Form C is the Corporate Income Tax Filing document that is to be submitted to the Inland Revenue Authority of Singapore (IRAS) during Corporate Tax Filing. There are namely 3 forms to be submitted. Either Form C, Form C-S or Form C-S (Lite).
Companies who do not meet the eligibility to file Form C-S must file Form C.
The criteria for a company to be eligible to file Form C-S is
- The company must be incorporated in Singapore;
- The company must have 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
Form C is mainly for larger companies. It is also more tedious to file than Form C-S or Form C-S (Lite).
Here are the documents a company will need to prepare when filing Form C
- Form C;
- Audited or unaudited financial statements. These statements must include the Statement by Directors and the Directors’ Report. Those who have filed the full set of XBRL accounts need not prepare this;
- Detailed Profit and Loss Statement;
- Tax computation and supporting schedules;
- Revised tax computation for prior Years of Assessment (if applicable);
- Declaration form for companies claiming Writing Down Allowances (if applicable);
- The respective Research and Development (R&D) claim forms for companies claiming tax benefits from R&D (if applicable).
If you are a company owner or director and require assistance with your corporate tax filing, you can contact us at [email protected].
Do note that there are consequences for late filing or non-filing of Corporate Income Tax Returns
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Singapore Secretary Services
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