6 August 2015
From 2 June 2015 onwards, companies with annual turnovers of more than $1mil can electronically file their income tax returns to IRAS.
All companies carrying on a trade or business in Singapore must report their income to IRAS annually by filing either the ‘Form C-S’ or ‘Form C’. The former is a simplified income tax return for qualifying companies with an annual revenue of $1mil or below, whereas Form C is for all other companies that do not qualify for Form C-S.
E-filing of Form C can be done in two ways, i.e.:
- Completing and filing Form C online
Tax computation, financial statements, detailed profit & loss statement, other supporting documents are to be attached and submitted to IRAS.
- Downloading and completing Form C (“Form C (Upload)”)
When the Form C is ready for submission, upload and submit it together with tax computation, financial statements, detailed profit & loss statement and other supporting documents.
Companies that are unable e-File Form C will be required to download the softcopy of Form C (Upload) and follow the instructions for paper filing.
Companies that electronically file the Form C will also enjoy an automatic extension till 15 December, instead of 30 November for paper filing. Additional benefits of e-filing include iHelp for step-by-step guidance, auto-computation of certain fields that minimises filing errors and an estimate of tax payable on the spot.
In relation to this, IRAS had, on 5 August 2015, issued an updated FAQ on e-filing of Form C and e-submission of documents, as well as new detailed user guides on e-filing of Form C (Upload) for companies and tax agents on its website.
Prior to this, only qualifying companies using Form C-S enjoyed the benefits of e-filing.
For full details, please refer to the IRAS website.