On or about 30 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has updated the website content on Dormant Companies.
A dormant company is one that does not carry on business and has no income for the whole of the basis period.
From YA 2020, a dormant company is not required to complete the Form for Reporting Related Party Transactions notwithstanding the value of the company’s related party transactions disclosed in the financial statements for the financial period exceeds S$15 million. Therefore, dormant companies which are qualified to file Form C-S or Form C for Dormant Company can continue to use Form C-S or Form C for Dormant Company.
From 1 October 2021, IRAS will no longer accept the hard copy on Application for Waiver of Income Tax Return (Form C-S/C) Submission by a Dormant Company. Companies have to apply for the waiver via the IRAS “Apply for Waiver to Submit Tax Return (Dormant Company) e-Service (which will be renamed as Apply for Waiver/ File last Form C-S/ C (Dormant/ Striking Off)).
Also from 1 October 2021, if the date of cessation of business falls in an advance Year of Assessment (YA) for which the e-Filing service for that YA is not yet available, the company has to use the Apply for Waiver to Submit Tax Return (Dormant Company) e-Service (which will be renamed as Apply for Waiver/ File last Form C-S/ C (Dormant/ Striking Off)) to e-File the advance YA return.
Source: IRAS, 2 August 2021