Corporate Income Tax Filing Season 2024

1. Time really flies and we are at the end of the year soon. For Singapore incorporated companies, it is Corporate Income Tax Filing season again! The deadline for filing your Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) for the Year of Assessment (YA) 2024 is 30 Nov 2024.

 

2. As usual, a recap is good for everyone. Let us explain the differences in the Corporate Income Tax Return that is submitted to IRAS.

 

3. First, Form C-S is for companies that:

  • Have an annual revenue of $5 million or below;
  • Derive income taxable at the prevailing Corporate Income Tax rate of 17%; and
  • Are not claiming the following:
    • Carry-back of Current Year Capital Allowances/ Losses
    • Group Relief
    • Investment Allowance
    • Foreign Tax Credit and Tax Deducted at Source

 

4. Second, Form C-S (Lite) is for companies that qualify to file Form C-S and have an annual revenue of $200,000 or below.

 

5. Finally, Form C is for companies that do not qualify to file Form C-S or Form C-S (Lite). Financial statements, tax computations and supporting schedules must be filed together with Form C.

 

6. Sometimes, we receive enquiries from clients whether they need to file their company’s Corporate Income Tax Return. Yes, you still need to file unless you receive a waiver notice from IRAS, regardless whether your company is newly incorporated, in loss position or dormant. 

 

7. However, before you can file a Corporate Income Tax Return, you would need to prepare a Tax Computation. The Tax Computation will be prepared by your expert Tax Agent, based on your company’s accounts and this numbers in the Tax Computation will then be input into the Form C-S/C-s (Lite)/C. We strongly recommend you to engage a reliable Tax Agent, who can advise you how to optimise the amount of tax payable by your company. So, do not try to file your company’s Corporate Tax Return yourself. As the saying goes – penny wise, pound foolish.  

 

8. Contact us if you require assistance to prepare your company’s Tax Computation and filing Corporate Income Tax Return.  At PL Biz Consulting Pte Ltd, we have the tax experts with many years of experience to advise and help you to file the correct and optimised Corporate Income Tax Return to IRAS.

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