The deadline for filing the annual tax returns for Singapore companies in approaching quickly, according to the new scheme enabled by the Inland Revenue Authority of the city-state (IRAS). Below you will find all you need to know about the documents to be submitted this year for tax purposes. You can also rely on our lawyers in Singapore if you want to open a company in the city-state.

What are the annual tax filings for companies in Singapore?

All companies in Singapore are required to file two annual returns: Form C-S and C. Form C-S was recently introduced for small companies operating in the city-state as their number has grown significantly and it represents the shorter version of the income tax return. This is the only form a small company must file with the IRAS. Form C is for large companies in Singapore. In order to make a clear distinction, the IRAS disposes the following:

• -          form C-S is for companies with an annual income of 1 million SGD maximum for the Year of Assessment (YA);
• -          form C is for companies with an annual return above 1 million SGD.

It is important to know that in order to be allowed to file these taxes, a Singapore company must be subject to the 17% corporate tax rate and cannot claim any tax refund or be part of any governmental programs when filing the forms.

What are the deadlines for filing tax returns in Singapore?

Recently, the IRAS modified the dates for companies filing their tax returns in Singapore. Those submitting their annual tax filings online can do so by December, 15^th. Companies filing their returns on paper format must submit them by November, 30^th.  Also, by the end of 2020, all companies in Singapore will have the possibility of filing e-forms.

Special provisions apply for companies benefiting from tax deductions or exemptions under one of Singapore’s double tax agreements and which can apply for a Certificate of Residence in order to be allowed to claim back their taxes. The same dates apply for e-filings, respectively paper format forms.

For full information about the taxation system in the city-state, you can contact our law firm in Singapore. Our attorneys in Singapore can also offer information about the city-state double taxation agreements.