This article address two main questions pertaining to Corporate Income Tax Filing for Singapore companies:
- What are the two options Singapore companies have when filing their corporate tax returns?
- When is the due date for Corporate Income Tax Filing?
Find out everything you need to know about these below.
Table of Contents
Key Facts About Corporate Income Tax Filing
- Singapore’s corporate income tax rate is 17% for both local and foreign companies.
- The corporate income tax is levied on profits rather than revenue.
- New start-up companies can benefit from tax exemptions of up to 75% on the first $100,000 of chargeable income.
- All companies can also benefit from partial tax exemptions of 75% on the first $10,000 of chargeable income.
- The Corporate Income Tax (CIT) Rebate for YA2020 is 25%, capped at $15,000.
- All businesses are required to file Form C-S/ C electronically.
Filing Options for Corporate Income Tax Filing in Singapore
There are two options for Corporate Income Tax filing:
- Corporate Income Tax Filing Waiver
- File Form C-S, Form C-S (Lite) or Form C electronically
Corporate Income Tax Filing Waiver
Unless a dormant company has been granted a waiver to file the Corporate Income Tax Return, it must e-File its Corporate Income Tax Return (Form C-S/ C).
A dormant company is one that is not in operation and has no revenue during the entire Year of Assessment.
To be exempted from filing its Corporate Income Tax Returns (Form C-S/C), the company:
- Must be dormant and have filed Form C-S/C, its financial statements and tax computation up to the company cessation date,
- Must not have any investments. However if it does have investment, it must not derive any profit from it.
- Must have been de-registered for GST purposes prior to filing this application if it was previously a GST-registered entity.
- Must not intend to restart operations within the following two years.
The waiver application processing time is approximately 2 to 3 months. Therefore, you are advised to submit your e-application for the Waiver to Submit Tax Return (Dormant Company) at least 3 months before the stipulated deadline.
Companies that meet all of the following criteria should use Form C-S:
- Singapore registered company
- Have an annual revenue of less than $5 million
- Obtain income that is taxable at the current corporate tax rate of 17%.
The companies also should not claim any of the following:
- Carry-back of Current Year Capital Allowances/Losses
- Foreign Tax Credit and Tax Deducted at Source
- Group Relief
- Investment Allowance
Form C-S (Lite)
Form C-S (Lite) is a simplified version of Form C-S.
If your business qualifies for Form C-S and has annual revenue of less than $200,000, you can file Form C-S (Lite).
Form C is for all businesses that aren’t eligible to file Form C-S or Form C-S (Lite).
Form C must be filed with financial statements, tax computations, and supporting schedules.
Filing Your Corporate Income Tax
The due date to file your Corporate Income Tax Return (Form C-S/ C) is 30 November. All businesses are required to file Form C-S/ C electronically.
To file via mytax.iras.gov.sg, you must first be authorized to act for the company’s Corporate Income Tax matters via CorpPass.
Contact UsWhat are the two options Singapore companies have when filing their tax returns? What is the difference between Form C and Form C-S? When is the tax return filing deadline? Find out these and more via the infographic below:
Benjamin has over 20 years of tax experience, spending more than 13 years working for the Big 4 accounting firms and being an in-house tax advisor. Benjamin has also worked with SMEs, multinational corporations, and publicly-listed companies from diverse industries, offering tax advisory and planning, corporate restructuring, M&A, business model optimization, tax ruling requests, tax incentives application, tax risk mitigation, and tax reporting services on complex projects.