Corporate Tax Filing in Singapore – All You Need to Know

Corporate Tax Filing in Singapore – All You Need to Know

When it comes to corporate tax filing, a last-minute rush is very common. Thanks to the option to e-file your taxes, you can now take care of tax-related work long before the deadline. Best of all, the entire process can be completed online!

When the corporate tax-filing season starts in full swing, companies hurry to complete all formalities. This includes companies that incurred a loss or did not conduct any business bookkeeping services. The introduction of e-Filing of Income Tax Returns has made the process significantly easier, especially for small and medium companies.

From Year of Assessment 2021, all businesses must e-File their corporate income tax returns before 30 November 2021. They may do so by submitting Form C-S/C online as paper submissions will no longer be accepted. In this article, you can learn about some of the other changes made to corporate tax filing. Plus, you will find some helpful filing tips.

Corporate Tax Filing – Submit Form C-S (Lite)

Even though the general requirement is e-filing of Form C-S, qualifying companies can avoid the hassle of completing the lengthy filing process by submitting a simplified version called Form C-S (Lite). Features that might qualify a business for this are:

  • Companies that qualify to e-File Form C-S, and
  • Make an annual revenue that is equal to or less than $200,000

Without a doubt, Form C-S (Lite) can make tax filing rather straight-forward. For, companies with uncomplicated tax issues can complete the form C-S (Lite) which only has six mandatory fields. This is only about 30% of the fields you would have to complete on a Form C-S.

Seamless Form C-S E-Filing with Accounting Software

Despite having simpler tax matters, many small companies often entangle in complicated e-filing procedures. ACRA and IRAS have partnered with accounting software companies to create a digital solution that can lift the taxation-related regulatory burden faced by such businesses.

These digital solutions allow qualifying businesses to automate both preparation and e-filing of Form C-S. Moreover, the accounting software can automate annual returns to ACRA and IRAS. The software relies on the Application Programming Interface (API) technology to not only ease the tax filing process but also to  reduce the risk of human errors.

While a simplified filing process is one of the best things about such digital solutions, companies can enjoy a slew of other benefits. Below are some reasons to choose the accounting software:

  • It keeps digitised records of your business transaction such as receipts and invoices, making the accounting software an efficient record-keeping tool. 
  • The software auto-generates tax computations and tax returns through the conversion of accounting and financial data.
  • Users can prepare and e-file Form C-S in as little as 30 minutes, which is significantly less when compared to manual preparation and filing (which can take 9 hours on average). 


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