There are two types of income tax return forms that companies can submit: Form C-S or Form C.
Companies who satisfy the qualifying conditions can use Form C-S to file their corporate income tax return. The qualifying conditions are:
– company is incorporated in Singapore
– has annual revenue of $1m or less
– only derives income taxable at prevailing corporate tax rate of 17%
– is not claiming carry-back relief, group relief, investment allowance, research & development tax allowance, foreign tax credit and tax deducted at source.
Companies submitting Form C-S are not required to submit financial statements, tax computation and supporting schedules, unless requested by IRAS.
Companies who do not satisfy the qualifying conditions of Form C-S can use Form C to file their corporate income tax return. To file Form C, companies are required to submit the financial statements, tax computation and supporting schedules to IRAS.
To find out more on Form C-S or Form C, please refer to IRAS’ website