Form C-S/ C
The Form C-S/ C are types of Corporate Income Tax Return. The forms are used to declare a company’s actual annual income to IRAS. It is mandatory for every company in Singapore to file their Corporate Income Tax Return (Form C-S/ C), even if they are making losses. The deadline for submitting Form C-S/ C is 30th November for a YA.
The forms can be e-filed by an authorized individual from the company or tax agent on behalf of the company. The company must authorize them for “Corporate Tax (Filing and Applications)” in Corppass.
The company or the tax agent can also leverage the Basic Corporate Tax Calculator to prepare tax computations and tax schedules when filing their tax returns.
In YA 2102, Form C-S was introduced as a simplified version of Form C to make it easy for qualifying small companies to file their Income Tax Returns. The form has fewer fields and doesn’t require the company to submit any documents unless requested by IRAS.
Which companies can file Form C-S?
Companies that meet the following criteria can file Form C-S:
- Incorporated in Singapore
- Annual Revenue of $5 million or less
- Derives income taxable at the prevailing corporate tax rate of 17%
- Not claiming any of the following in the YA:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
Form C-S (Lite) has been introduced to make the e-filing process even simpler for small companies. It has only six essential fields that the companies need to fill. Companies that are qualified to file Form C-S and have annual revenue of $200,000 or below have the option to file Form C-S (Lite).
All companies that are not qualified to submit Form C-S are required to e-file Form C. Along with the form, the companies also need to submit their financial statements, tax computation and supporting schedules.
Failure to File Form C-S/ C
Do note that late submission may be costly to your business. In the case of non-filing by the due date, IRAS would issue a Notice of Assessment (NOA) based on the ECI submitted earlier by the company. If the company doesn’t agree with the estimate mentioned in the NOA, they can e-file an objection within two months from the date of NOA along with its Income Tax Return (Form C-S/ C). The company still needs to pay the tax on IRAS’ estimated assessment within one month from the date of NOA, even if they have filed an objection.
In some cases, IRAS may impose fines for late filing or even issue a court summon to officers of the company. Once summon of the court is issued, an officer is required to attend court and pay even more composition fines.