Guide to Filing Corporate Taxes –Form C-S and Form C

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If you are running a business in Singapore, you need to report your income to the Internal Revenue Authority of Singapore (IRAS) by filing your tax return forms C-S or C.

These forms help declare the annual income of companies and must be duly completed and submitted within the specified due dates.

What is Form C-S

Form C-S has specially been introduced by the Singapore Government to make filingof tax forms cost-effective in terms of time and money and to make the processmore simplified. Form C-S is an abridged 3- page income tax form which will helpsmall companies report their annual income to IRAS. It can be submitted on paperor via e-filing which is easier and is now made compulsory by the SingaporeGovernment as part of their Smart Nation vision, which calls for increasedproductivity through technology and better public services.

Necessary Documents for Filing of Form C-S

The documents that need to be submitted along with Form C-S are a declarationstatement showing the eligibility of the company and other essential tax andfinancial information only. The due date for e-filing is December 15.Paper Form C-Sshould be filed by 30 November. Even then, documents like tax adjustments, taxcomputations and financial accounts are to be prepared and kept just in case theIRAS makes a request to submit them.

What is Form C

Form C on the other hand includes 7 pages along with financial statements and taxcomputations along with others. If the company is not eligible to file form C-S, itshould file Form C along with the afore-mentioned documents and other tax-relevant papers. Paper Form C should be submitted by 30 November, and e-filing by15 December.

e-Filing of Tax Form C-S

E-filing of tax Form C-S is convenient as it helps in the auto-computation of payabletax and includes the option of saving a draft until the form is ready to be submitted.You also receive instant acknowledgment once the tax is successfully filed. There isan iHelp for guidance in case you have doubts while filing the tax forms. If yourcompany is eligible to file for Form C-S, you can either e-file it or submit a hard copyafter downloading it.

Criteria for filing Form C-S

• The company should be incorporated in Singapore

• An annual revenue of $5 million or less

• Income derived taxable at 17%

You are not eligible to file tax returns if you claim:

• Carry back of current year capital allowance/losses

• Group relief

• Investment allowance

• Foreign tax credit or tax deducted at source

Need help filing your Singapore corporate tax returns?

Rikvin’s expertise is unrivalled in Singapore. With 20 years of know-how in company incorporation, accounting, tax, payroll and immigration services, and as the official Corporate Services Partner of ACE, you can count on us to be your dedicated one-stop business solution.

Call us at +65 6320 1888 or Email us at Info@rikvin.com for a free consultation.