Short answer: A Singapore-incorporated company can file Form C-S if its annual revenue is S$5 million or below, all its income is taxable at 17%, and it is not claiming carry-back relief, group relief, investment allowance, foreign tax credit or tax deducted at source. If revenue is S$200,000 or below it may opt for the shorter Form C-S (Lite). Every other company files Form C. Answer the questions below to see which return applies.
Frequently asked questions
What is the difference between Form C-S and Form C-S (Lite)?
The only difference in the qualifying conditions is revenue: S$5 million or below for Form C-S and S$200,000 or below for Form C-S (Lite). Form C-S (Lite) has 6 essential fields instead of 18.
Do I submit financial statements with Form C-S?
No. Financial statements and the tax computation are not submitted with Form C-S or Form C-S (Lite), but they must be prepared and given to IRAS if requested. Form C must be filed with them.
Can a foreign company or a Singapore branch file Form C-S?
No. Only Singapore-incorporated companies qualify. Foreign companies and Singapore branches of foreign companies file Form C.
My revenue went above S$5 million this year. Must I switch to Form C?
If the company filed Form C-S for the previous YA and meets every other condition, IRAS allows it to continue with Form C-S for this YA. If revenue exceeds S$5 million again the following YA, it must file Form C.
Sources
- https://www.iras.gov.sg/taxes/corporate-income-tax/form-c-s-form-c-s-(lite)-form-c-filing/overview-of-form-c-s-form-c-s-(lite)-form-c
- https://www.iras.gov.sg/media/docs/default-source/uploadedfiles/pdf/faqs—file-form-c-s.pdf
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