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