Singapore Issues Corporate Tax Return Filing Guidance

The Inland Revenue Authority of Singapore has released guidance for companies on filing a corporate income tax return this year.

The deadline for filing the form is November 30, 2021, for the 2021 year of assessment.

Companies should file one of three forms depending on the size of their operations.

The simplified Form C-S is for companies that fulfil all of the below conditions – they:

  • are incorporated in Singapore; and
  • have an annual revenue of SGD5m or less; and
  • derive income taxable at the prevailing corporate tax rate of 17 percent; and
  • are not claiming the following:
    • Carry-back of current year capital allowances/ losses;
    • Group relief;
    • Investment allowance; or
    • Foreign tax credit and tax deducted at source.

Form C-S (Lite) can be filed by those companies that qualify to file Form C-S and have an annual revenue of SGD200,000 or less.

The guidance, released on May 11 on an IRAS webpage titled “Corporate Income Tax Filing Season 2021”, covers which companies are obligated to file; what income is liable to corporate tax; allowable deductions and reliefs; common filing mistakes; rules for investment holding companies; refunds, payments, and appeals; and other available guidance.

It lists new changes to the corporate tax forms owing to tax regime changes, as follows:

  • Companies are given the option to claim the Renovation & Refurbishment deduction in one YA (i.e. accelerated R&R deduction) instead of over three YAs for qualifying expenditure incurred during the basis period for YA 2021.
  • Companies are given an option to accelerate the write-off of plant and machinery over two years, instead of three years or over the prescribed working life of the asset, on the cost incurred in acquiring such plant and machinery during the basis period for YA 2021.
  • Companies may elect for either the current carry-back relief system or enhanced carry-back relief system for YA 2021.

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