Additional Tips and Documents to Prepare when Filing Form C-S/ C

Form C

Companies e-Filing Form C are required to submit their financial statements, tax computation and relevant supporting documents together with Form C via mytax.iras.gov.sg by 30 Nov each year.

Form C-S

Form C-S is a shorter and simpler version of Form C for qualifying small companies to report their income to IRAS. Companies that e-File Form C-S need not submit their financial statements and tax computation, but are required to prepare them (at or before submitting the tax returns) and submit these documents to IRAS upon request. The due date for e-Filing Form C-S via mytax.iras.gov.sg is 30 Nov each year.

From YA 2020, companies that qualify to file Form C-S and have an annual revenue of $200,000 or below have the option to file Form C-S (Lite), a simplified version of Form C-S. Please click here for more information on Form C-S (Lite).

For details, please refer to the Filing Deadline for Form C-S/ C.

1. Financial Statements

   Companies must prepare the financial statements in accordance to the Companies Act. Companies filing Form C are required to submit the financial statements together with Form C. Companies filing Form C-S do not need to submit the financial statements together with Form C-S but should be prepared to produce them upon request.

   Financial Statements

   The financial statements should comprise:

   1. Directors' report;
   2. Auditor's report (except for companies that enjoy audit exemption);
   3. Balance sheet;
   4. Detailed profit and loss statement;
   5. Notes to the financial statements; and
   6. Statement by Directors.

2. Tax Computation and Supporting Schedules

   Companies filing Form C are required to submit their tax computation and supporting schedules together with Form C, even if there is no adjustment made to the net profit/ loss. Companies filing Form C-S do not need to submit these documents but should be prepared to produce them upon request.

   For details, please refer to Preparing a Tax Computation and Documents to Prepare when Filing Form C-S/ C.

1. Online Help

   Please click on the iHelp icon  < > should you require on-the-spot guidance as you e-File the Form C-S.

2. Make Declaration for Tax Exemption for Start-Ups

   If your company qualifies for Tax Exemption for New Start-Up Companies, please remember to make the declaration in Form C-S/ C  that the company satisfies all qualifying conditions.

3. Declare Chargeable Income before Exempt Amount

   Enter the chargeable income before the exempt amount i.e. the chargeable income declared should be before tax exemptions given for the YA or provided by any schemes.

   For more details:

   • Guidance on Completing Form C-S/ C
   • Compliance Matters for Companies

To better understand how to lower your tax burdens by claiming the various tax reliefs, read this Case Study (PDF, 101KB).

1. Corporate Income Tax Rebates

   Tax rebates to help ease rising business costs for YA 2013 to YA 2020.

2. Tax Exemption Scheme for New Start-Up Companies

   Tax exemption on chargeable income to support start-ups.

3. Expenses Incurred before Commencement of Business  

   Tax deduction for expenses incurred prior to commencement of business.

4. Tax deduction under Section 14Q

   Tax deductions for renovation and refurbishment costs.

5. Capital Allowances

   Tax deductions for wear and tear of fixed assets.

6. Loss Carry-Back Relief System

   Carry-back current year unutilised capital allowances and trade losses to setoff the income from previous YAs.

7. Carry Forward of Unutilised Capital Allowances, Losses and Donations

   Carry forward unutilised trade losses, capital allowances and donations to setoff the income of future YAs.

Other Highlights

1. Exemption of Foreign-Sourced Income

   Tax exemption for foreign-sourced dividends, foreign branch profits and foreign-sourced service income.

2. Retrenchment Costs

   Incurred in the process of streamlining business operations and to improve company's profitability are tax deductible.

3. Interest and Other Borrowing Costs

   Incurred as substitute for interest expense or to reduce the interest costs, for the purpose of financing business operations are tax deductible.

4. Donations

   Made to an approved Institution of a Public Character (IPC) or the Singapore Government that benefit the local community qualify for 2.5 times tax deduction. Companies do not need to declare such donations in their Form C-S/ C, as the tax deduction for approved donations will be automatically reflected in the company's tax assessment based on information from the IPC.

Effective 1 Jan 2011, eligible entities may prepare their financial statements using the SFRS for SE.

Based on current applicable tax rules and principles, the impact on tax computation is assessed to be minimal for eligible entities which prepare financial statements based on the SFRS for SE, except for the treatment for financial instruments.

Tax adjustments are also required for tax treatment property, plant and equipment, research and development cost and borrowing cost.

For details, please refer to the Income tax implications arising from the adoption of the SFRS for Small Entities (PDF, 131KB).

Company representatives who are responsible for the preparation and filing of the Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) and other Corporate Income Tax matters are encouraged to watch the e-Learning videos or sign up for a free Corporate Income Tax webinar/ seminar conducted by IRAS. Subscribe to our eAlerts to receive updates on IRAS seminars/events. 

IRAS is in the process of developing bite-sized e-Learning videos with similar content as our seminars and has published six e-Learning videos. You may watch the videos here. More videos will be rolled out progressively.