Filing my annual tax return (Form C or Form C-S)

What is Form C or Form C-S?

Form C and Form C-S are both corporate tax returns to be e-filed with IRAS on an annual basis.

The Form C-S being a simplified version of the Form C, contains fewer fields to fill. The Form C-S mainly comprises of the following:

  • A declaration statement of the company's eligibility to file the Form C-S;
  • Information on tax adjustments (i.e. adjustments for non-taxable income and non-deductible expenses);
  • Information from the financial accounts
Companies would not be required to submit the financial statements and tax computations when submitting the Form C-S, but should still prepare these and submit to IRAS when requested.

When is the corporate tax returns deadline?

With effect from Year of Assessment 2021 onwards, all companies will be required to e-File their Corporate Income Tax Returns by 30 November.

Does my company qualify to file for Form C-S?

Companies qualify to file for Form C-S if all of the following conditions are met:

1. The company must be incorporated in Singapore;

2. The company must have an annual revenue* of S$ 5 million or less;

3. The company only derives income taxable at the prevailing corporate tax rate of 17%**;

4. The company is not claiming any of the following in the Year of Assessment:

  • Carry-back of current year capital allowances / losses;
  • Group relief;
  • Investment allowance;
  • Foreign tax credit and tax deducted at source

*Note: Revenue refers to the main income source of the company excluding separate source income, such as interest

**Note: Form C-S should not be filed if the company derives income that is tax exempt or taxed at concessionary tax rates, such as where tax incentives are granted. The exceptions are where a company derives:(I) One-tier tax exempt Singapore dividends, and/ or(ii) Specified foreign-sourced income exempted from tax under S13(8) of the Income Tax Act.In other words, a company can file Form C-S if it derives the above tax exempt income and meets conditions 1, 2 and 4.

If a company does not meet the 4 criteria above, then the company will need to prepare Form C.

Sleek can assist you on filing your annual tax return. Feel free to contact us for more information!

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