Corporate tax refers to the tax that a company or corporation pays on its profits, also known as corporate income tax.

It is calculated based on the company’s taxable income, which includes revenue minus allowable deductions and exemptions.

Filing corporate tax returns in Singapore involves several legal requirements and processes that businesses must adhere to:

• Annual Filing Requirements: Singapore companies are required to file their annual corporate tax returns, also known as Form C or Form C-S, with the Inland Revenue Authority of Singapore (IRAS) within a specific timeframe after the end of their financial year.
• Financial Statements: Along with the tax returns, companies need to submit their financial statements, which include the balance sheet, profit and loss statement, and other relevant financial documents. These statements must comply with the Singapore Financial Reporting Standards (FRS) or the Singapore Financial Reporting Standards for Small Entities (SFRS for SE).
• Tax Computation: The tax computation in the corporate tax return should accurately calculate the company’s taxable income based on the applicable tax rates, deductions, exemptions, and reliefs permitted under Singapore tax laws.
• Tax Forms: The choice of tax form (Form C or Form C-S) depends on the company’s annual revenue, nature of income, and eligibility criteria. Form C is for companies with revenue exceeding SGD 10 million or those with foreign-sourced income. Form C-S is for companies with revenue of SGD 10 million or less and meets certain conditions.
• Electronic Filing: Companies must file their corporate tax returns electronically through IRAS’ myTax Portal. Manual filing is generally not accepted, except under specific circumstances and with prior approval from IRAS.
• Tax Payments: Along with filing tax returns, companies are required to pay any outstanding tax liabilities by the due date indicated by IRAS. Late payment may result in penalties and interest charges.
• Audited Accounts: Certain companies, such as those with annual revenue exceeding SGD 10 million or those that are part of a group with audited accounts, are required to submit audited financial statements along with their tax returns.
• Compliance with Tax Laws: Companies must ensure compliance with all relevant tax laws, regulations, and guidelines issued by IRAS. Non-compliance can lead to penalties, fines, and other legal consequences.

It’s essential for companies to stay updated with the latest tax regulations and seek professional advice from tax advisors or service providers to ensure accurate and timely filing of corporate tax returns in Singapore.

The filing deadline is fixed on 30th of November – with no extensions granted.

For any failure to file by the due date, the IRAS may take the following enforcement actions:

1. Issue an estimated Notice of Assessment, requiring payment of the estimated tax within one month.
2. Offer to compound the offense.
3. Issue a Section 65B(3) notice to your company director to submit the required information in the Form C-S/C to IRAS.
4. Summon the company or persons responsible for running the company (including the directors) to Court.

• Form C-S is for companies with revenue under $5 million, taxed at 17%, and not claiming benefits like loss carry-back relief or group relief.
• Form C is for Companies needing these benefits or with higher revenue. They must use Form C and include their financial statements.

Description	Form C-S	Form C-S (Lite)	Form C
Annual Revenue for Qualifying Companies	$5 million or below	$200,000 or below	Any company can submit
Submission of Financial Statements & Tax Computation	Not Required		Required
Other Qualifying Conditions	The company only derives income taxable at the prevailing Corporate Income Tax rate of 17% The company is NOT claiming: Carry-back of Current Year Capital Allowances/ Losses Group Relief Investment / Capital Allowance Foreign Tax Credit and Tax Deducted at Source

Yes.

In Singapore, companies must electronically submit their Corporate Income Tax Returns using either Form C or Form C-S.

Form C-S (Lite) is a streamlined version of Form C-S designed for smaller companies.

It requires completion of only 6 essential fields, whereas Form C-S includes 18 fields for companies with more complex tax matters.

Certainly.

Companies eligible to file Form C-S (Lite) have the option to choose between filing Form C-S or Form C.

The Inland Revenue Authority of Singapore (IRAS) mandates all business entities in Singapore to report their income annually.

Businesses can use tax forms C and C-S for their tax filings, with corporate tax filing required within the specified timeframe to prevent penalties.

Form C is an income tax return form consisting of 7 pages, necessary for companies in Singapore to file for the year of assessment (YA).

Companies not eligible for Form C-S must complete and submit Form C along with their financial statements and tax computations.

In general, all companies incorporated in Singapore have the option to file Form C.

Despite the availability of other tailored forms for small to medium-sized companies, any Singapore-incorporated company can opt to use Form C for their tax filing purposes.

The IRAS requires the following documents:

• Financial Statements: Companies can submit audited or unaudited financial statements unless they’ve filed a complete XBRL account with ACRA or are dormant in the YA.
• P/L Statement: A detailed profit and loss account statement for the YA is mandatory.
• Tax Computation: The company’s tax computation for the assessment year, along with a supporting schedule, is essential.
• Revised Tax Computation: Older companies must submit previous tax computations covering all previous YAs.
• Claim Forms: Applicable if the company is eligible for tax benefits like R&D expenditures or Group Relief.
• Declaration Form: Necessary for claiming Writing Down Allowances.
• Form C: The completed 7-page Form C is to be included with these documents.

Recognizing the diverse scale of businesses in Singapore, IRAS has developed a streamlined corporate tax filing process tailored for medium-scale businesses, resulting in the creation of Form C-S.

Form C-S is essentially a condensed version of Form C, offering a simplified alternative for eligible companies.

Compared to the 7-page Form C, Form C-S is a concise 3-page document that requires completion of eighteen fields by eligible businesses.

Form C-S was introduced starting from the 2017 Year of Assessment and is available to companies that meet specific criteria:

• The company must be registered in Singapore.
• Its annual revenue for the Year of Assessment must not exceed S$5 million, including both domestic and overseas income.
• The company must be taxed at the standard corporate tax rate of 17%.
• It should not be benefiting from various tax relief programs such as Group Relief, foreign tax deductions and credits, capital allowance/loss carry-backs, or investment allowance.
• For companies that do not meet these criteria, Form C is required.
• Additionally, IRAS introduced Form C-S Lite in 2020, tailored for small-scale companies with annual revenue of S$200,000 or less.

To comply with IRAS regulations, the 3-page Form C-S must be accompanied by certain additional documents. It’s advisable to keep these documents on hand and submit them when requested by IRAS. The necessary documents include:

• Financial Statement: Eligible companies are required to include their audited or unaudited financial statements for the YA. However, dormant companies for that financial year or those falling under the “small company” category are exempt from declaring financial statements.

• Declaration Statement: This statement confirms that the company meets the criteria for using Form C-S and helps IRAS verify the eligibility of the filing company.

• Tax Computation: Tax calculations are based on a company’s income for the YA. Therefore, companies filing Form C-S should have a detailed tax computation for the financial year.

• Declaration Form: This form is necessary to claim Writing Down Allowances, such as those for intellectual property rights.

• Form C-S: The 3-page Form C-S must be completed and submitted along with the other required documents.

While Form C-S aims to simplify corporate tax e-filing by reducing the number of documents, it’s recommended to have these documents ready if available. IRAS may request supporting documents at any time for verification purposes.

Taxable Income	Tax Rate
Tax rate on corporate profits: for up to S$ 200,000	8.3%
Tax rate on corporate profits: above S$ 200,000	17%
Tax rate on capital gains accrued by the company	0%
Tax rate on dividend distribution to shareholders	0%
Tax rate on foreign-sourced income not brought into Singapore	0%
Tax rate on foreign-sourced income brought into Singapore	0%