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Overview of Corporate Income Tax Return in Singapore

Overview of Corporate Income Tax Return in Singapore

Singapore companies are generally required to file an annual Corporate Income Tax Return with the Inland Revenue Authority of Singapore (IRAS) by 30 November every year, unless they have been granted a filing waiver or are otherwise exempted.

  1. Types of Corporate Income Tax Return Form

    (1)
    Form C-S (Lite) – This is for qualifying small Singapore-incorporated companies with annual revenue of S$200,000 or below.
    (2)
    Form C-S – This is for qualifying Singapore-incorporated companies with annual revenue of S$5 million or below.
    (3)
    Form C -  This is for companies that do not qualify for Form C-S or Form C-S (Lite), including companies with more complex tax affairs.
    (4)
    Estimated Chargeable Income (ECI)– This is for the Company to declare its estimated taxable income, unless it meets the waiver conditions.
    (5)
    Form for Dormant Company – This is for companies that did not carry on business and had no income throughout the relevant basis period.

  2. Qualifying Conditions

    (1)
    Form C-S and Form C-S Lite

    The company only derives income taxable at the prevailing Corporate Income Tax rate of 17%, the company must not claiming Carry-back of current-year capital allowances or losses; Group Relief; Investment Allowance and Foreign Tax Credit or Tax Deducted at Source.

    (2)
    Form C

    All companies that do not qualify for Form C-S or Form C-S Lite. Companies receiving income under concessionary tax rates generally must file Form C.

    (3)
    Estimated Chargeable Income (ECI)

    A company qualifies for the ECI filing waiver if both conditions are satisfied:

    (a) Annual revenue does not exceed S$5 million for the financial year.
    (b) ECI is nil for that financial year.

    (4)
    Dormant Company

    A dormant company is one that does not carry on business and has no income for the whole of the basis period. Dormant company must file its Corporate Income Tax Return every year unless the company has been granted a waiver.

  3. Conclusion

    Before selecting the appropriate corporate income tax return form, the tax preparer should carefully review the company's annual revenue, tax computation, sources of income, applicable tax incentives and relief claims to ensure that all eligibility conditions are met.

    The type of tax return form should be assessed independently for each Year of Assessment, rather than simply following the form used in the previous year.

    Where there is any uncertainty regarding the appropriate form or filing requirements, the tax preparer should consult the tax professional for clarification before proceeding with the submission.

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