How To File Corporate Income Tax Return in Singapore

Your company is newly incorporated. And now, you may be wondering how to file corporate income tax (CIT) in Singapore, among other concerns. It can be confusing especially if you are new to the market or if you are unfamiliar with the tax system.

We ensure that all your questions regarding tax filing will be answered throughout the discussion. Let’s get started with the basics of what you need to know for the current tax year.

Understanding Your Tax Filing Obligations

Corporate Income Tax: What is it?

Corporate or company income tax, usually shortened as CIT, is a tax imposed by governments on the income/profit of corporations serving as a source of revenue for the national government.

The rate is a flat 17% on chargeable income, and it both applies to local and foreign companies operating within the country.

Key Points to Remember

Here is a simplified table that outlines your filing obligations based on your company’s year of incorporation and when you closed your first set of accounts.

Year of Incorporation	Year First Set of Accounts Closed	Need to File for YA 2024?	Required Actions
2022	2023	Yes	File your YA 2024 CIT Return Apportion your profits/losses to YAs 2023 and 2024 if your first set of accounts covers more than 12 months
2023	2023	Yes, if your company commenced business or received income in 2023	File your YA 2024 CIT Return
2023	2024	No	No action required
2024	2024	No	No action required

Special Situations

The following are special situations and information whether you must file a return for such scenario or not.

Loss-Making Companies

Even if your company was in a loss position for the 2023 financial year, you should still file a return if you carried out business.

Dormant Companies

If your company didn’t carry on business and had no income for the entire 2023 financial year, it is considered dormant. You still need to file unless IRAS has granted a waiver.

Companies Under IRAS Review

If your YA 2023 assessment is currently under review by IRAS, you still need to file for YA 2024 based on the YA 2023 tax position you filed. The standard deadline of 30 Nov 2024 applies.

Always remember that filing your corporate tax return is a legal requirement. Penalties will be imposed if you fail to file or file late.

Types of Corporate Income Tax Forms

You will encounter three forms when declaring your company’s actual income: Form C-S, Form C-S (Lite), and Form C. In this part, we will try to differentiate the three to identify which form your company should use.

Form C-S

Form C-S is a simplified form designed for companies that meets the below criteria.

✔ Incorporated in Singapore
✔ Annual revenue of SGD 5 million or below
✔ Income taxable at the standard corporate tax rate of 17%
✔ Not claiming certain tax benefits (e.g., carry-back of current year capital allowances/losses, group relief, investment allowance, foreign tax credit)

Benefits: shorter form with fewer fills to complete, no need to submit financial statements and tax computations (but keep them for reference)

Form C-S (Lite)

Form C-S (Lite) is an even simpler version for smaller companies.

✔ Meets all criteria for Form C-S
✔ Annual revenue of SGD 200,000 or below

Benefits: extremely simplified form with minimal fields, designed for very small businesses with straightforward tax situations

Form C

Form C is the standard, comprehensive form for companies that do not qualify for either of the two forms above.

✔ Companies with annual revenue exceeding SGD 5 million
✔ Companies claiming tax benefits not allowed under Form C-S
✔ Foreign companies with branches in Singapore

The form is more detailed and must be submitted alongside financial statements, tax computations, and supporting schedules

Quick Overview of the Forms

Criteria	Form C-S (Lite)	Form C-S	Form C
Annual Revenue	≤ SGD 200,000	≤ SGD 5 million	Any
Incorporation	In Singapore	In Singapore	Any
Tax Rate	17%	17%	Any
Special Tax Claims	Not Allowed	Not Allowed	Allowed
Financial Statements Required	No	No	Yes
Complexity	Lowest	Medium	Highest

Choosing the Right Form

1. Check your company’s annual revenue.
2. If you are eligible for Form C-S or C-S (Lite), make sure that you meet all other criteria such as incorporation, tax rate, and no special claims.
3. When in doubt, use Form C. Yes, it requires more information, but it guarantees that you can report all necessary details.

Key Deadlines for Corporate Tax Filing in Singapore

Take note of these key deadlines for corporate tax filing so you won’t miss the filing dates and get penalised.

Estimated Chargeable Income (ECI)

• Due within three months after your financial year-end
• Applies to companies with annual revenue exceeding SGD 5 million
• Helps IRAS estimate your tax liability for the year

Corporate Income Tax Return

• Due by November 30th of the Year of Assessment
• This is the main tax filing deadline for all companies
• Make sure that you filed the correct form

Extension for Filing (Form CPE)

• Request before the original filing deadline
• Useful if you need more time to prepare your tax return
• IRAS may grant extensions on a case-by-case basis

Payment of Corporate Income Tax

• Usually due one month after receiving your Notice of Assessment
• The exact date will be specified in your Notice of Assessment
• Late payments may incur penalties and interest

Payment by Instalments (Form IR8S)

• Available for eligible companies
• Allows you to spread your tax payments throughout the year
• You must apply and be approved by IRAS to use this option

Important Notes:

1. Mark these dates in your corporate calendar.
2. Set up internal reminders well in advance of each deadline.
3. Consider filing early to avoid last-minute rushes.
4. Contact IRAS for options if you foresee difficulties meeting these deadlines.

Preparing Your Tax Computation

Preparing your tax computations means you calculate your company’s taxable income and determine the tax payable.

Taxable income is any of the following streams of money that goes into your company.

1. Gains or profits from any trade or business
2. Income from investments like dividends, interest, and rental
3. Royalties, premiums and other property-derived profits
4. Other revenue gains

Income is taxable when it’s accrued in or derived from Singapore or received in Singapore from outside sources.

You can claim deductions for expenses that are “wholly and exclusively” incurred in the production of income. Some common deductible expenses include:

• Employee salaries and wages
• Rental of business premises
• Utilities and office supplies
• Depreciation of fixed assets (capital allowances)
• Research and development costs

IRAS provides a Basic Corporate Income Tax Calculator to help companies compute their tax liability.

Filing Process

1. Go to myTax Portal.
2. Then log in using your Singapore Corporate Access (CorpPass) credentials. But make sure you have the necessary authorisations for corporate tax matters.
3. Once you are logged in, select “Corporate Tax” from the main menu.
4. Select “File Form C-S/C-S (Lite)/C” depending on your company’s eligibility.
5. Enter all the required information and check if you have inputted them accurately. If needed, upload supporting documents.
6. After you confirm that all the information is correct, click “Submit”.
7. Save or print the acknowledgement page for your records.

What to Expect After Filing

After submitting your corporate tax return, here are the processes and the potential actions you can follow.

Confirmation of Receipt

Upon successful submission, you will receive an acknowledgement page wherein you can save or print this for your records.

You can check your submission status immediately after filing. The detailed filing status becomes available in the “View Corporate Tax Filing Status” section of myTax Portal after 3 working days.

Assessment Process

IRAS will review your submitted return. The time for this process varies depending on the complexity of your filing and IRAS’s current workload.

• Once IRAS completes its review, they will issue a Notice of Assessment (a document outlining your company’s tax liability for the year).
• If you fail to file your tax return on time, IRAS may issue an estimated assessment based on previous years’ data or other available information.

Tax Payment

As previously mentioned, payment is usually due within a month from the date of the Notice of Assessment. There are different payment methods including GIRO, PayNow, and electronic fund transfer.

And if you are eligible, you can also apply to pay your tax in instalments.

Objections and Appeals

If in case that you disagree with the assessment,

• File the objection within two months from the date of the Notice of Assessment.
• Use the “Object to Assessment” Function in myTax Portal.
• Then provide clear explanations and any supporting documents for your objection.

IRAS Queries

IRAS may contact you for additional information or clarification. Here is how to professionally respond to them.

• Answer their queries immediately.
• Provide requested information/documents within the timeframe they specify.
• If you need more time to respond, contact IRAS to request an extension.

Audits and Investigations

Always come prepared for potential audits. Maintain proper records and documentation. If your company is selected for an audit, cooperate fully with IRAS officers.

Refunds

If you have overpaid your taxes, refunds are automatically processed within 30 days of the assessment. So be sure that your company’s bank account details are updated in myTax Portal to avoid refund errors.

Planning for Next Year

Use this year’s filing experience of yours to prepare for the next tax season. Review the challenges you faced during the current tax filing and see where you can implement better record-keeping practices.

After which, draft your tax planning strategies and it’s best to create them with the help of a tax advisory service provider.

Conclusion

Having learned the processes and some tips for tax filing in Singapore, you must have already realised the importance of filing your corporate taxes correctly. The penalties can be significant so make sure your filings are spot on and on the dot.

Accounting services in Singapore can help you plan and file smoothly as they will be in charge of bookkeeping and financial reporting, tax advisory and compliance, audit services, payroll services and GST services. For companies that want extra assurance, working with the best tax consultants in Singapore ensures that your filings are accurate, compliant, and optimised for savings.

Don’t hesitate to leverage their expertise, as their services are cost-effective in the long run. You will definitely get your money’s worth.

Talk to us today to discuss your options and plans for the Year of Assessment 2024. Corporate Services Singapore is here to help you file your taxes accurately!