Introduction to Form C-S
Singapore continually updates its business policies to ensure a pro-business environment for its entrepreneurs and firms. In order to reduce the compliance burden for small firms, the Inland Revenue Authority of Singapore (IRAS) has simplified the tax filing process for small companies through the Form C-S.
What is Form C-S?
Form C-S is an abridged 3-page Income Tax Returns form for eligible small companies to report their income to IRAS from YA 2012 onwards.
Compared to the original Form C, Form C-S has lesser requirements including:
- a declaration statement on page 1 that the company is eligible for Form C-S filing;
- Information on tax adjustments and financial accounts.
The differences between Form C and Form C-S are illustrated in the following table:
|Paper Form C||Paper Form C-S||e-Form C-S (available July 2012 onwards)|
|Pages to complete||5+2||3||3|
|Supporting documents to be submitted||Financial accounts, tax computation and supporting schedules||N.A.||N.A.|
|When to submit||30 November||30 November||15 December|
As shown in the diagram above, small companies need only furnish essential tax and financial information in Form C-S. Unlike Form C, firms do not have to submit supporting documents such as financial statements together with the form.
However, firms filing Form C-S are still required to maintain proper records of their transactions and prepare their financial accounts and tax computations in case IRAS requires their submission.
Benefits of e-Filing Form C-S
1. E-filing deadline extended to 15 December instead of 30 November.
2. Filing Convenience
- Auto-computation of estimated tax payable and other fields
- Option to save draft until Form is ready for submission to IRAS.
3. Instant acknowledgement when you have successfully e-filed your Form C-S.
Eligibility criteria for Filing Form C-S
Your company may file Form C-S for YA 2012 if it meets the following conditions for the YA:
|Your company||and does not claim|
|Singapore incorporated company||Carry-back of current year capital allowances/losses|
|Has an annual revenue (from the main income source) of under S$1 million||Group relief|
|Income derived taxable at 17%||Investment allowance|
|Research & Development tax allowance|
|Foreign tax credit|
Companies that do not meet the eligibility criteria for Form C-S must submit a full set of tax returns comprising of Form C and its supporting documents.
How to File Form C-S
Your company may either e-File Form C-S OR Submit a hard-copy of the Form C-S. If your firm has received Form C but instead qualifies for filing Form C-S, you may either e-File Form C-S or download a copy of Form C-S for hard-copy submission. You need not return the Form C to IRAS for cancellation.