SINGAPORE | IRAS – Annual Tax Filing Requirements for Companies

WLP Group

Why Companies Are Required to File Their Annual Income Tax?

All registered companies in Singapore must stay in compliance with Singapore law. Annually, a company has to file with two main agencies:

ACRA: The Accounting and Corporate Regulatory Authority

IRAS: The Inland Revenue Authority of Singapore

Filing with IRAS -The Inland Revenue Authority of Singapore

In Singapore, all private limited companies are required to file their corporate taxes on a yearly basis. This is required even if the Company is dormant or inactive for the financial year. There will be legal consequences should the Company fails to file its corporate taxes within the stipulated timeline.

Estimated Chargeable Income (ECI)

This is an estimation of the Company’s chargeable income for the financial year. The Company has to submit its ECI within 3 months after the financial year has ended. However, not all companies are required to submit an ECI, companies that fit the criteria below are qualify for the waiver to file their ECI:

  • Annual Revenue is not more than S$5million AND
  • ECI* is NIL for the YA

If the company’s accounts are not finalized yet, the company can provide the figures based on its management accounts for revenue. The figure can be later revised in Form C/ Form C-S.

Tax Reporting (Form C/ C-S)

With effect from the Year 2020, all companies are to e-File their Corporate Income Tax Return via CorpPass with Form C-S/ Form C. The Company are required to submit the following documents during tax filing:-

  • Audited/ Un-audited financial report
  • Tax Computation (Form C)

A dormant company is still required to submit its Corporate Income Tax Return through a simplified form catered to dormant companies. However, for a dormant company, it can request for a waiver of Income Tax Return submission if it satisfies the criteria for a waiver: –

  • Dormant and has submitted up-to-date Form C-S/ C, financial statements and tax computations;
  • Does not own any investments or generate income from shares, properties, fixed deposits etc
  • De-registered for Goods and Services Tax (GST) if previously registered
  • No intention to recommence business within the next 2 years

We have compiled all the important deadlines into one comprehensive table for your convenience. If you are unfamiliar with the procedure or have just completed company registration in Singaporecontact us to find out how WLP can assist with your IRAS filings.