Singapore Company Registration Specialist
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Simple Filing through Form C

INTRODUCTION

Singapore is constantly updating its rules and regulations surrounding business formation and operations to provide a positive environment for companies and entrepreneurs. The Inland Revenue Authority of Singapore or IRAS has taken steps for reducing compliance requirements by simplifying the process of tax filing for small businesses through the unique Form C-S.

FORM C-S

Form C-S is a shortened 3-page Income Tax Returns form designed for eligible small businesses for reporting their income to the IRAS, effective YA 2012.

The new Form C-S features lesser information as compared to the earlier Form C. This includes the declaration statement on the 1st page agreeing to the eligibility of the company to file Form C-S and the details about adjustments in taxes, and financial accounts.

As demonstrated by the above-mentioned table, small businesses are required to provide only important financial and tax information in the new Form C-S. Contrary to Form C, it is not mandatory to provide supporting documentation like financial statements with the form.

But the businesses will have to maintain their records properly against all the transactions. They will also have to prepare all the financial accounts and carry out tax computation if the IRAS makes a demand.

REQUIREMENTS FOR FILING THE FORM C-S

A company can file Form C-S for the YA 2012 when it fulfills the following criteria for the Year of Assessment:

Company Attributes/Actions If Not Claimed the Following
Singapore Incorporated Company Carrying back of current YA losses or capital allowances
Generates less than SGD 1 Million annual revenue from primary source of income Group relief
Generated income is taxed at 17% Foreign tax credit
R&D tax allowance
Investment allowance

If a company doesn’t fulfill these criteria for filing Form C-S, it will have to fully submit tax returns through Form C and all supporting documentation.

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