Corporate Income Tax Filing Season 2023

In order to file via mytax.iras.gov.sg, you have to first be authorised by your company to act for its Corporate Income Tax matters via Corppass. View our step-by-step guides for assistance on Corppass setup.  

Form C-S is for companies that:

• Are incorporated in Singapore;
• Have an annual revenue of $5 million or below;
• Derive income taxable at the prevailing Corporate Income Tax rate of 17%; and
• Are not claiming the following:
  • Carry-back of Current Year Capital Allowances/ Losses
  • Group Relief
  • Investment Allowance
  • Foreign Tax Credit and Tax Deducted at Source

Form C-S (Lite) is for companies that qualify to file Form C-S and have an annual revenue of $200,000 or below.

Form C is for companies that do not qualify to file Form C-S or Form C-S (Lite). Financial statements, tax computations and supporting schedules must be filed together with Form C.

• Company was newly incorporated in 2022
• Company was in a loss position for the financial year 2022
• Company was dormant for the financial year 2022
• Company's YA 2022 tax assessment is currently under IRAS’ review

Company was newly incorporated in 2022

Yes, if your company closed its first set of financial statements in 2022, and derived income or started business in 2022.

Visit our Basic Guide to Corporate Income Tax for Companies page where you can get help with filing your company’s tax returns for the first time. You can also access the New Company Start-Up Kit, an interactive guide to learn more about Corporate Income Tax filing obligations. It customises your filing information, provides useful tips and generates email reminders about your tax filing obligations.

Summary:

Company was in a loss position for the financial year 2022

Yes, you must file your Corporate Income Tax Return as long as you have carried out business.

Company was dormant for the financial year 2022

Yes, you must file your Corporate Income Tax Return, unless your company has been granted a waiver to file the return.

If your company did not carry on business and had no income for the whole financial year 2022, it is regarded as a dormant company for YA 2023. You may file your Corporate Income Tax Return using the File Form C-S/ C for Dormant Company digital service at mytax.iras.gov.sg.

Learn more about dormant companies.

Company's YA 2022 tax assessment is currently under IRAS' review

Yes, you have to file the YA 2023 Corporate Income Tax Return based on the YA 2022 tax position filed with IRAS. The same deadline of 30 Nov 2023 applies. 

Any unutilised loss items and tax written down values of assets (for the purposes of computing capital allowances) to be carried forward to YA 2023, for set-off against the taxable income of YA 2023, should be based on the YA 2022 tax computation prepared by your company.  

When 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 2022 Form C-S/ Form C-S (Lite)/ Form C.

Learn more about the Corporate Income Tax Return review process.

Taxable income refers to:

• Gains or profits from any trade or business
• Income from investment such as dividends, interest and rental
• Royalties, premiums and any other profits from property
• Other gains that are revenue in nature

Such income is taxed when it is:

• Accrued in or derived from Singapore; or
• Received in Singapore from outside Singapore

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

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

Learn more about the deductibility of expenses and the tax reliefs available to lower your tax burden. You may also watch this video on the Tax Deductibility of Expenses (4m 59s).

• Wrongful claims of non-deductible expenses:
  • Interest expenses attributable to non-income producing assets or investments that produce exempt dividends
  • S-plated cars purchased for business use, including the cost of the car and the associated running expenses
• Understatement of income (e.g. omission of particular receipts or invoices issued or transactions settled in cash)
• Failure to keep proper records and accounts, resulting in the understatement of sales or overstatement of expenses in tax returns

View common Corporate Income Tax Return filing mistakes.

Use the IRAS Basic Corporate Income Tax Calculator to compute the amount of taxes your company has to pay. Explanatory notes to guide you through tax computation and validation checks against common errors are included in the calculator.

An investment holding company is 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. 

Learn how to prepare the tax computation for your investment holding company.

The status of your company's Corporate Income Tax Return and tax assessment can be found at mytax.iras.gov.sg or through the Corporate Income Tax Integrated Phone Service. Learn how to check your Form C-S/ Form C-S (Lite)/ Form C submission and assessment status.

Your company’s filing status may only be viewed at the View Corporate Tax Filing Status digital service at mytax.iras.gov.sg 3 working days after you have filed your company’s Form C-S/ Form C-S (Lite)/ Form C.

Revise the amount declared and/or submit a revised tax computation via the Revise/ Object to Assessment digital service at mytax.iras.gov.sg. Learn more about making changes to your company’s tax submission.

View the IRAS tax assessment process for an overview of the tax return review cycle and timeline that you can expect to get your tax bill, also known as the Notice of Assessment. After your Notice of Assessment is issued, you can access it via the View Corporate Tax Notices/ Letters digital service at mytax.iras.gov.sg.

File your objection via the Revise/ Object to Assessment digital service at mytax.iras.gov.sg within 2 months from the date of the Notice of Assessment if you wish to have your tax assessment reviewed and revised. 

Learn more about the objection and appeal process.

Payment must be made within 1 month from the date of the Notice of Assessment, notwithstanding any objections. Payment modes include GIRO (preferred), PayNow QR, AXS, Internet Banking and other electronic payment modes. 

Learn more about the payment methods for Corporate Income Tax.

Tax credits are automatically refunded within 30 days from the date the credit arose. There is no need to submit a claim.

If your company pays taxes through GIRO from its own bank account, it will receive the refund to the same bank account. Alternatively, the refund will be via PayNow Corporate.

Learn more about tax refunds.