The Inland Revenue Authority of Singapore (IRAS) requires that all companies pay corporate tax in Singapore. Additionally, companies need to submit the appropriate forms to declare their actual taxable revenue. This is why all businesses based in Singapore need to file a simplified Corporate Income Tax Return – Form C, which comes in 3 different types:
- Form C-S Lite – This type is suitable for companies whose annual revenue is not more than S$200K and they meet other qualifying conditions.
- Form C-S – This type is for those companies with S$5 million of annual revenue or below.
- Form C. This type is suitable for all companies and is necessary if your company does not meet the conditions for the previously mentioned documents.
This article is a guide to filing corporate taxes with Form C-S Lite. Here is what you should know about it!
Suggested Read: Singapore Corporate Tax Rates for New Startups
Table of Contents
What Is Form C-S Lite, and When Can You File It?
As mentioned above, this form is submitted when filing corporate taxes in Singapore, and your company’s annual revenue is S$200K or lower. This form must be submitted if your company sustained losses in the financial year or didn’t make any income in the previous year of assessment.
Unlike those who use Form C, this Form C-S Lite doesn’t require additional tax computations and financial statements and is a simplified version of Form C-S that requires the completion of only six fundamental fields by companies with uncomplicated tax affairs. However, you should have them ready if the IRAS requests these documents.
Qualifying Conditions for This Form:
- You only have revenue subject to the 17% Corporate Income Tax Rate.
- Your business isn’t claiming a foreign tax credit, investment allowance, group relief, or carry-back of the current year’s capital allowances/losses.
When Submitting this form:
- The form should include a statement declaring the company’s eligibility, relevant data from financial information, and tax adjustments. Form C-S Lite contains only six fields you need to fill out before submitting.
- You can submit this form via the IRAS website. In doing so, your company must authorize you for that action, and you will require a Singpass account to do so. The deadline for submitting corporate taxes is usually 30th November.
Related Read: 7 Ways to Legally Reduce Income Tax in Singapore (2021)
Why You Should Let Professionals Handle Your Tax Filing
At Rikvin, we have decades of experience in helping companies to file their taxes. Here is why you need a team of professionals by your side:
- We help you submit everything on time to avoid potential fines.
- With our expertise, we do everything by the book and meet all regulatory requirements.
- We ensure that your tax filing goes smoothly and with minimal time and effort from you.
If that sounds good, don’t hesitate to get in touch with our experts today!
FAQs on Filing Corporate Taxes Using Form C-S Lite
- Although it’s subject to change, the usual deadline is 30th November every year. That applies to audited and unaudited accounts.
- ECI is an abbreviation for Estimated Chargeable Income. You need to submit it up to three months after the financial year ends.
- Profits or gains from trades, investments, properties, and any other source are taxable. Taxable income applies to both national and transactions where you receive money from outside Singapore.
Contact Rikvin to Help with Filing Taxes
Rikvin offers a full spectrum of Singapore corporate tax filing services, ensuring you do everything by the book.
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