Corporate Tax Return Filing for Singapore businesses

Timely and effortless tax filing (Form C/C-S) with YiKai Advisory’s dedicated accountants.

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Filing Form C/C-S is mandatory in Singapore businesses.

• All Singapore companies must e-File their Corporate Income Tax Returns with IRAS using Form C or Form C-S.
• The filing deadline is 30 November, with no extensions granted.
• Tax return covers income earned in the preceding financial year (Year of Assessment YA).
• Form C-S is for companies with annual revenue of $5 million or below, taxed at the prevailing corporate tax rate of 17%, and not claiming loss carry back relief, group relief, investment allowance, or foreign tax credit.
• Companies that do not meet the Form C-S criteria must submit Form C along with financial statements.

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Frequently Asked Questions

• What is Form C or Form C-S?
  
  Form C and Form C-S are both corporate tax returns to be e-filed with IRAS on an annual basis.
  The Form C-S being a simplified version of the Form C, contains fewer fields to fill. The Form C-S mainly comprises of the following:
  • A declaration statement of the company’s eligibility to file the Form C-S;
  • Information on tax adjustments (i.e. adjustments for non-taxable income and non-deductible expenses);
  • Information from the financial accounts;
    
    
• What are the requirements for a company to qualify to file for Form C-S?
  
  Companies qualify to file for Form C-S if all of the following conditions are met:.
  1. A declaration statement of the company’s eligibility to file the Form C-S;
  2. Information on tax adjustments (i.e. adjustments for non-taxable income and non-deductible expenses);
  3. Information from the financial accounts;
  4. The company is 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
       
       
• What happens if you don’t comply with the filing requirements?
  
  Neglecting annual returns and tax filing can have serious consequences for businesses. ACRA’s revised penalty framework imposes fines for late filing, with penalties of S$300 and S$600 for missing deadlines. Failure to file annual tax returns can result in an estimated Notice of Assessment (NOA) with higher taxes, which must be paid within one month. Non-compliance may lead to legal action. Simplify the process by engaging our experienced accounting secretary services for hassle-free filing.
  
  
• Can I switch from another accounting firm?
  
  Certainly. Our goal is to make the transition seamless for you. We will directly communicate with your current accounting service provider, take responsibility for your financial documents, and conduct a thorough audit to ensure compliance. We will address any outstanding matters with HMRC, organize historical data, and meticulously prepare and file the required reports. Additionally, we provide ongoing guidance on relevant tax exemptions, helping you optimize your tax strategy.
  
  
• I would like to switch but my accounts are messy. What should I do?
  
  If your accounts are messy, our team will address this during onboarding with an initial accounting review. This helps identify issues and propose corrective measures, a process known as ‘Reconstruction of Accounts,’ ensuring your business accounts comply with the Accounting Standards of Singapore. Afterward, our accountant will welcome you with our hassle-free digital solutions and accounting services.
  
  Leave us your email through the contact form or call us to speak with an accountant or sales representative for a free consultation on the pricing and fees of our accounting services today.
  
  
• How are YiKai Advisory’s accounting and tax plans priced?
  
  YiKai Advisory’s accounting plans are priced according to the average monthly expenses of a company and based on a financial year period  (not calendar year). A company’s FYE can be found publicly from ACRA’s website or on the First Directors Board Resolution. They can also search their UEN or Company Name on the Open Gov website.
  
  We monitor a client’s monthly expenses over a financial year period and will adjust the final plan price based on the actual expenses resulting in a potential credit or debit based on the initial plan taken.