Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form
IR8A Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)
Notice of Assessment (NOA)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
SingPass
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Form C-S (Lite)

The Form C-S (Lite) is a simplified version of Form C-SThis form has only six fields to fill out and takes less than ten minutes to complete if all of the necessary information is readily available.

IRAS produced Form C-S, a simplified version of Form C, to make the process of filing tax returns for small businesses easier. It’s a three-page form with only 18 fields to complete. Companies with yearly revenues of SGD 5 million or less are eligible to fill out Form C-S.

The following are the primary documents needed to complete this form:

  • Statements of financial position.
  • Calculations of taxes.
  • Supportive schedules

Since YA2020, the C-S (Lite) form has been required to be filed by the 30th of November each year.

A dormant firm must also file its Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) by the 30th of November each year unless a waiver has been granted.

Who Is Eligible to File Form C-S (Lite)?

This form is for businesses with yearly sales of less than or equal to SGD 200,000. They must, however, meet the Form C-S qualifying requirements.

These are the following:

  • The business is based in Singapore.
  • The income of the corporation is taxed at the usual corporate rate of 17%.
  • No special schemes, such as foreign tax credits, carry-back of current year capital allowances or losses, are being used by the company.

Someone from the company or an external consultant with the necessary authority must fill out the form.

How to Fill Out Form C-S (Lite)?

On myTax, you can submit the form online. Although no physical documents must be presented with this form, the organization must nevertheless prepare appropriate documents to enter the accurate information.