Steps to File Corporate Income Tax Singapore

Download a copy of our business guide or checklist to find out how you can manage your business more effectively and compliance with local regulations.

Prepare Financial Statements

Compile your company’s financial statements, which should include the balance sheet, income statement, and other relevant financial documentation.

Calculate Chargeable Income

Determine your company’s chargeable income by subtracting allowable expenses from your taxable revenue.

Complete Estimated Chargeable Income (ECI) Form

Submit the ECI form within three months from your financial year-end. Companies with an annual revenue of S$5 million or less and no chargeable income are exempt from this submission.

Prepare Tax Computation

Develop a detailed tax computation that outlines how the chargeable income is calculated. Include supporting schedules and claims for tax allowances, deductions, and any applicable tax incentives or rebates.

Declare Other Income and Transfer Pricing Arrangements

Ensure to declare any other income sources, such as rental income or investment gains. Provide accurate information about any related party transactions or transfer pricing arrangements and any applicable withholding tax obligations.

File Form C-S or Form C

Singapore-incorporated companies should file Form C-S if they meet specific criteria. Otherwise, complete and submit Form C and the tax computation, financial statements, and other required information. Companies with an annual revenue of S$200,000 or lower may submit a further simplified Form C-S (Lite) from YA2020 onwards. E-filing of Corporate Income Tax (Form C/C-S) is mandatory for all companies and must be submitted to IRAS through myTax Portal by 30th November annually.

Submit Documents Online

From the Year of Assessment (YA) 2020 onwards, companies must e-file their corporate income tax returns through the myTax Portal.

Meet the Deadline for ECI and Tax Filing

Ensure to submit all documents by the stipulated deadline, which is November 30th of the YA for tax filing and within three months from the financial year-end for ECI. Late submissions may incur penalties.

Pay Corporate Income Tax

After receiving the Notice of Assessment (NOA) from the Inland Revenue Authority of Singapore (IRAS), pay the tax due within one month. Various payment methods are available, including Internet banking, GIRO, cheque, telegraphic transfer, PayNow, and DBS PayLah!.

If you're seeking expert assistance to navigate the complexities of corporate tax filing in Singapore, Allied Services are here to help. Our team of experienced professionals is dedicated to providing tailored solutions that meet your specific needs.