Accounting Software That Supports Form C-S Filing
Companies may adopt #SeamlessFilingFromSoftware (#SFFS) to automate the preparation and filing of Form C-S to IRAS via accounting software. The entire filing process including Corppass authentication is linked to IRAS’ systems via Application Programming Interfaces (APIs), which acts as intermediaries that allow 2 applications to talk to each other. This simplifies the tax filing process for companies and reduces their risk of making errors.
Overview of #SFFS for Form C-S
Use an Accounting Software with #SFFS Corporate Income Tax (CIT) Digital Products/ Features
Companies must first maintain their operating transactions in the accounting software with the #SFFS CIT digital products/ features. You may refer to the Accounting Software Register Plus (ASR+) Listing for the eligible accounting software with CIT pre-fill tax data, CIT tax conversion, and submission of CIT Returns (Form C-S) digital products/ features. Learn more about the recommended digital products/ features for ASR+ accounting software.
One-time Data Mapping
Companies must perform a one-time mapping of the chart of accounts to a set of prescribed data elements (PDEs) in the accounting software. Instruction manuals and assistance will be provided by the Accounting Software Providers. Alternatively, companies may use the default data mapping which is available in some of the listed accounting software. The default data mapping is especially useful for newly-incorporated companies or companies new to using the accounting software. Companies can contact the accounting software providers to find out more.
Review and File Form C-S
Personnel who is authorised by the company to file its Form C-S can begin filing using the accounting software. The personnel should be granted the Corppass-Approver role for Corporate Income Tax filing purpose.
The accounting software will generate the following draft documents for review:
- Form C-S
- Profit & Loss Statement
- Tax Computation & Supporting Schedules
After review, the filer makes a declaration and files only the Form C-S to IRAS. An acknowledgement will be provided and displayed in the accounting software upon submission. Copies of the Profit & Loss Statement and Tax Computation & Supporting Schedules will be saved in the accounting software. They should be provided to IRAS only upon request. The deadline for filing the Form C-S via the accounting software is 30 Nov each year (e.g. YA 20X1 Form C-S has to be filed by 30 Nov 20X1). For YA 2023 to YA 2025, IRAS will automatically extend the CIT filing due date by 15 days (i.e. from 30 Nov to 15 Dec) for Form C-S returns filed through accounting software. Businesses filing YA 2023 to YA 2025 Form C-S returns through #SFFS do not need to separately request for the extension.
Qualifying Conditions to Use #SFFS for Form C-S
#SFFS for Form C-S aims to help smaller companies reduce their regulatory burden and is therefore designed to benefit local companies with simpler tax affairs.
A company can adopt #SFFS for Form C-S if it:
- Meets the qualifying conditions for filing Form C-S, i.e.
- Incorporated in Singapore
- Has an annual revenue of $5 million or below in the preceding financial year
- Derives income taxable at the prevailing Corporate Income Tax rate of 17%
- Not claiming any of the following in the Year of Assessment:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
- Is not an investment holding company and service company which provides only related party services
- Maintains Singapore dollar as company’s functional/ presentation currency
- Does not own subsidiaries, associates or joint ventures, and has no investment in intangibles
Companies looking to kick-start their adoption of accounting software for their operations and at the same time enjoy the benefit of fulfilling their statutory obligations seamlessly through #SFFS can tap on the respective government support schemes.