Who needs to file Form C? Form C or Form CS?
All private limited companies carrying on a trade or business in Singapore need to file tax return every year. For those Exempt Private Limited Companies with revenue of less than 5 million in financial year ending in 2017 will have to file Form CS. .
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.
Tax exemption scheme for new startup companies
To support entrepreneurship and local enterprises to grow, a newly incorporated company in 2019 that meets the qualifying conditions can claim for tax exemption
YA 2020 ONWARDS
75% EXEMPPTION on the firest $100,000 of the normaal chargeble income and a further 50% exemption on the next $100,000 of the normale chargeble income.
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.
The deadline for online tax submission is 15 December. Just give us a call at 9489-9429 now if you need help to prepare form CS for your company, the charge can be as low as $50 ……………
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