Corporate Income Tax Services

Taxation Services

Filing of tax returns on time is important for both individuals and companies. With many tax schemes for individuals and companies, having a professional firm on your side will ensure that you have a peace of mind when it comes to your tax obligations. This frees you to focus on the strategic issues that help you remain competitive.

We have a suite of services for both individuals and companies. Choose from a yearly to a monthly commitment depending on your business needs.

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.

Our corporate tax services broadly cover the following:

Preparing and filling of Estimated Chargeable Income (ECI) to IRAS
Preparing and filing of corporate income tax returns and tax computations
Assistance with withholding tax compliance matters and filling of Form S45
Attend to queries raised by IRAS
Assist with tax audits and investigations initiated by IRAS
Reviewing corporate tax matters for due diligence purposes

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.

Compliance Requirements

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.

FAQ

1. Can my company opt out from estimated Chargeable Income (ECI) filing?

Your company does not need to file the ECI for that particular YA if it meets the following criteria:

Annual revenue is not more than $5 million for the financial year; and
ECI is NIL for the YA.

The following entities do not need to file ECI:

Foreign ship owners or charterers for whom the Shipping Returnhas been or will be submitted by the local shipping agent;
Foreign universities;
Designated unit trusts and approved CPF unit trusts;
Real estate investment trusts that have been granted the tax treatment under Section 43(2) of the Income Tax Act; and
Any other specific case granted waiver to furnish ECI by IRAS, e.g. via an advance ruling issued.

2. Does my company qualify for tax exemption scheme for new start up companies?

Eligible companies that satisfy the following three conditions will enjoy the tax exemption scheme for the first three consecutive YAs:

Incorporated in Singapore;
Tax resident in Singapore for that YA; and
Total share capital is beneficially held directly by no more than 20 shareholders throughout the basis period for that YA, where all of the shareholders are individuals or at least one shareholder is an individual holding at least 10% of the issued ordinary shares of the company.

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.

3. What to do if my accounts covers more than 12 months?

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).

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