File Your Corporate Tax via The New Form C-S (Lite)

The Inland Revenue Authority of Singapore (IRAS) has come up with an easier and new e-filing measure from Year of Assessment (YA) 2020, known as Form C-S (Lite). Companies with annual revenue of S$200,000 or less can make use of this simplified income tax return filing. The purpose of introducing this new Form C-S (Lite) is to target small companies with straightforward tax matters, in order to make tax filing easier and faster for them.

In order to qualify for filing Form C-S (Lite), the company needs to meet all of the following criteria:

  • The company is incorporated in Singapore
  • The company’s annual revenue is S$200,000 or below
  • The company only derives taxable income at the prevailing corporate tax rate of seventeen per cent (17%)
  • The company is not claiming any of the following in the Year of Assessment:
    • Group relief
    • Investment allowance
    • Carry-back of current year capital allowances/losses
    • Foreign tax credit and tax deducted at source

Form C-S (Lite) has only six (6) essential fields for you to input. But first, you have to prepare the tax computations for the company, before you proceed to e-file the company’s income tax.

For exempt private companies, there is no requirement to submit financial statements and tax computations. But regardless in the event that the Inland Revenue Authority of Singapore (IRAS) requests for the financial statements, you need to have them ready, otherwise, you may be liable for an offence.

From YA 2020, companies that qualify will be required to e-File Form C-S (Lite) by the 15th December 2020.

If you need any assistance with your company’s tax computation for YA 2020, please do not hesitate to get in touch with us for a quote.

You can check out more articles on corporate tax matters here.


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