Form C-S is a simplified 3-page income tax return for companies to report their income to the Inland Revenue Authority of Singapore (IRAS).
Form C-S is for qualifying small companies and has fewer fields to fill.
Form C-S comprises:
- A declaration statement of the company’s eligibility;
- Information on tax adjustments; and
- Information from the financial accounts.
Aside from having to fill fewer fields, qualifying small companies are not required to submit financial statements and tax computation as essential tax information and financial information would have to be declared in the Form C-S. Despite this, companies should still prepare the financial statements and tax computation and submit them to IRAS upon request.
From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:
- The company must be incorporated in Singapore;
- The company must have an annual revenue of $5 million or below
- The company only derives income taxable at the prevailing corporate tax rate of 17 per cent; and
- The company is not claiming any of the following in the YA:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
IRAS is encouraging companies to e-file their tax returns rather than file manually. e-Filing Form C-S via mytax.iras.gov.sg will entitle companies to these benefits.
- Auto-computation of certain fields that minimise filing errors
- An instantaneous estimate of tax payable
- iHelp for step-by-step guidance
- Extra 15 days to e-File
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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