Corporate tax filing services

Every company needs to file its income tax with IRAS every year. We help you meet corporate tax filing requirements so you don’t have to worry about penalties.

Do you know that Singapore has an attractive tax regime that offers a number of tax benefits & deductions to companies? To benefit, these claims need to be reflected in the company’s corporate tax returns.

We help you to identify the exemptions & deductions for your company and factor them into your tax returns so your taxes are minimised.

Getting our help also means you stay on top of tax rules which change every year with the Budget announcement.

Talk to our tax agent to find out how you can obtain tax savings which you can use to reinvest into your business.

View package

Essential information

see all | hide all

↓ Tax filing basics

Every company needs to file its income tax with IRAS every year. Tax is assessed on a preceding year basis. For example, this means that your income for financial year ended 31 Dec 2015 is taxed in Year of Assessment (YA) 2016.

↓ Tax filing process

Generally, you first need to file an estimated tax amount [commonly referred to as Estimated Chargeable Income (ECI)] within 3 months from the end of your company's financial year end.

After which, the company needs to submit actual tax returns (Form C/C-S), tax computation and financial statements to IRAS by 30 November of the assessment year.

For us to assist with your corporate tax filing, we require your financial statements and accounting records and information to be provided to us.

↓ Estimated Chargeable Income

Estimated Chargeable Income (ECI) is an estimate of the company’s taxable income submitted to IRAS before an actual tax return is filed. The ECI allows the IRAS to collect tax revenue from companies promptly by raising estimated notice of assessment.

↓ Income tax returns (Form C vs Form C-S)

There are two types of corporate tax returns, Form C-S and Form C.

From YA 2017, companies that meet all of the following conditions for the YA can file the Form C-S:

(i) Incorporated in Singapore;
(ii) Annual revenue ≤ $5 million (For YA 2016 and before, annual revenue needs to be ≤ $1 million);
(iii) Derives only income taxable at the normal corporate tax rate of 17%; and
(iv) Not claiming carry-back of current year capital allowances/losses, group relief, investment allowance, or foreign tax credit and tax deducted at source.

Companies that do not meet the above conditions will submit Form C to IRAS.

↓ Corporate tax rate

The prevailing corporate tax rate is 17%. Income is taxed at this flat rate unless it qualifies for tax exemption or concessionary rates of tax under tax incentive schemes.

For YA 2018, a corporate tax rebate of 40% capped at $15,000 is available to companies.

For YA 2019, a corporate tax rebate of 20% capped at $10,000 is available to companies.

↓ Tax exemption for new start-up companies

Qualifying companies can enjoy the tax exemption scheme for new start-up companies for the first three consecutive YAs as follows:

(where any of the first 3 YAs falls in YA 2010 to YA 2019)

		Amount exempted from tax
First $100,000	@ 100%	$100,000
Next $200,000	@ 50%	$100,000
Total		$200,000

(where any of the first 3 YAs falls in or after YA 2020)

		Amount exempted from tax
First $100,000	@ 75%	$75,000
Next $100,000	@ 50%	$50,000
Total		$125,000

↓ Partial tax exemption for companies

All companies can enjoy partial tax exemption as follows:

(YA 2010 to YA 2019)

		Amount exempted from tax
First $10,000	@ 75%	$7,500
Next $290,000	@ 50%	$145,000
Total		$152,500

(from YA 2020)

		Amount exempted from tax
First $10,000	@ 75%	$7,500
Next $190,000	@ 50%	$95,000
Total		$102,500

↓ Tax deduction for business expenses

Business expenses may be deductible or non-deductible for income tax purpose. Whether they are deductible or not, depends on the income tax law.

Generally expenses which are wholly and exclusively incurred in the production of income are deductible, provided they are revenue in nature and not specifically prohibited from deduction by the law. For example taxi fares incurred for business are deductible but expenses on s-plated cars (even if for business purpose) are specifically prohibited from deduction and not deductible.

↓ Capital allowance

Expenditures on plant and machinery (e.g. computers and IT equipment, machines and office furniture) are capital in nature for tax purposes and not allowed tax deduction. However they may qualify for capital allowance (a specific type of tax relief for fixed assets). The method for capital allowance claim is based on the Income Tax Act. For example the cost can be written down over one, two, three years or over the prescribed tax life of the asset.