Forms C-S and C in Singapore: Applicability, process, and deadline
May 8, 2024
Introduction to Form C-S/C
Form C-S/C is a tax declaration form required by the Inland Revenue Authority of Singapore (IRAS) for companies to declare their income. Companies are required to file either Form C-S or Form C depending on their revenue and whether they qualify for simplified filing.
Who needs to file form C-S/C?
Form C-S: Small and newly incorporated companies that meet certain criteria such as having an annual revenue of less than S$5 million and only deriving income taxable at the prevailing corporate tax rate.
Form C: Companies that do not qualify for Form C-S and have more complex tax matters or higher revenue.
What are the key components of form C-S/C?
Financial Statements: Summary of key financial figures for the year.
Tax Adjustments: Adjustments to financial statements for tax purposes.
Declarations: Compliance declarations regarding transfer pricing and other tax obligations.
What is the deadline for filing form C-S/C?
The deadline for filing Form C-S/C is November 30 of the year following the financial year. For example, for the financial year ending on December 31, 2023, the filing deadline would be November 30, 2024.
What is the process for filing form C-S/C?
Determine Eligibility: Confirm whether your company is eligible to file Form C-S or needs to file Form C.
Prepare Financial Statements: Ensure your financial statements are ready and audited if applicable.
Complete the Form: Fill out Form C-S or Form C with accurate financial information and tax adjustments.
Submit Online: Login to IRAS’s myTax Portal and submit the form electronically before the deadline.
What are the legal and financial implications of non-compliance?
Failing to file on time can result in late filing penalties, fines, and increased scrutiny from IRAS. It is crucial for companies to manage their tax filing accurately to avoid potential legal issues and financial penalties.
Frequently Asked Questions: Form C-S and Form C
What are the main differences between Form C-S and Form C?
Form C-S is a simplified tax return for smaller companies with straightforward tax affairs and revenue of less than S$5 million. Form C is more detailed and is required for companies that do not meet the criteria for Form C-S filing.
Can I file Form C-S/C if my company had no business activity during the year?
Yes, companies with no business activity are still required to file a nil return using Form C-S/C to declare that there were no business transactions during the financial year.
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