last updated on 07/11/2017
The Corporate Tax Filing Season is here. This post will provide you with the information on corporate income tax filing to help you better understand your tax filing obligations.
Does my company need to file a tax return this year?
Does my company need to file a tax return this year?
Incorporated in: |
Do you need to file? |
2014, 2015, 2016 |
Yes, unless the company has been granted waiver of Income Tax Return Submission by IRAS. Dormant company are also required to file its tax returns unless it has been granted waiver of Income Tax Return Submission by IRAS. |
2017 |
No. You are only due to file your first tax returns next YA2018 (closes accounts in 2017). |
Your company will be required to submit either Form C or Form C-S to IRAS (Inland Revenue Authority of Singapore) depending on your company type.
What is the difference?
What is the difference?
Form C-S |
Form C |
Qualifying conditions: (a) The company must have an annual revenue of S$1 million and below in Annual Revenue* (b) The company must be registered in Singapore (c) The company only derives income taxable at the m prevailing corporate tax rate of 17% (d) The company is not claiming any of the following in the YA: i. Carry-back of Current Year Capital Allowances / Losses ii. Group Relief iii. Investment Allowance iv. Foreign Tax Credit and Tax Deducted at Source |
All other companies. |
Submission of Form C-S without supporting attachments will be suffice unless requested by IRAS. |
Will have to declare essential tax and financial information. The following attachments are required: (a) Form C (b) Tax computation (c) Audited or unaudited Financial Statements |
* IRAS will be increasing the annual revenue threshold for filing Form C-S from the current S$1 million to S$5 million with effect from YA2017
My company is dormant, do I still need to file tax returns?
A dormant company does not carry on business and had no income for the whole of the basis period. Submission of your company’s Income Tax Returns is still required through a Form C-S for Dormant Companies, unless your company has been granted waiver of Income Tax Returns submission.
A dormant company does not carry on business and had no income for the whole of the basis period. Submission of your company’s Income Tax Returns is still required through a Form C-S for Dormant Companies, unless your company has been granted waiver of Income Tax Returns submission.
Still in doubt? Need help with your taxes? Inter Group can help you!
Our competent pool of Professionals and Chartered Accountants possess a wealth of experience and are certified by the Institute of Singapore Chartered Accountants (ISCA). We are committed to deliver the highest quality set of accounts in full compliance with the Financial Reporting Standards. We also ensure that our clients are duly informed of timely advises and are kept abreast with latest accounting and taxation updates.
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