Tax return filing is as important as ACRA annual return filings for Singapore Companies. A failure to file will result in court summons to be issued by IRAS for non compliance of filing requirements. Therefore it is necessary for company directors to understand what options they have for tax filing compliances.
Options/Types of Tax Return Filings
Waiver to file tax returns
If the company has been dormant for the financial year, and it is not expecting the business to earn any revenue for next 2 years, it may apply to IRAS for a waiver to file tax returns. In this regard, important points to note are:
- Dormant for IRAS purposes means no revenue. However company may have expenses. It is not same for ACRA. For ACRA company can still be active even if it has no revenue (depending on type of expenditure).
- Once the company has been granted waiver to file tax returns, the company is not required to file any tax documents until the time company starts earning revenue again.
Form C-S (Simplified tax filings for eligible Companies)
- Form C-S is a three page simplified version of form C.
- Only eligible companies are allowed to file form C-S instead of form C. You may download Form C-S Eligibility Checklist to check if your company qualifies for filing simplified form C-S.
- Complete financial statements are not required to be attached along with form C-S
Form C filings
All other companies not qualified for above 2 options are required to submit form C along with complete set of its financial statements.
Please note that deadline for Tax filings for a particular financial year end is 30 November of subsequent year. All the Tax filings can be done either online or via offline forms
Companies are required to file Estimated Chargeable Income a.k.a. ECI filings within 3 months from their financial year end(unless they qualify for exemption from ECI filings). Requirement to file ECI is separate and in addition to Annual Tax Returns filing. Please click here to know more about ECI filings.
You may fill in the contact form below if you need any clarification or you wish to take up professional services for completing annual tax return filing requirements of your Singapore Company.