Form C-S and Form C are tax forms used in Singapore for corporate income tax returns. These forms are submitted annually to the Inland Revenue Authority of Singapore (IRAS) by companies registered and operating in Singapore.
Form C-S (Simplified Tax Return):
Form C-S is a simplified corporate income tax return for small companies. It is meant for eligible small companies with an annual revenue of up to S$5 million and who meet certain criteria set by the IRAS.
Companies eligible to file Form C-S are not required to attach financial statements and tax computations when submitting the form. Instead, they declare their income, expenses, and other relevant details on the form.
The purpose of Form C-S is to streamline the tax filing process for small companies, making it less burdensome in documentation and compliance requirements.
Form C (Corporate Income Tax Return):
Form C is the standard corporate income tax return for companies in Singapore that do not qualify to file Form C-S or choose not to do so.
Companies that file Form C are required to provide more detailed financial information, including balance sheets, profit and loss statements, tax computations, and other supporting documents.
Form C is used by larger companies or those with more complex financial structures that necessitate a more comprehensive tax filing process.
The deadline for filing both Form C-S and Form C typically falls a few months after the end of the company’s financial year, with penalties for late submission.