Corporate Tax Compliance in SINGAPORE | Step-by-Step Guidance

Singapore corporate tax, which was first introduced in 1947, is a flat tax of 17% on the chargeable income of companies. The one-tier taxation system exempts dividends in shareholders’ hands and prevents double taxation. All Singapore companies registered or doing business in Singapore must submit annual tax returns according to their previous year’s earnings.

Singapore provides partial and start-up tax relief to lower the effective tax rate and facilitates business expansion through a streamlined, easy-to-understand filing process handled by the Inland Revenue Authority of Singapore (IRAS). Recent policies uphold Singapore’s competitive position as a global business center with a pro-business tax system.

Tax Rates

Companies with income earned from Singapore or income remitted to Singapore are required to pay corporate tax at 17 % on their chargeable income whether it is local or foreign.

Penalties

Late Filing of Form C/C-S: SGD 1,000; further delays can result in court summons.

Incorrect Returns:

Without intent: Up to 200% of underpaid tax.

With intent (evasion): Maximum 400%, SGD 50,000 fine, and/or 5 years imprisonment. 

Documents Required for CT Filing

• Company’s Certificate of Incorporation (from ACRA)
• Business Profile (BizFile extract from ACRA)
• Company Constitution (previously called Memorandum & Articles of Association)
• Information of Company Directors and Shareholders
• Confirmation of Financial Year End 
• Contact Details (Registered address, email, and telephone number)
• Corporate Tax Filing Contact Person (Name, NRIC/FIN, title)

The key corporate tax filing obligations 

• Estimated Chargeable Income (ECI)

Filing of ECI by companies has to be made three months after the close of their financial year unless they are exempt.

• Form C-S or Form C

All corporations are required to submit Form C-S or Form C on 30 November of each year.

• Form C-S applies to businesses with revenue less than SGD 5 million and fulfilling simplified reportable conditions.
• Form C is necessary for firms that do not qualify for Form C-S and need to submit a complete set of financial statements.

Step-by-step guide to File CT

Step 1: Access myTax Portal

Go to myTax Portal

• Log in with Corppass credentials

Step 2: Go to the Filing Section

• Go to: Corporate Tax > File Form C-S/ C

Step 3: Start E-Filing

• E-File is clicked to proceed
• Confirm Contact Details and Functional Currency
• Click Save and accept to proceed

Step 4: Save Acknowledgement

• Upon submission, save or print the Acknowledgement Page
• Click Proceed to E-File to proceed further

Step 5: Declare Revenue

Submit company revenue:

• If ≤ SGD 200,000: Select Form C-S Lite or Form C-S
• If SGD 200,001 – 5 million: Go with Form C-S

Revenue entry is required

Step 6: Qualifying Conditions

• Declare the 3 qualifying conditions in Part A

Step 7: SCTP Review (Optional)

Step 8: Verify Financial Period

• Confirm or amend the Financial Year
• Use Save Draft if necessary

Step 9: Tax Adjustments (Part B)

• Enter tax adjustments needed (e.g., donations, capital allowances, losses)
• Check and edit pre-filled IRAS information if necessary

Step 10: Donations

• Donations are automatically included (from authorized IPCs)
• Adjustments are permitted only for non-SGD functional currencies

Step 11: Proceed to Final Review (Part C)

• Verify all entries
• Save a copy of the Confirmation Page as PDF or print

Conclusion

Singapore corporate tax filing is easy and effective with a 17% tax rate and exemptions favoring business growth. Filing deadlines and submission documents are required from companies to evade penalties. Filing the appropriate forms, like Form C-S for small enterprises, and utilizing IRAS’s online portal guarantees timely and correct submissions. Remaining tax compliant prevents penalties and facilitates ongoing success in Singapore’s pro-business climate. With planning and attention to detail, companies can successfully navigate the tax system and take advantage of available tax incentives.