last updated: 07/11/2017
There are three main tax obligations that companies will have to take note of, and they are as follows:
1. Filing of Estimated Chargeable Income (ECI)
2. Filing of Goods and Services Tax (GST)
3. Corporate Income Tax Returns (Form C/C-S)
Where the deadlines of ECI and GST is dependent on the individual company’s financial year end or accounting period, Form C/C-S is to be submitted by the same due date applicable to all companies as this is computed based on the Year of Assessment (“YA”), rather than the company’s own financial year end.
1. Filing of Estimated Chargeable Income (ECI)
2. Filing of Goods and Services Tax (GST)
3. Corporate Income Tax Returns (Form C/C-S)
Where the deadlines of ECI and GST is dependent on the individual company’s financial year end or accounting period, Form C/C-S is to be submitted by the same due date applicable to all companies as this is computed based on the Year of Assessment (“YA”), rather than the company’s own financial year end.
1. Filing of ECI
A company’s ECI is computed on an estimate of the company’s taxable income (after deducting tax-allowable expenses) for the YA. Companies are required to submit their ECI to the Inland Revenue Authority of Singapore (IRAS) within 3 months from the Company’s Financial Year End.
For more information on ECI, click here.
2. Filing of GST
Only companies that are GST registered will need to file their GST returns. While (1.) is due once a year, GST filing is due every quarter. To avoid penalties from late GST filing, companies may opt for a GIRO plan, where GST payments will be automatically deducted. But companies will need to ensure that they have sufficient amount in their accounts prior to deduction date.
For more information on GST, click here.
3. Form C/C-S
Depending on your company type, your company will need to submit either Form C or Form C-S to IRAS. The table below provides a brief overview of the difference between the forms.
A company’s ECI is computed on an estimate of the company’s taxable income (after deducting tax-allowable expenses) for the YA. Companies are required to submit their ECI to the Inland Revenue Authority of Singapore (IRAS) within 3 months from the Company’s Financial Year End.
For more information on ECI, click here.
2. Filing of GST
Only companies that are GST registered will need to file their GST returns. While (1.) is due once a year, GST filing is due every quarter. To avoid penalties from late GST filing, companies may opt for a GIRO plan, where GST payments will be automatically deducted. But companies will need to ensure that they have sufficient amount in their accounts prior to deduction date.
For more information on GST, click here.
3. Form C/C-S
Depending on your company type, your company will need to submit either Form C or Form C-S to IRAS. The table below provides a brief overview of the difference between the forms.
Form C-S |
Form C |
Qualifying conditions: (a) The company must have an annual revenue of S$1 million and below in Annual Revenue* (b) The company must be registered in Singapore (c) The company only derives income taxable at the m prevailing corporate tax rate of 17% (d) The company is not claiming any of the following in the YA: i. Carry-back of Current Year Capital Allowances / Losses ii. Group Relief iii. Investment Allowance iv. Foreign Tax Credit and Tax Deducted at Source |
All other companies |
Submission of Form C-S without supporting attachments will be suffice unless requested by IRAS. |
Will have to declare essential tax and financial information. The following attachments are required: (a) Form C (b) Tax computation (c) Audited or unaudited Financial Statements |
* IRAS will be increasing the annual revenue threshold for filing Form C-S from the current S$1 million to S$5 million with effect from YA2017
The Corporate Tax Filing Season is here, and if you are unsure if your company needs to file tax returns this year, the table below will provide you the answer.
The Corporate Tax Filing Season is here, and if you are unsure if your company needs to file tax returns this year, the table below will provide you the answer.
Incorporated in: |
Do you need to file in YA2017 |
2014, 2015, 2016 |
Yes, unless the company has been granted waiver of Income Tax Return Submission by IRAS. Dormant company are also required to file its tax returns unless it has been granted waiver of Income Tax Return Submission by IRAS. |
2017 |
No. You are only due to file your first tax returns next YA2018 (closes accounts in 2017). |
For more information on Corporate Tax: click here.
Still in doubt? Need help with your taxes? IGS Consulting can help you!
IGS Consulting provides tax solutions to meet your business needs. Our competent pool of professionals and chartered accountants possess a wealth of experience – they will be able advice you on your needs and address any queries you may have. We also ensure that our clients are duly informed of timely advices and are kept abreast with latest accounting and taxation updates. For a customised assessment of your taxes, call us +65 6336 7763 or contact us today.
RSS Feed