Corporate Income Tax for Singapore Companies

Corporate Income Tax

Our Corporate Income Tax (CIT) professionals are able to assist our clients on tax reporting and ensure tax obligations are met.

Our CIT services include:

  • Preparing of tax computation and filings
  • Submission to the appropriate authorities
  • Handling basic tax queries, notices or assessments from the IRAS.

For more information on Corporate Tax addressed by IRAS click here
For more information on Corporate Tax Rates, Corporate Income Tax Rebates and Tax Exemption Schemes click here

Filing of Corporate Tax
, also known as Estimated Chargeable Income, is an estimate of a company’s chargeable income for a Year of Assessment (YA).

Filing of Estimated Chargeable Income (ECI) has to be done within 3 months after the end of the financial year unless the company does not need to submit ECI. For filing of Form C / C-S it has to be done annually on 30 Nov; or 15 Dec.

Filing of Corporate Tax
There are two types of Income Tax Return, Form C-S and Form C.
The Form C-SC is a declaration form for companies to declare their actual income. Companies must ensure that the form is correctly completed and gives a full and true account of the company’s income.

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.

Indirect tax

Our specialist tax professionals are expert at managing indirect tax (GST, Sales Taxes, etc.) compliance. We help clients to prepare tax filings and to ensuring all deadlines are met and the reporting is complete.

Find Out More about Singapore Corporate Income Tax

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