Filing of Corporate Income Tax Returns

1. Form C-S/C Filing:

Forms: There are two forms - Form C-S and Form C. Form C-S is a simplified version for smaller companies with straightforward tax matters, while Form C is more detailed.

Eligibility for Form C-S: Companies with an annual revenue of S$5 million or less and straightforward tax matters are eligible to file Form C-S.

2. Deadline for Filing:

The deadline for filing corporate income tax returns is November 30 for paper filing and December 15 for e-Filing.

3. Preparing for Filing:

Financial Statements: Prepare financial statements according to the Singapore Financial Reporting Standards (SFRS). These should be ready for submission if requested by IRAS.

Tax Computations: Prepare detailed tax computations, which should include adjustments to the accounting profit/loss to arrive at the taxable income. This involves adding back non-deductible expenses and claiming allowable deductions and exemptions.

Supporting Schedules: Depending on the company’s activities, various supporting schedules might be required, such as for foreign source income, group relief, donations, etc.

4. Filing Process:

e-Filing: IRAS encourages companies to e-File their tax returns via myTax Portal as it's faster and more efficient.

Declaration: The form requires a declaration that the company has complied with all tax laws and the information provided is accurate.

5. Essential Information Required:

Revenue: Total revenue of the company for the financial year.

Taxable Income: The amount of income that is chargeable to tax.

6. Post Filing:

Notice of Assessment (NOA): After filing, IRAS will issue an NOA, which is the official tax bill stating the amount of tax to be paid by the company.

Objection to NOA: If the company disagrees with the NOA, it must inform IRAS within two months from the date of the NOA.

7. Payment of Taxes:

Taxes must be paid within one month from the date of the NOA. Failure to do so may result in penalties.