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미래전략 연구소2020-08-05T16:50:09+09:00

Singapore 2020 Corporate Tax Filing Season 2020 (Issue 4)

2020-10-19 12:36

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