Additional Tips on Filing Form C-S/ C

Filing deadlines, documents to prepare, things to note when filing, tax rebates and reliefs, and other tips on filing Form C-S/ C.

Filing Deadlines

 Due Date
e-File Form C-S/ C (Recommended!)15 Dec
File Paper Form C-S/ C30 Nov

Form C

For YA 2018, 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 2018 instead of 30 Nov 2018.

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 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 2018 instead of 30 Nov 2018.

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

Documents to Prepare

  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.

    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.

Checks when Filing Form C-S/ C

  1. Read and Refer to the Explanatory Notes

    The explanatory notes vary depending on the Year of Assessment (YA). Download and read the relevant explanatory notes before filing Form C-S/ C.

  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.

  4. Sign and Complete the Form

    Please remember to sign the form. Double check, before submitting, that all fields have been filled out.

    For more details:

Common Tax Reliefs and Deductions for Companies

To better understand how to lower your tax burdens by claiming the various tax concessions, read this Case Study (76KB).

  1. Productivity and Innovation Credit (PIC) Scheme

    Tax deductions/ allowances and/ or cash payouts on the six qualifying activities under the PIC scheme.

  2. Corporate Income Tax Rebates

    Tax rebates to help ease rising business costs for YA 2013 to YA 2017.

  3. Tax Exemption Scheme for New Start-Up Companies

    Tax exemption on chargeable income to support start-ups.

  4. Concession for Enterprise Development

    Tax deduction for expenses incurred prior to commencement of business.

  5. Tax deduction under Section 14Q

    Tax deductions for renovation and refurbishment costs.

  6. Capital Allowances

    Tax deductions for wear and tear of fixed assets.

  7. Loss Carry-Back Relief System

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

  8. 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.

Singapore Financial Reporting Standard for Small Entities ("SFRS for SE")

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).

Workshops and Seminars for Companies

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 one-day Corporate Tax Seminar conducted by IRAS.

To find out about workshop and seminar dates, and registration, please go to the Seminars & Events Section.

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