Singapore Taxation Guide
Our guide here provides a comprehensive coverage of tax on companies by the Singapore Tax Authorities.
Singapore Corporate Tax Guideline
The annual Corporate Income Tax filing deadline for Singapore Companies is the 30th of November of the Year of Assessment.
Companies are required to submit the prescribed Form C(Form C-S for qualifying small companies), audited/unaudited accounts, and tax computation.
Companies are required to submit the prescribed Form C(Form C-S for qualifying small companies), audited/unaudited accounts, and tax computation.
Estimated Chargeable Income (ECI)
All companies have to submit their Estimated Chargeable Income (ECI) within three months from the end of their financial year end.
Even if a company ECI is zero, it still has to file a "Nil" ECI unless the company qualifies for the administrative concession.
Subsequently, if the ECI is more than the actual chargeable income reported in the company's Form C/ Form C-S, the excess tax paid earlier will be refunded automatically. However, if the ECI is less than the actual chargeable income reported, the additional tax must be paid within 30 days from the date of the Notice of Assessment.
Note that where there is a significant difference between the ECI provided and the chargeable income reported in the Form C/ Form C-S, IRAS may require the company to provide an explanation.
Administrative Concession
With effect from YA 2013, for companies with financial year ending Oct 2012 or after, ECI need not be filed for a particular financial year if:
Even if a company ECI is zero, it still has to file a "Nil" ECI unless the company qualifies for the administrative concession.
Subsequently, if the ECI is more than the actual chargeable income reported in the company's Form C/ Form C-S, the excess tax paid earlier will be refunded automatically. However, if the ECI is less than the actual chargeable income reported, the additional tax must be paid within 30 days from the date of the Notice of Assessment.
Note that where there is a significant difference between the ECI provided and the chargeable income reported in the Form C/ Form C-S, IRAS may require the company to provide an explanation.
Administrative Concession
With effect from YA 2013, for companies with financial year ending Oct 2012 or after, ECI need not be filed for a particular financial year if:
- The company annual revenue is not more than $1 million for the financial year; and
- The ECI* is NIL.
