For YA 2019, companies filing Form C are required to submit their financial statements, tax computation and relevant supporting documents together with Form C. If you e-File Form C via mytax.iras.gov.sg, the due date is 15 Dec 2019 instead of 30 Nov 2019.
Form C-S is a shorter and simpler version of Form C for qualifying small companies to report their income to IRAS. Companies that 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. If you e-File Form C-S via mytax.iras.gov.sg, the due date is 15 Dec 2019 instead of 30 Nov 2019.
For details, please refer to Filing Deadlines for Form C-S/ C.
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.
The financial statements should comprise:
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.
The explanatory notes vary depending on the Year of Assessment (YA). Download and read the relevant explanatory notes before filing Form C-S/ C.
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.
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.
Please remember to sign the form. Double check that all fields have been filled out before submitting.
For more details:
To better understand how to lower your tax burdens by claiming the various tax concessions, read this Case Study (338KB).
Tax rebates to help ease rising business costs for YA 2013 to YA 2019.
Tax exemption on chargeable income to support start-ups.
Tax deduction for expenses incurred prior to commencement of business.
Tax deductions for renovation and refurbishment costs.
Tax deductions for wear and tear of fixed assets.
Carry-back current year unutilised capital allowances and trade losses to setoff the income from previous YAs.
Carry forward unutilised trade losses, capital allowances and donations to setoff the income of future YAs.
Tax exemption for foreign-sourced dividends, foreign branch profits and foreign-sourced service income.
Incurred in the process of streamlining business operations and to improve company's profitability are tax deductible.
Incurred as substitute for interest expense or to reduce the interest costs, for the purpose of financing business operations are tax deductible.
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 (132KB).
Company representatives who are responsible for the preparation of Form C-S/ C filing and other corporate tax matters are encouraged to sign up for a free Corporate Tax Seminar conducted by IRAS.
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