Companies / Self-Employed / Partnerships

Five fundamental Corporate Income Tax tips for companies

As the year comes to a close, companies are gearing up for the Corporate Income Tax (CIT) filing for the Year of Assessment (YA) 2023. Learn about the five CIT tips to help you navigate your company’s CIT filing without breaking a sweat.

Five ways tax filing is made easy for new companies with the New Company Start-Up Kit

Have you started a new company and are filing your Corporate Income Tax (CIT) Return for the first time?

Find out the five ways which the New Company Start-up Kit helps companies understand their first filing obligations.

Five reasons for companies to use #SeamlessFilingFromSoftware (#SFFS)

Adopt seamless filing from software for Corporate Tax Season 2023 for hassle-free filing. Read about the five reasons why companies should hop on #SFFS.

In brief: 2 additional benefits for adopting #SeamlessFilingFromSoftware (#SFFS)

Companies and tax agents who adopt #SeamlessFilingFromSoftware (#SFFS) will enjoy two additional benefits for the Year of Assessment (YA) 2023 to YA 2025.

Companies and tax agents filing taxes seamlessly from software enjoy benefits

Companies and tax agents filing Corporate Income Tax Returns (Form C-S) seamlessly from software can enjoy two benefits for YA 2023 to YA 2025:

Automatic 15-day extension of filing due date; and
Waiver of penalties for errors made in the return due to unfamiliarity with its use.

Seamless filing from software is part of IRAS’ digitalisation efforts to provide a hassle-free tax filing experience for companies and tax agents by integrating tax into the systems that businesses use in their daily operations. Businesses will be able to enjoy up to 95% time-savings and improved compliance as their tax computations and tax returns can be automatically generated and filed from their software.

Read more about how IRAS is providing a hassle-free tax filing experience for companies here and for tax agents here .

Companies going for strike-off, file using IRAS’ digital service for faster processing time

Corporate Income Tax (CIT) Filing Season 2022

The digital service for filing Form C-S/ Form C-S (Lite)/ Form C for the Year of Assessment (YA) 2022 is now available. Companies can log in to mytax.iras.gov.sg to file the YA 2022 CIT returns now. The deadline to file is 30 Nov 2022.

File early to avoid the last-minute rush! Visit the Corporate Income Tax Filing Season 2022 page to find out more details on your company’s tax filing obligations.

New Frameworks to Guide Companies on Tax Governance and Tax Risk Management

IRAS has rolled out two new frameworks, the Tax Governance Framework (TGF) and the Tax Risk Management and Control Framework for Corporate Income Tax (CTRM), to guide companies to establish good tax governance and tax risk management essential for effective corporate governance. The TGF and CTRM will complement the existing Goods and Services Tax Assisted Compliance Assurance Programme (GST ACAP) to form a suite of voluntary compliance initiatives that companies can adopt holistically or as independent programmes, subject to their readiness and business needs.

Find out more on two new tax frameworks for companies to strengthen tax compliance.

2-line Statement Extended to Partnerships

Partnerships will now enjoy simplified tax filing using the 2-line statement i.e. Revenue and Adjusted Profit/Loss when their revenue is $200,000 or less this tax season. Previously, only sole-proprietors with revenue of $200,000 or below are able to enjoy the benefits of filing the 2-line statement. Partners and sole-proprietors will need to report their business income using the 4-line statement i.e. Revenue, Gross Profit/Loss, Allowable Business Expenses and Adjusted Profit/Loss, only when their revenue exceeds $200,000.

Remember to File your Company’s Estimated Chargeable Income (ECI)

Does your company have:

An annual revenue of more than $5 million for the financial year?
A positive Estimated Chargeable Income (ECI) for the Year of Assessment (YA)?

If your answer to any of the above questions is yes, your company is required to file the ECI within 3 months from its financial year end.

Tax Guidance on Permanent Establishment Arising from COVID-19 Travel Restrictions

Employees of a foreign company may have to remain in Singapore due to the travel restrictions relating to COVID-19. IRAS has considered that such presence will not result in a permanent establishment in Singapore for the foreign companies, subject to conditions. This treatment is applicable until 31 Mar 2022 and will not be further extended.

Click here for more.

Filing Form C-S (Lite)

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 straightforward tax matters.

Seamless Filing for Companies

IRAS and the Accounting and Corporate Regulatory Authority (ACRA) have introduced a digital solution that allows companies to automate the preparation and filing file of Form C-S and Annual Returns to IRAS and ACRA respectively via accounting software. The digital solution aims to help smaller companies reduce their regulatory burden and is therefore designed to benefit local companies with simpler tax affairs.

Companies may tap on the following support schemes for funding of the enhanced accounting software.

Digital by Default

Most IRAS notices have been digitised, with paper notices minimised. To receive timely notifications when your company’s notices are ready for viewing in myTax Portal, please verify/ update your email address(es) and notification preference via the “Update Notice Preferences” digital service.

Enhanced “Revise/ Object to Assessment” Digital Service

If you discover an error in your tax return, or do not agree with the tax assessment raised by IRAS, you can use the "Revise/ Object to Assessment” digital service on myTax Portal to disclose the error or to lodge an objection. The digital service has recently been enhanced, and can now:

Pre-load the latest Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) assessment figures for ease of amendments
Allow selection from a list of key reasons when disclosing errors
Display information on the type of documents that you are required to submit based on your scenario(s)

Along with the enhancements, you can also expect to receive the revised Notice of Assessment earlier.

Applying for a Waiver to File the Corporate Income Tax (CIT) Return

With effect from 1 Oct 2021, IRAS will no longer accept the hardcopy Application for Waiver of Income Tax Return (Form C-S/ C) Submission by a Dormant Company. Companies will have to apply for the waiver via the Apply for Waiver to Submit Tax Return (Dormant Company) e-Service (which will be renamed as Apply for Waiver/ File last Form C-S/ C (Dormant/ Striking Off)).

The e-Service provides companies with the convenience of e-Filing their Form C-S/ C for advance Years of Assessment (YA) (up to the date of business cessation) where the Form C-S/ C e-Filing service for that YA is not available yet. Companies must e-File the Form C-S/ C, financial statements and tax computations (where applicable) within 21 days from the date of waiver application, failing which the application will be rejected.

Corporate Income Tax Filing Season 2021

The Year of Assessment (YA) 2021 Form C-S/ C filing services are now available. Log in to mytax.iras.gov.sg using Singpass to file your company’s Corporate Income Tax Return.

The deadline for filing your company’s Corporate Income Tax Return (Form C-S/ C) for YA 2021 is 30 Nov 2021.

Visit the Corporate Income Tax Filing Season 2021 page to help you better understand your company’s tax filing obligations.

Reminder to Pay Corporate Income Taxes

Received your company’s Notice of Assessment (NOA)? Take note that companies must pay the tax stated in the Notice of Assessment (NOA) within one month from the date of the NOA.

Enjoy hassle-free payment of your Corporate Income Tax when you sign up for GIRO by completing either the Master GIRO application form or the GIRO application form for Corporate Tax.

Payment can also be made via internet banking bill payment, internet banking fund transfer, AXS or PayNow QR.

Filing of Estimated Chargeable Income (ECI) for Companies

All companies must file the Estimated Chargeable Income (ECI) within three months from their financial year end.

However, your company does not need to file the ECI for that particular YA if it meets both of the following criteria:

Annual revenue is not more than $5 million for the financial year; and
ECI is NIL for the YA.

Reminder to e-File Corporate Income Tax Returns for YA 2020 by 15 Dec 2020

All companies, take note.

The deadline for e-Filing your company’s Corporate Income Tax Return (Form C-S/ C) for Year of Assessment (YA) 2020 is 15 Dec and it is fast approaching. This submission applies to all companies, including those that did not carry on business or have incurred a loss. Paper submissions of Form C-S/ C will not be accepted

Have questions or require assistance? Visit go.gov.sg/CIT2020 to get the corporate tax filing information you need or view our handy video guides for answers to your commonly asked questions.

Preparing your company's YA 2020 tax computation with the Basic Corporate Tax Calculator

Before completing the Corporate Income Tax Returns (Form C-S/ C), companies should prepare a tax computation with supporting schedules.

Not sure how to prepare a tax computation? Check out our Basic Corporate Tax Calculator. Breeze through your preparations with this useful tool.

Tax Guidance on Tax Residency for Companies and Individuals

Due to the travel restrictions relating to COVID-19, IRAS has provided a set of tax guidance on tax residency for companies and individuals. Please read details here.

Corporate Tax Filing made simpler, faster with Form C-S (Lite)

When it comes to essential considerations for small companies, it would be speed, ease and cost savings. That’s why we built Form C-S (Lite): a simplified income tax return requiring only six essential fields to be completed for companies with straight-forward tax matters.

Receive GST refunds via PayNow Corporate

Not using GIRO? You can also register for PayNow Corporate with your UEN, NRIC or FIN to enjoy greater convenience and efficiency with direct crediting of refunds to your bank account.

Register for PayNow Corporate by linking your UEN/NRIC/FIN to your bank account via Internet Banking. For more information, please visit the websites of these participating banks: BOC, Citibank, DBS, HSBC, ICBC, Maybank, OCBC, Standard Chartered Bank, UOB.

Access Government Assistance Schemes with GoBusiness Gov Assist

In need of assistance and not sure which government assistance schemes are relevant to your business? Check out the GoBusiness Gov Assist website. Simply fill up a quick questionnaire and the e-Adviser will direct you to the relevant assistance schemes. You will also be able to research on various schemes available with the online directory.

For your convenience, the following features listed below are now made available on the GoBusiness Gov Assist website:

GeBiz Alerts: Get the latest alerts on Government procurement opportunities when you sign up for notifications with CorpPass
Productivity Solutions Grant Listing: Search for the list of solutions supported by the grant
SME Centre New e-Appointment Booking: Book an appointment to speak with the SME Centres’ Business Advisor

Support for Businesses

Enhanced Jobs Support Scheme (JSS)

The first tranche of payouts has begun from 15 Apr 2020 and subsequent payouts will be made in Jul 2020 and Oct 2020.

Property Tax Rebate

Non-residential properties will be granted a property tax rebate.

The rebate notices will be issued and posted to property owners from end-April onwards. Property owners can log in to myTax Portal from end-April to view their notices. All property owners would receive their notices by 31 May 2020.

Automatic Deferment of Corporate Income Tax Payments for Companies

All companies with CIT payments due in the months of April, May and June 2020 will be granted an automatic three month deferment of these payments.

IRAS will be sending out letters in April 2020.

Automatic Deferment of Income Tax Payments for Self-Employed Individuals

For income tax payments and one-time income tax payment due in May, June and July 2020, there will be a 3-month deferment to August, September and October 2020 respectively.

Help for Businesses and Workers – Jobs Support Scheme and Enhancement to Wage Credit Scheme

JOBS SUPPORT SCHEME (JSS)

As announced in Budget 2020, employers will receive an 8% cash grant on the gross monthly wages of each local employee, up to a monthly cap of $3,600, for three months of wages paid in October to December 2019. The JSS payment will be disbursed to employers automatically by 31 May 2020.

ENHANCEMENT TO WAGE CREDIT SCHEME (WCS)

The government co-funding for wage increases in 2019 and 2020 will be raised to 20% and 15%, from 15% and 10%, respectively. Qualifying gross wage ceiling will also be raised to $5,000 from $4,000 for both years.

WCS Payouts from March 2020

Qualifying employers can look forward to receiving their Wage Credit Scheme (WCS) payouts via their GIRO account or PayNow Corporate from March 2020. Those benefitting from the scheme enhancements will be notified by end Sep 2020 and will receive the supplementary payout thereafter. No more cheques will be issued for the payouts.

Those who have not registered for PayNow Corporate can sign up by linking the organisation's UEN (without suffix) [e.g. ROC (2019XXXXXA), ROB (531XXXXXA), UEN (T19LLXXXXA)] to the bank account via Internet banking.