Form C-S Lite was introduced as a simplified tax filing option for smaller companies in Singapore. It is part of the Inland Revenue Authority of Singapore’s (IRAS) efforts to streamline the tax filing process and reduce compliance burdens for eligible companies.

Here’s an overview of Form C-S Lite:

Eligibility: Form C-S Lite is available to companies that meet specific criteria. Generally, companies eligible for Form C-S Lite must meet the following requirements:

  • Have an annual revenue of up to S$200,000.
  • Derive income mainly from the provision of services.
  • Have up to three individual shareholders.
  • Not claim any tax exemptions or deductions, except for those relating to the Corporate Income Tax Rebate and foreign tax credit.

Simplified Filing Process: Form C-S Lite offers a simplified filing process compared to the standard Form C or even Form C-S (Simplified Tax Return). Companies eligible for Form C-S Lite do not need to prepare financial statements and tax computations. Instead, they provide specific information such as revenue, deductible expenses, and other details on the form.

Submission: Companies eligible for Form C-S Lite can file corporate income tax returns electronically via the IRAS website. The form is available for completion online, making the filing process more convenient.

Deadline: The deadline for filing Form C-S Lite is typically a few months after the end of the company’s financial year, similar to other tax filing deadlines in Singapore. Late filing may result in penalties imposed by the IRAS.