The filing of Corporate Income Tax as well as the Estimated Chargeable Income for a company is a critical compliance obligation that must be met. Late filing or failure to file may result in heavy penalties for the company and/or its officers. Find out more on how we can assist you in meeting your obligations.
Do not get caught unaware or miss the deadline for the filing of your corporate income tax returns. Contact us today to find out how we can assist you in getting a peace of mind on your corporate tax matters.
Corporate tax submission date
From YA 2020, e-Filing of Form C-S/ C is compulsory for all companies. The extended filing deadline of 15 Dec, which was initially introduced in 2012 to encourage companies to e-File their Corporate Income Tax Returns, will no longer be available from 2021. From YA 2021, all companies will be required to e-File their Corporate Income Tax Returns by 30 Nov.
ECI submission date
All companies including new companies are required to file ECI within three months from the end of their financial year except for companies that qualify for the administrative concession and those that are specifically not required to file.
Witholding tax (for income payments to non-residents) submission date.
As a payer, you are required to e-file and pay the withholding tax to IRAS by the 15th of the second month from the date of payment to the non-resident.
Your company does not need to file the ECI for that particular YA if it meets the following criteria:
The following entities do not need to file ECI:
Eligible companies that satisfy the following three conditions will enjoy the tax exemption scheme for the first three consecutive YAs:
While the company may not be in a taxpaying position with the Tax Exemption Scheme for New Start-Up Companies, it is nonetheless still required to file the Form C-S/ C to IRAS to confirm eligibility and make a claim for this tax exemption scheme by the filing due date.
Some new companies operate more than 12 months before closing their first set of accounts. When this happens, the first set of accounts covers more than 12 months.
Generally, the basis period cannot exceed 12 months, so the profits or losses must be apportioned and attributed to two different YAs.
The company should directly identify the income earned and expenses incurred for each of the two YAs, based on the actual dates the income was earned and the expenses were incurred. If this cannot be done, time apportionment basis can be applied (i.e. apportion based on number of days in the corresponding YAs).