IRAS issues guidelines on filing of Form C-S

3 May 2012

IRAS has recently put up guidelines on their website on the new Form C-S for small companies.

From YA 2012, qualifying small companies may use Form C-S, instead of Form C, to declare their income.

To qualify, the company must:

  • be incorporated in Singapore
  • have an annual revenue of $1 million or below
  • derive only income taxable at 17%

and does not claim any:

  • Carry back of current year capital allowances/losses
  • Group relief
  • Investment allowance
  • Research & development tax allowance
  • Foreign tax credit.

Companies that file the Form C-S need not submit their financial statements and tax computations together with the form but are expected to still maintain proper records to be submitted upon IRAS’s request.

Steps on e-filing the Form C-S are available on the IRAS website. Companies who e-file the Form C-S will enjoy a tax filing deadline of 15 December.

Source: IRAS