10 March 2017
In its efforts to reduce companies’ compliance costs, the Inland Revenue Authority of Singapore (IRAS) has announced that companies with annual revenues of S$5mil and below can now qualify for Form C-S filing, from the current threshold of S$1mil. This takes effect from Year of Assessment (YA) 2017.
For YA 2016 and before, the annual revenue threshold is S$1mil to qualify for Form C-S filing.
Form C-S is a simplified income tax return for qualifying companies where there is no requirement for submission of tax computations and financial statements to the IRAS.
All other conditions remain unchanged