving as a simplified Corporate Tax Return, it streamlines the process of filing by having fewer fields compared to the comprehensive Form C.
This three-page form includes essential information for tax reporting, such as a declaration statement to confirm eligibility, tax adjustments, and details from the company’s financial statements.
What is the Eligibility Criteria for Form C-S?
These criteria are designed to identify small companies that can benefit from the simplified tax reporting process. Here are the eligibility requirements for Form C-S:
- The company should be registered and incorporated in Singapore as a legal entity.
- The qualifying threshold is an annual revenue of $5 million or less. This includes income from within and outside Singapore.
- Companies filing Form C-S should only derive income that is subject to the prevailing Corporate Income Tax rate, which is currently set at 17%.
- Your company should not be claiming any of the following:
- Group Relief
- Foreign Tax Credit (FTC) and Tax Deducted at Source (TDS)
- Investment Allowance
- Loss Carry-Back Relief
What is Singapore’s Form C-S (Lite)?
This can be used by companies that have annual revenue of less than $200,000 and are qualified for Form C-S. This form is a simplified version that streamlines the filing process by requiring the completion of only six essential fields.
What is Singapore’s Form C?
This is the appropriate form to file for companies that are not eligible for Form C-S or Form C-S (Lite). This form is specifically designed for larger companies and consists of seven pages, requiring more extensive reporting.
How to Prepare Form C-S or C?
The digital service for filing corporate tax returns is accessible through the website mytax.iras.gov.sg.
What are the Documents Required for Filing Form C?
When filing Form C, certain documents are essential to ensure accurate and comprehensive reporting. Here are the documents that companies need to prepare for filing Form C in Singapore:
- Form C
- Audit / Unaudited financial statements
- Additional Information on Income and Deduction using Form IRIN 301
- Calculation of taxes and accompanying schedules
- Detailed Statement of Comprehensive Income and Expenses
- Relevant claim forms
- Other supporting documentation
If the company is claiming Loss Carry-Back Relief or reporting previously unreported income, they may be required to submit updated tax calculations for previous YAs. Additionally, if applicable, they may need to provide a statement of intent to claim Writing-Down Allowances for Intellectual Property Rights.
What are the Documents Required for Filing Forms C-S and C-S (Lite)?
When filing corporate tax returns in Singapore, certain documents are necessary to ensure accurate and comprehensive reporting. It is essential to prepare these documents before completing the respective forms. Here are the required documents for filing:
- Tax computation with the supporting schedules
- Financial statements (audited or unaudited)
- Additional supporting documentation
- Statement for claiming Writing-Down Allowances (WDA) for Intellectual Property Rights (IPRs) (if applicable)
It is important to retain these documents and submit them to IRAS only when requested. However, the declaration form for claiming WDAs should be filed together with the corporate tax return form.
How to File Singapore’s Form C or Form C-S?
To file these forms for the YA 2023, you can conveniently access the myTax Portal. Follow these steps to ensure a smooth filing process:
Step 1: Preparing for Filing
Before you begin filing, make sure to do the following preparations:
- Ensure that your company has designated you as an ‘Approver’ in Corppass.
- Keep your Singpass and the company’s UEN readily available for the filing process.
- Prepare in soft copy the detailed profit and loss statement, financial statements, tax computation, and necessary supporting documentation for your company.
- Make sure that these documents are in PDF format.
- If it is necessary to reduce the file size of the documents, select a resolution of ‘100 dpi in black and white.
Step 2: Filing
Now, proceed to file the form through the myTax Portal. Follow these steps:
- Sign in to the myTax Portal and navigate to the filing section.
- Attach your company’s documents as required.
When should the Form C or Form C-S Be Filed?
To avoid enforcement actions such as composition or summons, it is crucial to file the form by the 30th of November each year. This filing due date offers companies a generous timeframe of at least 11 months from the completion of their accounts to submit the forms.
What are the Penalties for Late Submissions of Corporate Tax Return Singapore?
Failing to submit your Corporate Income Tax Return on time is considered an offense. IRAS may initiate the following sanctions if you miss the filing deadline:
- Issuing an Estimated Notice of Assessment. You must pay the estimated tax within 30 days.
- Offering a Composition Amount (Not exceeding $5,000)
- Issuing a Section 65B(3) Notice to your company director
- Summoning to Court
How We Can Help: Our Taxation Service
At SJH Advisory, we understand that managing taxation can be complex and time-consuming for businesses. That’s why we offer comprehensive taxation services to help ease your burden and ensure compliance with Singapore’s tax regulations. Our team of experienced tax professionals is dedicated to providing personalized solutions tailored to your specific needs.
With SJH Advisory, you can confidently navigate the complexities of taxation, ensuring compliance and optimizing your tax position. Let us handle your tax matters, so you can focus on growing your business. Contact us today for a FREE consultation, and we’ll discuss your taxation needs and how we can support your success.
Corporate Tax Return Singapore - Frequently Asked Questions
These two forms have only differences between annual revenue conditions. Singapore’s Form C-S has a yearly revenue threshold of $5 million or below, while Singapore’s Form C-S (Lite) has a lower threshold of $200,000 or less.
Singapore’s Form C-S (Lite) is a streamlined version of Form C-S specifically tailored for small companies. It requires the completion of only 6 fields, compared to 18 fields in Form C-S. Overall, Form C-S (Lite) is suitable for companies with straightforward tax matters.