TNC Business Strategy Research
Singapore 2020 Corporate Tax Filing Season 2020 (Issue 4)
Corporate Tax Filing Season 2020 (Issue 4)
This e-newsletter provides you with information on Corporate Income Tax filing to help the company better understand companies' tax filing obligations.
From the Year of Assessment (YA) 2020, e-Filing of the Corporate Income Tax Returns (Form C-S/ C) is compulsory for all companies. The filing deadline is 15 Dec 2020.
e-Filing services for YA2020 Form C-S/C are now available. The Company may proceed to e-file the Corporate Income Tax Return via IRAS website.
Key Tax Changes for YA2020
To help companies with their cash flow:
- A Corporate Income Tax Rebate of 25% tax payable, capped at $15,000, will be granted for YA020; and
- The Loss Carry-Back Relief has been enhanced from YA2020. Companies may elect either the current carry-back relief system or enhanced carry-back relief system for YA2020.
New! Form C-S (Lite)
From YA2020, companies that qualify to file Form C-S and have an annual revenue of $200,000 or below the option to file Form C-S (Lite), which is a simplified version of Form C-S.
Does your company meet all following conditions?
1. The company is incorporated in Singapore;
2. The company has an annual revenue of $200,000 or below;
3. The company only derives income taxable at the prevailing corporate tax rate of 17%; and
4. The company is not claiming any of the following in the YA:
- Carry-back of Current Year Capital Allowances / Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source