Corporate Tax Filing Services
Supporting businesses in Singapore with tax compliance, filing, and reporting requirements.
All Singapore companies must e-file their Corporate Income Tax Returns with IRAS by 30 Nov annually.
In Singapore, taxes are based on the preceding year’s profits. For example, if your financial year ends on 31 Dec 2023, the profits earned in 2023 will determine the tax returns you file in 2024.
Stay on top of tax obligations well before deadlines.
Your company must file two Corporate Income Tax Returns with IRAS every year:
Estimated Chargeable Income (ECI) and Form C-S/ Form C-S (Lite)/ Form C.
Estimated Chargeable Income (ECI)
- Submit an estimate of your company’s taxable income for a Year of Assessment (YA).
- All companies, including new ones, must file their ECI within three months from the end of their financial year unless they qualify for an ECI filing waiver or are exempted from filing.
Details from IRAS to confirm if your company is required to file an ECI.
Form C-S/ Form C-S (Lite)/ Form C
- Report your company’s actual taxable income for a Year of Assessment (YA).
- Filing notifications are issued by IRAS by May each year.
- The filing deadline is 30 Nov annually.
Details from IRAS to determine whether your company should file Form C-S, Form C-S (Lite), or Form C.
How We Can Help
- Estimated Chargeable Income (ECI) Computation and filing
- Corporate Tax Computation
- Preparation of Form C/C-S for submission
- Filing of Income Tax Return
- Attend to queries raised by IRAS
- Assist with tax audits and investigations initiated by IRAS
Our experienced team will manage your tax requirements efficiently, ensuring accurate and timely reporting for your business’s success.
“We have greatly benefited from HC Consultancy Services’s corporate secretarial services. They provided invaluable support with our company valuation for presentation to the tax authority and handled notarisation and confirmation with professionalism. Helen and her team’s expertise has been essential, and we highly recommend their services.”
Carlos Galeano, Director, Phos4ever Pte Ltd
“We have greatly benefited from HC Consultancy Services’s corporate secretarial services. They provided invaluable support with our company valuation for presentation to the tax authority and handled notarisation and confirmation with professionalism. Helen and her team’s expertise has been essential, and we highly recommend their services.”
Carlos Galeano, Director, Phos4ever Pte Ltd
Frequently Asked Questions
What is the corporate tax rate in Singapore?
The corporate tax rate in Singapore is a flat 17% on chargeable income, applicable to both local and foreign companies. New start-up companies may also qualify for tax exemptions and rebates.
Do I need to file taxes if my company has no income?
Yes, all Singapore companies must file tax returns annually, even if they have no income. Companies with no income may qualify for exemptions or a reduced tax liability, based on their situation.
What is Form C or Form C-S?
Form C and Form C-S are both corporate tax returns to be e-filed with IRAS on an annual basis.
The Form C-S being a simplified version of the Form C, contains fewer fields to fill. The Form C-S mainly comprises of the following:
- A declaration statement of the company’s eligibility to file the Form C-S;
- Information on tax adjustments (i.e. adjustments for non-taxable income and non-deductible expenses);
- Information from the financial accounts
What are the requirements for a company to qualify to file for Form C-S?
Companies qualify to file for Form C-S if all of the following conditions are met:
- The company must be incorporated in Singapore;
- The company must have an annual revenue* of S$ 5 million or less;
- The company only derives income taxable at the prevailing corporate tax rate of 17%**;
- The company is not claiming any of the following in the Year of Assessment:
– Carry-back of current year capital allowances / losses;
– Group relief;
– Investment allowance;
– Foreign tax credit and tax deducted at source
What happens if you don’t comply with the filing requirements?
Neglecting annual returns and tax filing can have serious consequences for businesses. ACRA has revised its penalty framework, imposing fines for late filing. Late filing penalties of S$300 and S$600 are imposed for missing deadlines. Failure to file annual tax returns can result in an estimated Notice of Assessment (NOA) with higher taxes. Paying the estimated tax within one month is mandatory. Non-compliance may lead to legal action. Simplify the process by engaging our experienced tax filing services.