I'm currently doing taxes for several companies in Singapore.
If you have simple businesses like me, even if its a PTE LTD, you can actually file your taxes yourself.
The IRAS Website has a lot of information, too much perhaps, but as I've filed myself before, for several companies that I own, I believe that you can do it yourself too.
If you intend to file taxes yourself, it is not very hard, but a little confusing. You need to have your balance sheet and profit and loss statements, and everything is just dropping information in the right place.
Here are some important downloads:
1) Basic Tax Calculator
2) Form C
What is Form C
The Form C is a declaration form for a company to declare its income.
Please ensure that all the necessary sections in the Form C are correctly completed and that it gives a full and true account of the company's income.
Who needs to file Form C
All companies carrying on a trade or business in Singapore need to file Form C annually to report their income. Even if the company is making losses, it is required to file the Form C.
If your company is newly incorporated, you may not need to file Form C in the first year following the incorporation date. Please refer to the guide for new companies to find out more.
If your company is dormant or has ceased business operations, please refer to the details below on what you have to do:
- If you are a dormant company
- If you are applying for strike-off/to cease registration
- If you are under liquidation/judicial management/receivership
Who can sign on the Form C
Any person authorised by the company can sign the Form C. However, the director or principal officer of the company is still responsible for the company's tax affairs.
What if I do not file Form C
If the company does not file Form C by the due date, IRAS may issue a Notice of Assessment (NOA) based on an estimation of the company's income. If the company does not agree with IRAS’s estimated assessment, it has to object in writing within 30 days from the date of service of the NOA. Otherwise, the estimated assessment will be treated as final even if the Form C submitted subsequently shows a lower taxable amount.
Basically, you should have received Form C by now, it is a stack of forms sent to you somewhere in February - April this year. Well, the electronic copy can be found and used so your ugly handwriting will not affect your filing.
The process was straightforward last year, and after contacting IRAS (a long wait) you can get things pretty much resolved. They are slow by happy to help, and feel free to visit them at their HQ in Novena for more information.
I am embarking on the journey to file my taxes now!
-- Robin Low