Corporate Tax Filing Season 2018

The Corporate Tax Filing Season 2018 is here. This page provides you with information on corporate income tax filing to help you better understand companies' tax filing obligations.

The due date for submitting the Corporate Income Tax Return (Form C-S/ C) for Year of Assessment (YA) 2018 is:

e-Filing: 15 Dec 2018
Paper Filing: 30 Nov 2018

 

e-Filing of Corporate Income Tax Return (including ECI, Form C-S/ C) is made compulsory in phases from YA 2018:

YATarget Group
2018Companies with revenue more than $10 million in YA 2017
2019Companies with revenue more than $1 million in YA 2018
2020All Companies

 

e-File via myTaxPortal (Log in using CorpPass account) 

Before you can e-File your tax return, you need to be authorised by the company to act for its corporate tax matter in CorpPass. For assistance on CorpPass setup, please refer to the Step-by-Step Guides.

This section provides you with information on the following topics:

Topics Questions 
Filing of Corporate Income Tax Return

1) Does my newly incorporated company need to file a Corporate Income Tax Return this year?

2) Which Corporate Income Tax Return do I use?

3) How does compulsory e-Filing impact my company?

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

Preparing a Tax Computation

(the tax computation contains necessary information required to complete the Corporate Income Tax Return)

1) What income is taxable?

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

3) What are the common filing mistakes to avoid?

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

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

Filing Status

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

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

Assistance

1) How do I e-File Form C-S/ C?

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

 

Filing of Corporate Income Tax Return

1) My company is newly incorporated. 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 accounts in 2017, and derived income or started business in 2017.

Check out our webpage to help newly incorporated companies file their tax returns for the first time.

Year of Incorporation Year in which 1st set of Accounts is ClosedIs Filing Required for YA 2018?What You Need To Do 
2016 2017 Yes
 2017 2017 Yes
  • Request for a YA 2018 tax return. Your request will be processed within 7 working days of receipt of the application form
  • e-File your YA 2018 tax return
 2017 2018 No
  • Not applicable 
 2018 2018 No
  • Not applicable 

*You do not need to request for the Corporate Income Tax Return as IRAS will issue one to your company.

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) How does compulsory e-Filing impact my company?


e-Filing is made compulsory in phases approach from YA 2018.

Find out more on how you can e-File Form C-S or Form C

4) 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 2017, it will be regarded as a dormant company for YA 2018.

A dormant company must submit its Corporate Income Tax Return through a simplified Form for Dormant Company, unless the company has been granted waiver of Income Tax Return submission. For more details, please refer to the user guide (1.06MB) in the e-Services "File Income Tax Return (Form for Dormant Company)" 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.

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 concessions, click here.

3) What are the common filing mistakes to avoid?


Find out more about:

Common filing mistakes made by companies include:

  • Duplicate claims for cash payout and 400% enhanced deduction/ allowance on the same dollar of expenditure under the Productivity and Innovation Credit (PIC) Scheme;
  • Claiming 500% instead of 400% enhanced deduction/ allowance on the qualifying expenditure under the PIC Scheme;
  • Understatement of income e.g. omission of particular receipts or invoices issued or transactions settled in cash

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


Basic Tax Calculator

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.

Third Party Solutions

You may also tap on third party solutions to help you prepare your tax computation and work out the tax payable. One example is TinkerTax*, a third-party web application which enables companies to convert their financial accounts into a tax computation. TinkerTax was developed by one of the winning teams from IRAS' Hackathon 2016.

*TinkerTax is owned and maintained by TinkerTax LLP, a third party vendor that is not associated with IRAS. If you wish to use the web application, you should do so based on independent consideration and exercise reasonable care. IRAS shall not be liable for any loss or damages arising from or in connection with your use of or reliance on the web application.

Charges apply for the use of the web application. As TinkerTax is a cloud computing service, costs incurred to use TinkerTax qualify for tax benefits under the Productivity and Innovation Credit (PIC) Scheme if it is incurred in the basis period relating to YA 2018. 

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


Find out more about the basis of assessment, deductible and non-deductible expenses, tax deductions, tax exemptions and tax computation for investment holding companies.

An investment holding company is one with principal activity that consists of owning investments such as properties and shares for long term investment and derives mainly investment income ("non-trade income") such as dividend, interest or rental income.

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.

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, you may revise the amount declared and/ or submit a revised tax computation. Find out more here.

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 

Tips on e-Filing Form C-S

FAQs on e-Filing of Form C-S

 

Tips on e-Filing Form C

FAQs on e-Filing of Form C

 

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


IRAS regularly conducts seminars to equip companies with the basic knowledge on corporate taxation from Sep to Nov. Participants will also learn how to prepare a tax computation and file a Corporate Income Tax Return using Form C-S/ C. You are encouraged to attend the seminar to find out more about corporate taxation if you are need help to file your return.

 

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