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Tax Return Filing

To complete corporate tax returns, a company must submit two filings with IRAS (Inland Revenue Authority of Singapore):

  • Estimated Chargeable Income (ECI): ECI is a company’s taxable income after deducting tax-allowable expenses.

  • Form C or Form C-S: In both Form C or Form C-S a company declares its actual income for the tax year. A Form C filing requires companies to attach tax computations, financial statements, detailed profit & loss statement, and other supporting documents. Conversely, form C-S is a simplified filing that does not require additional documents.

Due dates for tax return filing

  •  Due within 3 months of the company’s financial year-end

  • Form C or form C-S: Due by November 30 for paper filing or December 15 for electronic filing

 

 

Basis Period and Year of Assessment (YA)

It is important to understand the concept of the Year of Assessment (or YA) and Basis Period to appreciate how Singapore taxes are calculated. A company is taxed on the income earned in the preceding financial year. This means that income earned in the financial year 2018 will be taxed in 2019. In this example, 2019 is the Year of Assessment (YA). Thus, the YA is the year in which your income is assessed to tax.  To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year. This financial year is known as the “basis period”.  The basis period is generally a 12-month period preceding the YA. So, if a company’s Financial year end is on March 31 of each year then for YA 2019 its Basis Period will be 1 April 2017 to 31 March 2018.

CORPORATE TAX

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