Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with an annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies.

Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters.

 

To qualify to file corporate tax using Form C-S (Lite), the company will need to meet the following conditions:

  1. The company is incorporated in Singapore;
  2. The company has an annual revenue1 of $200,000 or below;
  3. The company only derives income taxable at the prevailing corporate tax rate of 17%2; and
  4. The company is not claiming any of the following in the YA:
    1. Carry-back of Current Year Capital Allowances/ Losses
    2. Group Relief
    3. Investment Allowance
    4. Foreign Tax Credit and Tax Deducted at Source

To file corporate tax returns for YA2020, companies have to log into myTax Portal on the IRAS homepage to e-file. There will be no hardcopy filing.

 

Before e-filing Form C-S (Lite), company officers should prepare the company’s tax computation and supporting schedules. Companies filing Form C-S Lite are not required to submit their financial statements and tax computations to IRAS but they should have these documents ready in the event that IRAS requests for them.

Companies will need to authorise either company staff or tax agents to file on behalf of the company.

The option to file Form C-S (Lite) will appear once the company’s revenue is entered to reflect that it is SGD$200,000 or below. You can then select Form C-S (Lite) at the form type selection.

 

Our company provides corporate tax filing services. For more details, do contact [email protected].

 

When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.

Yours Sincerely,
The editorial team at Singapore Secretary Services

For more useful articles and videos, visit the Singapore Secretary Services resource page.
If you would like to submit a question or would like us to do an article on certain topics, please email us at [email protected].

 

Related articles:

What is Form C-S

What is Estimated Chargeable Income (ECI)

Important compliance requirements for Singapore companies

Tax obligations before striking off a company in Singapore

Filing obligations of dormant companies

Advantages of filing ECI (Estimated Chargeable Income) early

Significance of a Company’s Financial Year End (FYE)

What is Estimated Chargeable Income (ECI) and when does it need to be filed?

A guide to Corporate Tax in Singapore

Do I need to pay corporate tax on income that is derived outside of Singapore?