Minimize your Taxes with
EBOS with tax planning

CORPORATE TAX

What must know about Corporate Tax?

Singapore companies have 2 basis compliances to fulfill in every financial year.

First, business owners must prepare the Financial Statement for annual ACRA filing within 6 months of the Financial Year End. Thereafter, all companies must file Corporate Tax Return by 30 November or 15 December of the following year. Inactive companies and companies in red must prepare tax report, tax schedules and form C/C-S.

Singapore has been recognized as one of the most Pro-Business Country for setting up a company. To encourage entrepreneur spirits, IRAS (Inland Revenue Authority of Singapore) has raised the annual revenue threshold for Form C-S from $1 million to $5 million. Form C-S is a much-simplified Tax Filing method and will reduce the lead time for the preparation of Corporate Tax Filing. Companies will not be required to submit Financial Statements and Tax Computation during E-Filing. However, IRAS has the authority to request for the documents at any time.

What is the obligation to file Corporate Tax in Singapore?

  • Estimated Chargeable Income (“ECI”) within 3 months of Financial Year End
  • Corporate Income Tax – Form C or Form C-S by 30 November of the following financial year.

What is ECI?

Estimated Chargeable Income is computed based on company taxable income after deducting tax allowance expenses. All companies are required to file their ECI on a timely basis even when the estimated ECI is zero.

How is Corporate Income Tax Calculated and Filed?

Form C-S Form C
Revenue of below $5 million Revenue of above $5 million
Does not claim:-

Tax relief on

Group Relief

Investment Allowance

Carry-back of current year capital allowance/ losses

Foreign Tax Credit

Tax Deducted at Source

 
E-Submission by 15 December

Paper submission by 30 November

Paper Submission by 30 November
Taxable at 17% Taxable at 17%
Start-up Exemption or Partial Tax exemption

 

Start-up Exemption or Partial Tax exemption

 

How can I file my own Corporate Tax?

Companies can file their own Corporate Tax after the Unaudited Financial Statement fit for ACRA filing is properly prepared.

What type of Corporate Tax Services can EBOS help me?

  • Corporate Tax Planning
  • Corporate Tax Computation & Schedules
  • Preparation and Filing of Form C or Form C/S
  • Replying to IRAS for any dispute

CONTACT US

GET MORE INFO

Need more answer, our Cloud Accountant will be happy to assist you within 2 business days.