The Inland Revenue Authority of Singapore (IRAS) today announced the commencement of electronic filing services for corporate income tax returns for the Year of Assessment (YA) 2024. Businesses can now submit Form C, Form C-S, and Form C-S (Lite) via the myTax Portal (mytax.iras.gov.sg).
Key Filing Details:
- Forms Available: Form C, Form C-S, Form C-S (Lite)
- Platform: myTax Portal (
mytax.iras.gov.sg) - Filing Deadline: 30 November 2024 (for all three forms).
Enterprise Innovation Scheme (EIS) Cash Payout Application Mandate:
Concurrently, IRAS clarified the procedure for businesses seeking the EIS cash payout for YA 2024:
- Prerequisite: A business must first successfully file its YA 2024 corporate income tax return (Form C, Form C-S, or Form C-S (Lite)).
- Application Method: Following the tax return submission, the business must apply for the EIS cash payout exclusively through the dedicated “Apply for EIS Cash Payout” digital service on the myTax Portal.
- Application Deadline: The EIS cash payout application must also be submitted no later than the corporate tax filing deadline of 30 November 2024.
Businesses are advised to initiate their YA 2024 corporate tax filing promptly and, if applicable, utilize the designated digital service for EIS cash payout claims well before the 30 November 2024 deadline.
Source: IRAS, 1 July 2024.