Annual Tax Compilation & Filing From S$360

To stay compliant with the Inland Revenue Authority of Singapore (IRAS), every company incorporated in Singapore is required to file:

  • Annual Corporate Tax Return, using Form C-S/C
  • Estimated Chargeable Income (ECI), if the company’s annual revenue exceeds S$1 million

Filing Form C-S/C

A company that meets the following criteria qualifies to file Form C-S, an abridged version of Form C:

  • Is incorporated in Singapore
  • Has an Annual Revenue of S$5 million or below
  • Derives income taxable at 17%
  • Is not claiming any of the following in the Assessment Year:
    • Carry-back of Current Year Capital Allowances/ Losses
    • Group Relief
    • Investment Allowance
    • Foreign Tax Credit and Tax Deducted at Source

Documents to prepare for filing Form C-S

  • Audited/unaudited financial statements
  • Tax computation and supporting schedules
  • Other documents such as claim forms for claiming tax deductions/benefits

Additional documents to prepare for filing Form C

  • Form IRIN 301 (Additional Information on Income and Deduction)
  • Detailed Profit and Loss Statement
  • Form GR-A and Form GR-B (Group Relief Forms)
  • Research & Development Claim Form
  • Declaration Form for the Purpose of Claiming Writing-Down Allowances for Intellectual Property Rights (IPRs)
  • Capital Contribution Form and others

The annual filing due date for Form C-S/ C is 30th of November for Paper File, 15th December for e-File.

Latest Update from IRAS: Filing of corporate taxes for YA2020 will become easier via a new simplified Form C-s Lite. IRAS will launch the Form C-s lite in July 2020 and it’s possible for companies with simple structure (minimal transaction or simple MA) to file taxes by filing out 6 essential fields. Companies filing Form C-s lite are not required to submit their financial statements and tax computations. However these companies will still need to prepare these documents and are ready to submit in the event that IRAS requested for them.

The requirements for the simplified filing are:

  • Company has an annual revenue of $200,000 or below
    • Excluding separate source income like interest
  • Company only derives income taxable at prevailing corporate tax rate ot 17% and
  • Company not claiming the following in the YA:
    • Carry-back of current year capital allowances or losses
    • Group relief
    • Investment allowance
    • Foreign tax credit and tax deducted at source

Also from this year there will be no more physical filing and e-filing is compulsory. The extended tax filing due date of 15 Dec will not be available from YA 2021 and companies will require to e-file their YA2021 by 30 November 2021.

More information on Form C-S (Lite) can be found on IRAS.

Filing an Estimated Chargeable Income (ECI) Form

ECI is an estimate of a company’s annual taxable income, after deducting tax-allowable expenses. Every incorporated company in Singapore is required to submit an ECI to IRAS within 3 months after the financial year ends.

A waiver to file ECI is granted to a company that meets both of the following criteria:

  • Annual revenue does not exceed S$5 million
  • ECI is nil for the Assessment Year

After its ECI submission has been processed by IRAS, a company will be issued a Notice of Assessment (NOA), in which the amount of tax to be paid is stipulated. Unless payment via installment has been arranged, the amount must be paid in full within one month from the date of issue.

Find Out More about Annual Statutory Compliance in Singapore

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