last updated on 19/11/2019
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?
Company Accounts Closing: |
Do you need to file? |
On or Before 2018 |
Yes. All companies, including dormant companies* are required to file its tax returns unless the company has been granted waiver of Income Tax Return Submission by IRAS. |
2019 |
No. You are only due to file your first tax returns next YA2020. |
Your company will be required to submit either Form C or Form C-S to IRAS (Inland Revenue Authority of Singapore) depending on whether you satisfy all the respective qualifying conditions as stated below.
*A dormant company does not carry on business and had no income for the whole of the basis period.
What is the difference?
*A dormant company does not carry on business and had no income for the whole of the basis period.
What is the difference?
Form C-S |
Form C |
Qualifying conditions: (a) The company must be incorporated in Singapore, (b) The company must have an annual revenue of S$5 million or below, (c) The company only derives income taxable at the m prevailing corporate tax rate of 17%, and (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 (d) Form for Reporting of Related Party Transactions (RPT)^ |
^Effective from YA 2018, if the company whose value of related party transactions exceed the S$15 million threshold, the company will be required to submit the RPT Form together with Form C. For more information on RPT, visit IRAS's website by clicking here.
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