Latest Update from IRAS: Filing of corporate taxes for YA2020 will become easier via a new simplified Form C-s Lite. IRAS will launch the Form C-s lite in July 2020 and it’s possible for companies with simple structure (minimal transaction or simple MA) to file taxes by filing out 6 essential fields. Companies filing Form C-s lite are not required to submit their financial statements and tax computations. However these companies will still need to prepare these documents and are ready to submit in the event that IRAS requested for them.
The requirements for the simplified filing are:
- Company has an annual revenue of $200,000 or below
- Excluding separate source income like interest
- Company only derives income taxable at prevailing corporate tax rate ot 17% and
- Company not claiming the following in the YA:
- Carry-back of current year capital allowances or losses
- Group relief
- Investment allowance
- Foreign tax credit and tax deducted at source
Also from this year there will be no more physical filing and e-filing is compulsory. The extended tax filing due date of 15 Dec will not be available from YA 2021 and companies will require to e-file their YA2021 by 30 November 2021.
More information on Form C-S (Lite) can be found on IRAS.