The Inland Revenue Authority of Singapore (IRAS) has confirmed the activation schedule for its digital corporate income tax filing services for the Year of Assessment (YA) 2024. Companies can begin submitting their returns electronically from 1 July 2024.
The services cover the following key corporate income tax return forms:
- Form C: The standard Corporate Income Tax Return.
- Form C-S: A simplified return designed for qualifying small companies.
- Form C-S (Lite): An ultra-simplified version of Form C-S for eligible small companies with minimal revenue.
Eligibility Criteria for Simplified Filing:
- Form C-S: To qualify, a company must meet all conditions:
- Be incorporated in Singapore.
- Have annual revenue of $5 million or below for the financial year.
- Derive only income taxable at Singapore’s normal corporate tax rate of 17%.
- Form C-S (Lite): Companies meeting all Form C-S criteria and having an annual revenue of $200,000 or below have the option to file using this further simplified form.
Mandatory Use of Form C:
Companies must file using the full Form C if they are claiming any of the following tax treatments:
- Carry-back of current year capital allowances or losses.
- Group relief.
- Investment allowances.
- Foreign tax credit and/or tax deducted at source.
Companies are advised to determine their eligibility for simplified filing (Form C-S or C-S (Lite)) based on their revenue and tax position for the relevant financial year. Electronic filing via myTax Portal will be accessible starting 1 July 2024 for YA 2024 submissions.
This news brief summarizes publicly available information from IRAS. Taxpayers should refer directly to the official IRAS website (www.iras.gov.sg) for the latest details, full eligibility criteria, and filing guidance.
Source: IRAS, 17 April 2024.