Tag: Form C-S

IRAS issues guidelines on filing of Form C-S

On By taxsgIn General News

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

ECI filing waiver and new, simplified Form C-S for small businesses introduced

On By taxsgIn General News

5 April 2012

From YA 2012, companies with an annual turnover not exceeding $1mil will no longer need to file their Estimated Chargeable Income (ECI).

Currently, all companies have to report their ECI within three months of the end of their financial year end. Companies without any taxable profits and with no ECI are also required to do so.

The waiver will take effect from YA 2013 for companies with accounting year ending October 2012 or after.

In addition, a simplified Form C-S has been introduced. Companies that electronically file the Form C-S will also enjoy a later e-Filing due date of 15 December, instead of 30 November for paper filing.

Implementation details will be released by IRAS later this year.

Source: IRAS