Corporate Tax Filing Season 2020

This page provides you with information on Corporate Income Tax filing to help you better understand companies' tax filing obligations.

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

e-Filing services for YA 2020 Form C-S/ C are now available. You may proceed to e-File your Corporate Income Tax Return via myTax Portal. 

Key Tax Changes for YA 2020

To help companies with their cash flow:
- A Corporate Income Tax Rebate of 25% of tax payable, capped at $15,000, will be granted for YA 2020; and

- The Loss Carry-Back Relief has been enhanced for YA 2020. Companies may elect for either the current carry-back relief system or enhanced carry-back relief system for YA 2020. 

Form C-S (Lite)

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. Click here to find out more about Form C-S (Lite).  

How to set up CorpPass to e-File via myTax Portal 

 

Before you can e-File your tax return, you must be authorised by the company to act for its corporate tax matters via CorpPass. For assistance on CorpPass setup, please refer to our step-by-step guides for guidance.

    Single Filing Deadline from 2021  

     

    From YA 2020, e-Filing of Form C-S/ C is compulsory for all companies. The filing deadline for Form C-S/ C 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.

    Removal of Downloadable Forms  

    Form C-S

    In line with compulsory e-Filing, the downloadable Form C-S will not be available on the IRAS website. Qualifying companies may e-File Form C-S via myTax Portal.

    Form C

    The Form C (Upload) will no longer be available from YA 2021. You are strongly encouraged to start filing the Form C using the Online Form C now. Companies/ tax agents who need to present the completed Form C to relevant personnel/ clients prior to submitting the Form C to IRAS may utilise the “Save Draft” function and print out the completed Form C at the “Confirmation Page”. Paper submissions of the YA 2020 Form C (Upload) will no longer be accepted.

     

    Filing of Corporate Income Tax Return

    1) My company is newly incorporated in 2019. Do I need to file a Corporate Income Tax Return this year? 


    You will need to file a Corporate Income Tax Return if your company closed its first set of financial statements in 2019, and derived income or started business in 2019.

    Check out our webpage to help newly incorporated companies file their tax returns for the first time. Newly incorporated companies are encouraged to access the New Company Start-Up Kit, an interactive guide, to learn more about their Corporate Tax filing obligations. The New Company Start-Up Kit, which customises your filing information, provides useful tips and generates email reminders to ease your filing obligations. 

    Year of Incorporation Year in which 1st set of Accounts is ClosedIs Filing Required for YA 2020?What You Need To Do 
    2018 2019 Yes
     2019 2019Yes, if your company commenced business or received income in the year 2019
    • e-File your YA 2020 tax return
     2019 2020 No
    • Not applicable 
     2020 2020 No
    • Not applicable 

     

    2) Which Corporate Income Tax Return do I use?


    There are two types of Corporate Income Tax Return, Form C-S and Form C. A company is required to file the return even if it is making losses.

    Companies that do not meet the Form C-S qualifying conditions will need to file Form C together with their financial statements, tax computations and supporting schedules.

    3) Do I need to file a Corporate Income Tax Return if my company is dormant?


    A dormant company is one that does not carry on business and had no income for the whole of the financial year. If a company did not carry on business and had no income for the whole of the basis period ending in year 2019, it will be regarded as a dormant company for YA 2020.

    A dormant company must e-File its Corporate Income Tax Return using the File Form C-S/ C for Dormant Company e-Service at myTax Portal, unless the company has been granted waiver of Income Tax Return submission. For more details, please refer to the user guide (PDF, 1.06MB) and Tips on e-Filing for Dormant Company.

    Preparing a Tax Computation

    1) What income is taxable?


    Income is taxable when it is:

    1. accrued in or derived from Singapore; or
    2. received in Singapore from outside Singapore

    Taxable income refers to:

    1. gains or profits from any trade or business;
    2. income from investment such as dividends, interest and rental;
    3. royalties, premiums and any other profits from property; and
    4. other gains that is revenue in nature.

    Find out more about taxable and non-taxable income or watch this video on the Taxability of Income (5m 44s).

    2) What expenses are deductible? What are the common tax reliefs and deductions for companies?


    Generally, you may claim tax deductions on expenses 'wholly and exclusively' incurred in the production of income.

    Find out more about deductions for the different types of expenses (e.g. commission expenses, interest expenses, etc.).

    For more information on how to lower your tax burden by claiming the various tax reliefs, click here.

    3) What are the common filing mistakes to avoid?


    Common filing mistakes made by companies include:

    • Wrongful claims of non-deductible expenses:
      • Interest expenses attributable to non-income producing assets or investments that produce exempt dividends are not tax deductible
      • S-plated cars purchased for business use, including the cost of the car and the associated running expenses are not tax deductible
    • Understatement of income e.g. omission of particular receipts or invoices issued or transactions settled in cash
    • Failure to keep proper records and accounts. Companies with inadequate or improper record keeping and accounting practices tend to understate sales, or overstate expenses in their tax returns

    For other common filing mistakes made, please refer to Specific Compliance-Related Mistakes and Issues.

    4) How can I work out the company's tax payable?


    You can make use of our Basic Tax Calculator (BTC) designed for companies to compute, on their own, the amount of taxes they have to pay. The BTC includes explanatory notes to guide companies through their tax computations and validation checks against common errors.

    5) How do I prepare the tax computation of an investment holding company?


    An investment holding company refers to a company that owns investments such as properties and shares for long term investment and derives investment income ("non-trade income") such as dividend, interest or rental income. Find out more about the basis of assessment, deductible and non-deductible expenses, tax deductions, tax exemptions and tax computation for investment holding companies.

    6) Can my company proceed to prepare and e-File the Income Tax Return for YA 2020 if the YA 2019 tax assessment is currently under IRAS’ review?


    Yes. The company should prepare and e-File the Income Tax Return for YA 2020 based on the YA 2019 tax position filed with IRAS. Any unutilised loss items and tax written down values of assets (for the purposes of computing capital allowances) to be carried forward to YA 2020, for setoff against the taxable income of YA 2020, should be based on the YA 2019 tax computation prepared by the company. When e-Filing, the brought forward unutilised amounts in the current YA fields will be pre-filled with the carried forward amounts declared by the company in the YA 2019 Form C-S/ C.

    The YA 2020 Income Tax Return should be e-Filed by the due date of 15 Dec 2020.

    Please refer to Tax Assessment Process for more information on the Income Tax Return review process.

    Filing Status

    1) How do I check the Corporate Income Tax Return submission and assessment status?


    You can check the status of your company's Corporate Income Tax Return and tax assessment by logging in to myTax Portal or using the Corporate Tax Integrated Phone Service. More details are available here.

    Please allow up to three working days for the filing status of your e-Filed Form C-S/ C to be available for viewing via the “View Corporate Tax Filing Status” e-Service at myTax Portal.

    2) How do I inform IRAS if I need to make changes to a submitted Corporate Income Tax Return?


    You are encouraged to complete the Corporate Income Tax Return carefully to avoid making mistakes. However, if there are errors discovered after submitting the Corporate Income Tax Return, please revise the amount declared and/ or submit a revised tax computation via the “Revise/ Object to Assessment” e-Service at myTax Portal. Find out more here.

    Getting Your Tax Bill

    1) When will I receive my tax bill?


    Please refer to our Tax Assessment Process for an overview of the tax return review cycle and timeline which you can expect to receive your tax bill, also known as the Notice of Assessment (NOA). Following the issuance of the NOA, a copy will also be available for viewing via the "View Corporate Tax Notices (PDF, 687KB)" e-Service at myTax Portal.

    2) I do not agree with IRAS' tax bill. How can I object to the NOA?


    If you do not agree with the tax assessment raised by IRAS, please file an objection within two months from the date of the NOA to have your tax assessment reviewed and revised. The objection may be filed via the "Revise/ Object to Assessment” e-Service at myTax Portal. Find out more on the Objection and Appeal process.

    3) How do I pay my tax?


    Notwithstanding any objection, tax assessed on Form C-S/ C filed must be paid within one month from the date of the NOA. Most taxpayers pay their taxes by GIRO. Join GIRO now to enjoy maximum convenience on your tax payments.

    Alternatively, you can make full payment via other electronic payment modes such as AXS and Internet Banking. Find out more here.

    4) How do I get a refund for my tax credit?


    There is no need for you to submit a claim for refund as tax credits are automatically refunded within 30 days from the date the credit arose.

    Companies which pay taxes through GIRO from their own bank account will receive refunds to the same bank account. Those without GIRO arrangements will receive their refunds through cheques. Please deposit the cheque into your bank account immediately as it is only valid for three months from the date of issuance.

    Find out more on tax refunds.

    Assistance

    1) How do I e-File Form C-S/ C?


    You may refer to the detailed guides on e-Filing of Form C-S/ C: 

    Form C-S Form C 

    User Guide - Form C-S/ Form C-S (Lite) (Company) (PDF, 1.48MB)

    Tips on e-Filing Form C-S

    FAQs - Form C-S/ Form C-S (Lite) (PDF, 381KB)

     

    User Guide - Online Form C (Company) (PDF, 2.23MB)

    User Guide - Form C (Upload) (Company) (PDF, 1.94MB)

    Tips on e-Filing Form C

    FAQs - Form C (PDF, 1.25MB)

     

     

    We encourage you to e-File early. Companies may incur penalties and face enforcement actions for late or non-filing of their Income Tax Returns. 

    2) Where can I find help with filing my Corporate Income Tax Return? 


    You may contact us for more information.

    IRAS also conducts seminars to equip companies with the basic knowledge on corporate income tax. You are encouraged to sign up for a seminar to find out more about corporate taxation if you need help to file your return. Subscribe to our e-Alerts 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 two e-Learning videos on the Corporate Tax Filing Obligations and Basis of Assessment (12m 42s) and the Taxability of Income (5m 44s). The remaining videos will be rolled out progressively.

     

    3) Using Accounting Software to Prepare and File Form C-S Seamlessly? 

    IRAS and the Accounting and Corporate Regulatory Authority (ACRA) have co-created a digital solution that allows companies to automate the preparation and filing of Form C-S and Annual Return to IRAS and ACRA respectively via accounting software. The digital solution leverages the Application Programming Interface (API) to simplify the tax filing process for companies and reduces their risk of making errors.

    Find out more about the digital solution.