Q:
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What is Form C-S/C?
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A:
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The Form C-S/ C is a declaration form for companies to declare their actual income. Companies are still required to file the Form C-S/ C even if they are making losses.
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Q:
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What is the difference for Form C-S and Form C?
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A:
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Form C-S is a simplified Income Tax Return for qualifying small companies to report their income to IRAS. Form C-S have fewer fields to fill compare to Form C. Qualifying small companies are also not required to submit financial statements and tax computation because essential tax information and financial information would have to be declared in the Form C-S.
If company does not qualify to file Form C-S, it must file Form C. Company is required to submit the financial statements, tax computation and supporting schedules together with Form C.
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Q:
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What is the qualifying conditions to file Form C-S?
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A:
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1.
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The company must be incorporated in Singapore;
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2.
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The company must have an annual revenue of $5 million or below;
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3.
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The company only derives income taxable at the prevailing corporate tax rate of 17%; and
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4.
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The company is not claiming any of the following in the YA:
(1)
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Carry-back of Current Year Capital Allowances/ Losses
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(2)
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Group Relief
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(3)
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Investment Allowance
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(4)
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Foreign Tax Credit and Tax Deducted at Source
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Q:
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Is dormant company need to file form C-S/C?
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A:
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All company need to file form C-S/C, however a dormant company that satisfies the qualifying conditions can apply to IRAS to be released from its obligation to file its Income Tax Return (Form C-S/ C).
The qualifying conditions for the company are:
1.
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It must be dormant and has submitted its Form C-S/ C, financial statements and tax computations up to the date of cessation of business;
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2.
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It must not own any investments (e.g. shares, real properties, fixed deposits). If the company owns investments, it must not derive any income from these investments;
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3.
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It must have been de-registered for Goods and Services Tax (GST) purposes prior to this application if it had previously been a GST-registered company; and
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4.
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It must not have the intention to recommence business within the next 2 years.
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Q:
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What is dormant company in IRAS?
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A:
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A dormant company is one that does not carry on business and has no income for the whole of the basis period.
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