What is the annual corporate tax requirement?
All companies are required to submit two Corporate Income Tax Returns to IRAS every year:
1) Estimated Chargeable Income (ECI)
– Due within 3 months from the end of the financial year if the company is required to submit ECI
2) Form C-S/C
- Due by 30 November
What is Estimate of Chargeable Income (ECI)?
ECI is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).
What is Form C-S?
From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:
1) The company must be incorporated in Singapore;
2) The company must have an annual revenue of SGD 5 million or below
3) The company only derives income taxable at the prevailing corporate tax rate of 17%; and
3) The company is not claiming carry-back of current year capital allowances and/or losses, group relief, investment allowance, foreign tax credit and tax deducted at source in the YA.
What is Form C-S (Lite)?
From YA 2020, companies that qualify to file Form C-S and have an annual revenue of SGD 200,000 or below have the option to file Form C-S (Lite), a simplified version of Form C-S.
What is the tax rate in Singapore?
With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
Tax incentives and rebates
The Singapore tax authority (IRAS) offers partial tax exemption and tax exemption scheme for new start-up companies and existing companies.
IRAS also offer tax rebates are also available from YAs 2013 to 2020.
Basic Corporate Tax Calculator
IRAS provide basic corporate tax calculator that you can access here.
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