Corporate Income tax in Singapore
In Singapore, Inland Revenue Authority of Singapore (IRAS) is the revenue agency responsible for administering corporate income tax in Singapore. All annual tax returns are required to file here. The annual filing deadline for paper filing Form is 30 Nov and e-Filing is 15 Dec. Filing can be done either in C-S form or in C form. Form C-S is a simplified 3-page income tax return for companies to report their income to IRAS whose annual revenue is S$5 million or less. C form is for the rest not qualified under C-S.
Since the assessment year 2010, both the local and foreign corporate bodies have been paying a flat 17% tax on their incomes in Singapore.
Compulsory e-Filing is becoming
Government of Singapore has decided to discourage Paper filling of tax returns. To put this in action it has proposed a plan to phasing out Paper filling in three years from now and replacing it with e-filling totally by 2020.
|Fiscal Year||Mandatory e-filling by Companies|
|2018||Whose turnover is more than $10 million in 2017|
|2019||Whose turnover is more than $1 million in 2018|
Benefits of e-Filing
Documents required for corporate income tax in Singapore
Companies that eligible to use C-S form must prepare:
Documents required for tax return through C-S
Companies eligible under the file Form C must prepare:
Income Tax return e-filing in Singapore
e-Filing of return in 4 Steps
Step 1: Retrieve your company’s e-Services Access Code
Step 2: Authorize Yourself/ Third Party as an “Authorize/ Admin”
Step 3: Log in to my Tax Portal
Step 4: Submit the Completed Form C-S Online
You are encouraged to go through this e-Learning guide before e-Filing Form C-S.
There are some schemes and rebates that substantially lower the corporate taxes. These are to be considered before filing of your returns.
Qualified corporate houses will get :
In addition all companies including companies limited by guarantee are eligible to enjoy :
Corporate Income Tax Rebate
Government of Singapore has offered a general package of rebates for all the corporate houses to help them maintain steady growth against rising costs of doing businesses. This package of rebates is meant for a five years period starting from Assessment year 2013 to Assessment year 2020. The rebates are as follows :
It is worth-noting that corporate income tax in Singapore rebate is computed on the tax payable after deducting tax set-offs.
Paper Filing Form C-S & C
To submit the Form C-S/ C and the relevant documents, send them to:
Inland Revenue Authority of Singapore
55 Newton Road
Save a copy or print the page for future reference. Contact us if you like to register a new private limited company as foreign investor (s).