Companies / Self-Employed / Partnerships

Corporate Tax Filing Season 2024

Corporate Tax Filing Season has begun. File your company’s Corporate Income Tax Return for YA 2024 early to avoid last minute rush, ahead of the 30 Nov 2024 deadline.

Preparing your company's YA 2024 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.

Commission-paying organisations: Received a notice from IRAS? Here’s what to do.

For Tax Season 2024, some 650 commission-paying organisations enjoyed fuss-free submission of income information of their commission agents as they onboarded the e-Submission of Commission.

From Year of Assessment (YA) 2024, all commission-paying organisations are required under the law to collect, retain and submit the identification and income information of their commission agents (including non-individuals) if they receive notice(s) from IRAS informing them to do so. Learn more.

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) 2024. 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 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 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:

1.  Automatic 15-day extension of filing due date; and
2.  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

Frameworks to Guide Companies on Tax Governance and Tax Risk Management

IRAS has rolled out two 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 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)? 

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

Companies may adopt #SeamlessFilingFromSoftware (#SFFS) to automate the preparation and filing of Form C-S and Annual Returns to IRAS and Accounting and Corporate Regulatory Authority (ACRA) seamlessly via accounting software. #SFFS aims to help companies reduce their regulatory burden and is designed to benefit companies with simpler tax affairs.  

To support more companies and tax agents to adopt #SFFS for greater productivity, companies may tap on the following  support schemes for funding of the enhanced accounting software. 

Update Your Email Address(es) to Receive Timely Notification

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 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

If your company is dormant or applying for strike off with the Accounting and Corporate Regulatory Authority, you can apply for a waiver to file its Form C-S/ Form C-S (Lite) / Form C via the Apply for Waiver/ File last Form C-S/ C (Dormant/ Striking Off)) digital service. More information can be found at Dormant Companies and Companies Applying for Strike Off/ to Cease Registration respectively.

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:

• applying for eGIRO via myTax Portal with DBS/POSB, OCBC, UOB, Bank of China and Maybank; or
• completing GIRO application form for Corporate Tax.

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

For more information, please refer to our website on Tax Payment.

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:

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

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 from GoBusiness Singapore

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.

Register for PayNow Corporate or GIRO to receive your payouts more quickly.

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.