On or about 9 April 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fourth edition of e-Tax Guide: Carry-Back Relief System. It replaces the third edition which was published on 2 April 2018.
This e-Tax Guide aimed to provide details on the carry-back relief system. It is relevant to companies if they have unabsorbed capital allowances1 (“CA”) or unabsorbed trade losses from trade, business, profession or vocation for the current year.
Companies must indicate any election to carry back the qualifying deductions of any current YA to the immediate-preceding YA in their Income Tax Return (Form C) and the tax computation when filing their Form C for the relevant YA. Companies that wish to make the election cannot use Form C-S.
This revised guide has amended Paragraph 9.3 to incorporate changes to the administrative requirements in making the election.
Source: IRAS, 9 April 2019