print friendly version
Text Size  A  A  A

For companies

The following income tax filing obligations will apply to all companies, except dormant companies for which IRAS has waived the requirement to file the Income Tax Return (Form C/ Form C-S):

  • Filing of Estimated Chargeable Income (ECI) within three months from your financial year-end; and
  • Filing of Income Tax Return (Form C/ Form C-S) on your actual income by 30 Nov in the year following the financial year.

Filing Estimated Chargeable Income (ECI)
Filing Income Tax Return (Form C/ Form C-S)
Updating Your Financial Year-End
Keeping Proper Records
Tax Guide for Newly Incorporated Companies

Filing Estimated Chargeable Income (ECI)

Your company is required to estimate its chargeable income and provide IRAS with the estimate within three months from the end of its financial year.

For example, if your company’s financial year-end is 31 Mar, it has to furnish the ECI for the financial year ending 31 Mar 2014 [Year of Assessment (YA) 2015] by 30 Jun 2014.

IRAS will send the company a notification to file its ECI in the last month of its financial year, starting from the year following the year of incorporation. In the event that your company does not receive the ECI filing notification from IRAS, please proceed to file the ECI within three months from your company’s financial year-end.

If your company closes its first set of accounts in the year of incorporation
There will be no ECI filing notification sent in the year of incorporation as most companies do not close their first set of accounts in that year. However, should your company close its first set of accounts in the year of incorporation, please file the ECI within three months from your company’s first financial year-end.

Examples

First financial period

ECI notification File ECI for File first ECI by
YA 2014 YA 2015

15 Jul 2013 to 31 Dec 2013

No notification is sent in 2013

Tick

 

31 Mar 2014

15 Jul 2013 to 31 Dec 2014 (See note below)

Notification sent in Dec 2014

Tick

Tick

31 Mar 2015

Note:
As the company’s first set of accounts covers a period of more than 12 months from the date of incorporation, its profit/losses must be attributed and declared under two YAs as follows:

  • YA 2014 covering the basis period from 15 Jul 2013 to 31 Dec 2013; and
  • YA 2015 covering the basis period from 1 Jan 2014 to 31 Dec 2014.

Time apportionment basis may be used if the company is not able to directly identify income and expenses to the two periods.

Find out more about Basis Period and Year of Assessment.

Administrative Concession

As an administrative concession, you do not need to file the ECI for the financial year if your company’s:

  • Annual revenue is not more than $1 million for the financial year; and
  • ECI* is nil.

This takes effect from YA 2013 for companies with financial year ending Oct 2012 or after.

* It is the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.

For more details, please refer to the FAQs (119KB).

Please see table below for more information on ECI filing and payment of tax on your ECI.

Filing ECI After Filing After Getting Notice of Assessment (NOA)

Find out what is ECI / who needs to file and how to file ECI.

What if I don’t file

You may revise the ECI if there is subsequent adjustment to the ECI filed previously.

Find out how to revise ECI amount.

You will need to pay the company’s tax liability within one month from the date of NOA unless arrangement to pay by instalment has been granted. Find out how to pay your tax.

There are penalties if you fail to pay or pay late.

Filing Income Tax Return (Form C/ Form C-S)

Apart from filing the ECI, your company is also required to report its actual income by filing an Income Tax Return (Form C/ Form C-S).

There are two types of Income Tax Return, Form C and Form C-S:

Income Tax Return
Form C-S Form C

This is a shortened 3-page form.

Companies that meet qualifying conditions may report their income by filing Form C-S.

The financial accounts, tax computation and supporting schedules are not required to be submitted together with Form C-S. They are to be prepared and retained for submission upon IRAS’ request.

This is a 7-page form.

Companies are required to report their income using Form C if they do not meet the qualifying conditions for filing Form C-S.

The financial accounts, tax computation and supporting schedules have to be submitted with Form C.

When is the Income Tax Return (Form C/ Form C-S) issued

IRAS will send your company either a Form C-S e-Filing package or Form C paper filing package in Apr of each year, starting from the second year following the year of incorporation. Companies that qualify for Form C-S filing are strongly encouraged to e-File Form C-S* via myTax Portal to enjoy these benefits!

  • Extra 15 days to e-File!
  • iHelp for step-by-step guidance
  • Auto-computation of certain fields that minimise filing errors
  • An estimate of tax payable on the spot!

In the event that your company does not receive a tax return filing package from IRAS, please proceed to:

  • For Form C-S filing – e-File Form C-S* via myTax Portal.
  • For Form C filing – download the softcopy of Form C, complete, print and submit the signed copy to IRAS.

* From YA 2014, IRAS will not issue paper copies of Form C-S. If your company cannot e-File Form C-S, please download the softcopy of Form C-S, complete, print and submit the signed copy to IRAS.

There will be no tax return filing package sent in the first year following the year of incorporation as most companies do not close their first set of accounts in the year of incorporation.

If your company closes its first set of accounts in the year of incorporation, and has commenced business or was in receipt of income, please request for a tax return filing package from IRAS by May of the following year. The request can be made by completing and submitting the Request for Income Tax Return (Form C/ Form C-S) and Notification of New Accounting Year-End (42KB) form to IRAS.

Please refer to this flowchart (79KB) for a summary of when the company is required to file its first tax return.

Examples

Date of incorporation

28 Apr 2012

15 Jul 2013

15 Jul 2013

Period covered in first set of financial accounts

28 Apr 2012 to 31 Mar 2013

15 Jul 2013 to 31 Dec 2013

15 Jul 2013 to 31 Dec 2014

First YA to file the Income Tax Return

YA 2014

YA 2014

YA 2015

When the company will receive tax return filing package

Form C/ Form C-S filing package for YA 2014 will be sent to the company by Apr 2014

No Form C/ Form C-S filing package for YA 2014 is sent to the company.

Please request a Form C/ Form C-S filing package for YA 2014 from IRAS if the company commenced business or received income during the period from 15 Jul 2013 to 31 Dec 2013

Form C/ Form C-S filing package for YA 2015 will be sent to the company by Apr 2015 (See note below)

When to file the first Income Tax Return

YA 2014 Income Tax Return is to be submitted by 30 Nov 2014 (or 15 Dec 2014 if you e-File Form C-S)

YA 2014 Income Tax Return is to be submitted by 30 Nov 2014 (or 15 Dec 2014 if you e-File Form C-S)

YA 2015 Income Tax Return is to be submitted by 30 Nov 2015 (or 15 Dec 2015 if you e-File Form C-S)

Note:
As the company’s first set of accounts covers a period of more than 12 months from the date of incorporation, its profit/losses must be attributed and declared under two YAs as follows:

  • YA 2014 covering the basis period from 15 Jul 2013 to 31 Dec 2013; and
  • YA 2015 covering the basis period from 1 Jan 2014 to 31 Dec 2014.

Time apportionment basis may be used if the company is not able to directly identify income and expenses to the two periods.

How to complete your first tax return if the first set of accounts covers more than 12 months
A company whose first set of accounts covers a period of more than 12 months will need to attribute and declare its profit/ losses under 2 YAs. If your company was incorporated in 2012, it will be issued a tax return filing package for YA 2014 only. Please refer to the table below to find out how the company should report its income for YA 2013 and YA 2014:

If the Company Filing Requirements
e-Files Form C-S for YA 2014 Complete the relevant boxes in the e-Form C-S template with the income for YA 2013 and YA 2014. The company is not required to submit its financial accounts and tax computation with Form C-S.
Files paper Form C-S for YA 2014 Complete YA 2014 Form C-S with the income for YA 2014, and submit it together with the tax computation for YA 2013 to IRAS. There is no need to request a Form C-S for YA 2013.

Please also provide a cover letter enclosing the YA 2014 Form C-S and tax computation for YA 2013. The company is not required to submit its financial accounts and tax computation for YA 2014.
Files paper Form C for YA 2014 Complete YA 2014 Form C with the income for YA 2014, and submit it together with the financial accounts and tax computation for YA 2013 and YA 2014 to IRAS. There is no need to request a Form C for YA 2013.

Please also provide a cover letter enclosing the YA 2014 Form C, financial accounts and tax computation for YA 2013 and YA 2014.

Please see table below for more information on Income Tax Return (Form C/ Form C-S) filing and payment of your company’s tax liability.

Filing Income Tax Return
(Form C/ Form C-S)
After Filing After Getting Notice of Assessment (NOA)

Find out when to file and how to file Form C/ Form C-S.

View the Tips for SMEs on Form C/ Form C-S filing.

There are consequences for not filing your tax, filing late or filing an incorrect tax return. Find out more:

You may also check the submission status of your company’s Form C/ Form C-S and the progress of the Form submitted.

You will need to pay the company’s tax liability within one month. Find out how to pay your tax.

There are penalties if you fail to pay or pay late.

If you disagree with the assessment, please inform IRAS by filing a Notice of Objection:

  • For NOA dated before 1 Jan 2014 - within 30 days from the date of service of the NOA.
  • For NOA dated on or after 1 Jan 2014 - within two months from the date of service of the NOA.
Find out more on how to object to NOA.

Updating Your Financial Year-End

You need not inform IRAS if your financial year-end is 31 Dec. However, you will need to notify IRAS if your company’s financial year-end is not 31 Dec once you close the first set of accounts.

To notify IRAS, please complete and submit the Request for Income Tax Return (Form C/ Form C-S) and Notification of New Accounting Year-End (42KB) form by post or via fax at +65 6351 4360.

It is important that you inform IRAS of your financial year-end if it is not on 31 Dec. This record is used by IRAS for sending you the ECI notification letter and for other assessment purposes.

Find out more on Updating company particulars for changes in registered office address, name or other particulars.

Keeping Proper Records

Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.

For information on record keeping requirements, how long you should keep the records and penalties for failure to keep records, please read Record keeping essentials for businesses.

For newly set-up companies, view the Tax Guide for Newly Incorporated Companies (11.6MB) for a summary of what you need to know and do as a new taxpayer. You may also wish to go through the “Tax Guide for New Companies” on the e-Learning portal.


 

Rate this page
Strongly Disagree                 Strongly Agree
Information is easy to understand.  
Information is useful.
Information is easy to find.

Suggestions to improve this page:
  
Please email us if you would like us to respond to your enquiries.

Last Updated on 23 April 2014


© 2014 Inland Revenue Authority of Singapore. All Rights Reserved.