FILING FORM CS OR FORM C?
All private limited companies carrying on a trade or business in Singapore need to file either form C or form CS in the following year after year end. Most of the companies qualified for filing Form CS, the companies meet the following conditions:
- Singapore Incorporated company.
- Revenue is $5,000,000 or below.
- Derives only income taxable at 17%.
Not claiming the following items:
- Carry back of current year capital allowance/losses.
- Group relief
- Investment allowance
- Foreign tax credit and tax deducted at source.
- Failing which the company must file Form C.
All companies must report their income even if the company is making a loss. The company can authorize any person to sign the form C or form CS, however the director or principal officer is still responsible for the company’s tax affairs. There are penalties for late filing or not filing as well as penalties for filing a wrong return.
You don’t need to submit financial statements, tax computation, supporting schedules, or original receipts (Only to be submitted to IRAS upon receipt) if you are submitting form CS)
Tax exemption scheme for new startup companies
To support entrepreneurship and local enterprises to grow, a newly incorporated company that meets the qualifying conditions can claim for full tax exemption on the first $100,000 of normal chargeable income for each of its first three consecutive FAs. A further 50% exemption will be given on the next
$200,000 of the normal chargeable income starting from YA 2008. Partial tax exemption will be given if the company does not meet the qualifying conditions.
Qualifying conditions
- be incorporated and tax resident in Singapore.
- have no more than 20 shareholders throughout the Year of Assessment.
- All the shareholders are individuals.
You must now submit your form C or form CS online. Form C in Singapore e-filing procedure Download the form C offline application from Prepare the form C package
- complete the tax computation template
- attach the tax computation
- attach the company’s audited or unaudited accounts
- complete form C and other relevant forms
Upload the form C package for submission to IRAS via Mytax portal.
ECI AND FORM CS 2020