- Form C-S is a simplified form that introduced by IRAS to simplify the process for qualified small companies.
- Form C-S comprise of
(a) A declaration statement of the company’s eligibility;
(b) Information on tax adjustments; and
(c) Information from the financial accounts.
- The qualified small companies only required to submit Form C-S to IRAS, not required to submit financial statements and tax computation
- However, companies should prepare these financial statements and tax computation and submit them to IRAS upon request.
Qualifying Criteria to File Form C-S
- The company must be incorporated in Singapore;
- The company must have an annual revenue of $5 million or below (effective from YA2017) and $1 million or below (for YA2016 and before);
- The company only derives income taxable at the prevailing corporate tax rate of 17%; and
- The company is not claiming any of the following in the YA:
- Carry-back of current year capital allowances/ losses
- Group relief
- Investment allowance
- Foreign tax credit and tax deducted at source
Dormant Company Required to File Tax Return
- A dormant company is the company that do not carry on business and have no revenue during the year. Eg. If the company do not have revenue in 2016, the company considered as dormant for YA2017.
- A dormant company must submit its Income Tax Return unless the company has been granted waiver of Income Tax Return Submission.
- A dormant company can submit Form C-S.
- A dormant company may still be required to submit its financial statements to the Accounting and Corporate Regulatory Authority (ACRA) for its annual return filing.
- Companies that do not meet the criteria to file Form C-S, will have to file Form C to IRAS
- Required to submit company’s financial statements, tax computation and supporting schedules to IRAS
Why Outsource to Professional Accounting Firm?
Professional Qualified Staffs
We have a team of professionally qualified accountants and tax agents with professional qualifications from relevant bodies such as ACCA, CPA and CA (Singapore).
COMPLIANCE WITH LATEST STANDARDS AND REGULATIONS
We would keep track of all the changes and implement them as and when required, making sure that our clients are always in the good books of the financial market regulators.
It may be quite costly to have a proper accounting department headed by a professionally qualified accountant teamed with an assistant accountant and several account clerks. Same tasks can be done more cost effectively by outsourced to a professional service provider that can handle the tasks for you.