Corporate Tax Filing Singapore
Corporate tax filing in Singapore refers to the reporting of taxable income of the company and the submission of Singapore corporate tax return. There are 2 types of corporate tax form and they are:
- Form C: the usual corporate tax form
- Form C-S: the simplified corporate tax form for companies which have less complex coporate tax filing and satisfy the qualifying conditions.
The corporate tax filing due date for Form C and Form C-S is 30 Nov (for paper filing) or 15 Dec (for electronic filing) every year. Generally, when you file the corporate tax return this year, you are filing last financial year's income. For example, you file your corporate tax return on 30 November 2018, the tax return should generally contains information of income and expenses of financial year 2017. In other words, you are filing last year’s income (i.e. 2017) in the current year (i.e. 2018). The current year which is also called the Year of Assessment is the year which the company filed its corporate tax return and usually the year when its income tax is assessed; the numbers in the tax return is based on information of the previous financial year which is known as the basis period.
Estimated Chargeable Income (ECI) of Company
Prior to Form C and Form C-S corporate tax filing, you are required to submit an Estimated Chargeable Income or ECI within 3 months from your accounting year end. There are exceptions to filing ECI if the Company's:
- Revenue is not more than SGD5 million; and
- Taxable Profit (Chargeable Income) is Nil.
- Taxable Profit is the amount before full and partial tax exemption.
Companies which file their ECI electronically within 3 months from the financial year end and are under the GIRO arrangement may be given interest free instalment plan when paying for their corporate taxes.
The Inland Revenue Authority of Singapore will issue a Notice of Assessment based on ECI first. After the company has filed its Form C or Form C-S in November or December, the Notice of Assessment will then be revised based on the actual numbers submitted in the Form C or Form C-S.
2 Years’ Income Tax Filing in First Corporate Tax Return
If the company's incorporation date to first financial year end is more than 12 months or only realize about the need to file its corporate tax return after 2 financial year end, the company has to file its corporate tax form for 2 assessment years.
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