Filing corporate income tax returns may seem complex, but understanding the basics can make the process easier. This guide breaks down the filing requirements and deadlines for companies in Singapore while introducing you to YYC’s expert services to handle your tax compliance.
Corporate Tax Filing Obligations
Every year, companies in Singapore are required to file two corporate income tax returns with IRAS:
- Estimated Chargeable Income (ECI): To declare an estimate of taxable income for the Year of Assessment (YA).
- Form C-S/Form C-S (Lite)/Form C: To declare the company’s actual taxable income for the YA.
Filing Deadlines
Tax Return | Purpose | Due Date |
ECI | Declare estimated taxable income for a YA | Within 3 months from the end of the financial year |
Form C-S/Form C-S | Declare actual taxable income for a YA | 30 Nov each year |
Understanding ECI Filing
The ECI filing notification is sent by IRAS before your company’s financial year ends as a reminder to file.
New Companies:
- You will receive the first ECI notification starting from the year after incorporation.
- If your company closes its accounts in the year of incorporation, you must still file the ECI within three months after your first financial year ends unless you qualify for the ECI filing waiver.
Example:
- Scenario A: Your company incorporates on 15 Jul 2021 and closes its first accounts on 31 Dec 2021. You must file ECI for YA 2022 by 31 Mar 2022.
- Scenario B: If your first accounts cover 15 Jul 2021 to 31 Dec 2022, you must file ECI for both YA 2022 and YA 2023 by 31 Mar 2023.
Companies unable to directly allocate income and expenses for two periods can use a time apportionment basis for accuracy.
Understanding Form C-S/Form C-S (Lite)/Form C
This tax return is filed annually by 30 Nov to declare the company’s actual taxable income. It ensures compliance with Singapore’s tax regulations, enabling companies to pay the correct amount of tax.
Quick Highlights
- Companies must file ECI within three months after their financial year ends unless exempt.
- Form C-S/Form C must be filed annually by 30 Nov.
- IRAS sends ECI filing notifications as reminders.
- YYC provides comprehensive tax compliance services.
How YYC Can Help
At YYC, we understand that tax filing can be time-consuming and complex. That’s why we provide professional services to ensure your company meets its obligations seamlessly.
Our Services Include:
- Tax Filing Assistance: Preparation and submission of ECI and Form C-S/Form C returns.
- Advisory Services: Guidance on qualifying for ECI waivers and tax-saving strategies.
- Compliance Reviews: Ensuring timely and accurate submissions to IRAS.
- Business Consultation: Tailored tax solutions for your company.