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