Overview of Form C-S/ C

All companies carrying on a trade or business in Singapore need to report their income to IRAS annually by filing their Corporate Income Tax Return (Form C-S/ C).

Compulsory e-Filing for Form C-S/ C

From the Year of Assessment (YA) 2020, e-Filing of Form C-S/ C is compulsory for all companies. The filing deadline is 15 Dec 2020.

The extended filing deadline of 15 Dec, which was initially introduced in 2012 to encourage companies to e-File their Corporate Income Tax Returns, will no longer be available from 2021. From YA 2021, all companies will be required to e-File their Corporate Income Tax Returns by 30 Nov 2021.

Filing Due Dates

The annual filing due dates for Form C-S/ C is:

YADue Date 
202015 Dec 
2021 Onwards30 Nov

 

Form C-S/ C

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

The Form C-S/ C is a declaration form for companies to declare their actual income. Companies must ensure that the form is correctly completed and gives a full and true account of the company's income.

Companies are still required to file the Form C-S/ C even if they are making losses.

Please click here (PDF, 131KB) for an overview of the types of Income Tax Return.

Simplified Tax Filing with Form C-S

From YA 2012, to simplify the filing procedure for small companies, IRAS introduced Form C-S - a simplified Income Tax Return for qualifying small companies to report their income to IRAS.

Fewer Fields

Previously, small companies had to file Form C which has twice as many fields. Form C-S comprises:

  1. A declaration statement of the company's eligibility;
  2. Information on tax adjustments; and
  3. Information from the financial accounts.

No Need to Submit Documents unless Requested

Aside from having fewer fields to fill, qualifying small companies are also not required to submit financial statements and tax computation because essential tax information and financial information would have to be declared in the Form C-S. 

However, companies should prepare these financial statements and tax computation and submit them to IRAS upon request. 

Qualifying Conditions to File Form C-S

From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:

  1. The company must be incorporated in Singapore;
  2. The company must have an annual revenue1 of $5 million2 or below
  3. The company only derives income taxable at the prevailing corporate tax rate of 17%3; and
  4. The company is not claiming any of the following in the YA:
    1. Carry-back of Current Year Capital Allowances/ Losses
    2. Group Relief
    3. Investment Allowance
    4. Foreign Tax Credit and Tax Deducted at Source


Note: For YA 2019, if the value of a dormant company’s related party transactions disclosed in its financial statements for the financial period exceeds $15 million, it is required to submit Form C by
Form C (Upload) mode instead of Form C-S or Form C for Dormant Company. To determine if the value of the related party transactions exceeds $15 million, refer to Reporting Related Party Transactions.

From YA 2020, a dormant company is not required to complete the Form for Reporting Related Party Transactions, notwithstanding the value of the company’s related party transactions disclosed in the financial statements for the financial period exceeds S$15 million. Therefore, dormant companies which are qualified to file Form C-S can continue to use Form C-S.

1 Revenue refers to the main income source of the company excluding separate source income, such as interest.
2 For YA 2016 and before, the revenue threshold for filing Form C-S is $1 million, i.e. the company must have an annual revenue of $1 million or below.
3 Form C-S should not be filed if the company derives income that is tax exempt or taxed at concessionary tax rates, such as where tax incentives are granted. The exceptions are where a company derives:
(I) One-tier tax exempt Singapore dividends, and/ or
(ii) Specified foreign-sourced income exempted from tax under S13(8) of the Income Tax Act.
In other words, a company can file Form C-S if it derives the above tax exempt income and meets conditions 1, 2 and 4. 

For more details on how to e-File Form C-S, please refer to Tips on e-Filing Form C-S.

Filing Made Even Simpler With Form C-S (Lite)

To further enhance the e-Filing experience of small companies, 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). Form C-S (Lite) is a simplified version of Form C-S comprising only six essential fields to be completed for companies with straight-forward tax matters. Click here to find out more about Form C-S (Lite).

Companies that do not meet the Form C-S qualifying conditions have to submit Form C together with financial statements, tax computation and supporting schedules.

Form C

If your company does not qualify to file Form C-S, you must file Form C. You are required to submit your company's financial statements, tax computation and supporting schedules together with Form C.

For more details on how to e-File Form C, please refer to Tips on e-Filing Form C.

Getting the Form C-S/ C

IRAS will send companies either a Form C-S or Form C e-Filing notification letter by May of each year, starting from the second year following the year of incorporation. Companies are required to file their Income Tax Return by 15 Dec (for YA 2020)/ 30 Nov (from YA 2021 onwards) in the year following the financial year.

New Companies

For information on filing of Form C-S or Form C by new companies, please refer to the Basic Guide for New Companies.

Failure to File Form C-S/ C

If the company does not file its Form C-S/ C by the due date, IRAS may issue a Notice of Assessment (NOA) based on an estimation of the company's income. If the company does not agree with IRAS' estimated assessment, please e-File an objection via the Revise/ Object to Assessment e-Service at myTax Portal within two months from the date of the NOA. In filing the objection, the company must submit its Income Tax Return (Form C-S/ C).  Otherwise, the estimated assessment cannot be revised, even if an objection has been filed. Tax on this assessment must still be paid within one month from the date of the NOA notwithstanding any objections.

To find out more, please refer to Objecting to NOA.

Dormant Companies or Companies Closing Down

If your company is dormant or has ceased business operations, please refer to the details below on what you have to do: