What you need to know for Corporate Tax Filing Season 2020

Corporate Tax filing season has begun and all companies, including those that did not carry on business or have incurred a loss, must e-File their Year of Assessment (YA) 2020 Income Tax Returns (Form C-S/ C) at mytax.iras.gov.sg by 15 Dec 2020. e-File your taxes early to avoid any last- minute rush.

With compulsory e-Filing, paper submission of Form C-S/ C will not be accepted.

In this article, the Inland Revenue Authority of Singapore (IRAS) brings you the latest developments in Corporate Tax filing and some useful filing tips for companies.

  1. Filing made easy for small companies with a suite of new filing initiatives
    From YA 2020, small and medium enterprises can enjoy an easier tax filing experience with the following new initiatives:

e-Filing of Form C-S (Lite)
Companies who qualify to e-File Form C-S and have an annual revenue of $200,000 or below now have the option to e-File Form C-S (Lite), a simplified version of Form C-S. For companies with straight-forward tax matters, Form C-S (Lite) requires only six essential fields to be completed, which is a two-third reduction in the number of fields as compared to Form C-S. Visit go.gov.sg/formcs-lite to find out more about Form C-S (Lite).

Using Accounting Software to Prepare and e-File Form C-S Seamlessly
To help smaller companies with simpler tax affairs reduce their regulatory burden, IRAS and ACRA have partnered accounting software providers1 to co-create a new digital solution that allows qualifying companies to automate the preparation and filing of Form C-S and annual returns to IRAS and ACRA respectively via accounting software. The digital solution leverages API (Application Programming Interface) technology to simplify the tax filing process for companies and reduces their risk of making errors. Aside from simplifying the filing process, companies will also enjoy the following benefits when using the enhanced accounting software:

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It serves as your primary record-keeping tool as all your business transaction records including invoices and receipts will be digitised.
Tax returns and tax computations are auto-generated through the software that automates the conversion of financial and accounting data.
Users will take less than 30 minutes to prepare and e-File their Form C-S as compared to 9 hours of manual preparation and filing.

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