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:

Company:
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

IRAS Webpage (Singapore TAX)

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