Thursday, August 02, 2012

Form C-S (Simpified Corporate filing for Singapore Companies)

Filing Form C-S (Simplified Tax Filing for Small Companies)

I was quite excited for the new form C-S as I own many small companies which quality for easy filing.

In the past, the tax filing system seems very inefficient. The online filing does not really work, and there is xbrl or some accounting format to follow, making it tough for small companies to file on their own. For many companies that I own, sales are very small, probably $100k annually, and this may come from 3 sales, and yet I still need to file.

Although small companies filing Form C-S are not required to submit their financial statements and tax computations together with Form C-S, they are still required to maintain proper records of their transactions and prepare their financial statements and tax computations. Such records are to be retained and submitted upon IRAS’ request.

Qualifying Conditions for Filing Form C-S

Your company qualifies for Form C-S filing for YA 2012 if it meets the following conditions for the YA:

Is incorporated in Singapore
Has an annual revenue* of $1 million or below
Derives only income taxable at 17%

Does not claim any of the following:
Carry-back of Current Year Capital Allowances/Losses
Group Relief
Investment Allowance
Research & Development Tax Allowance
Foreign Tax Credit

How to File Form C-S

Your company may either:

e-File Form C-S via myTax Portal; or (deadline 15 Dec)
Submit Paper Form C-S. (deadline 30 Nov)

Benefits of e-Filing Form C-S

Small companies eligible to file Form C-S are encouraged to e-File as you will:

Enjoy an extended filing due date till 15 Dec, instead of 30 Nov when you e-File.
Enjoy filing convenience via myTax Portal with:
• iHelp facility to guide you along as you e-File
• In-built formulae to auto-compute certain fields
• Auto-computation of estimated tax payable
• Save draft function which allows you to save a draft copy of the tax return up to 15 Dec, until it is ready for submission to IRAS.
Receive instant acknowledgement when you have successfully e-Filed.

Due Date to File Form C-S

Form C-S must be submitted to IRAS by 30 Nov. The due date for e-Filing of Form C-S is extended till 15 Dec and does not apply if you submit paper Form C-S.

I am going to try it out tonight and let you know how simple it is.

More information found --> here <--

-- Robin Low

No comments: