taxBytes@IRAS: Jul – Sep 2021

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.

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.

IVAS-IVSC Business Valuation Virtual Conference 2021

We continue to work with strategic partners like the Institute of Valuers and Appraisers, Singapore (IVAS) and International Valuation Standards Council (IVSC) to raise awareness of the latest developments in business valuation. Themed “Reframing Valuations: Intangibles, ESG and Long-Term Value”, this year’s virtual conference will focus on insights regarding assessing, reframing and growing long-term corporate value.  

Apply this promo code: BVCP@2021 under the “Sponsors and Partners” category to enjoy a special rate! Visit www.ivasconference.com for more information.