Have You Filed Your Corporate Tax for Season 2019?
It’s corporate tax season again in Singapore. Companies can begin filing their Year of Assessment (YA)’s for 2019 as corporate tax filing season is now open.
Companies can submit their YA e-File’s via their CorpPass at Inland Revenue Authority (IRAS)’s myTax Portal. If your company has a revenue exceeding S$1 million in YA2018, you will need to file your tax returns. Tax e-Filing will soon be compulsory by 2020 for all companies based in Singapore.
Companies will be required to file their corporate tax for 2019 using Form C-S/C by no later than 15 December 2019. It is highly recommended that you file your corporate tax for 2019 as soon as possible. File late and you may run the risk of incurring a penalty or face enforcement action. If your company’s revenue for YA 2018 is below the S$1million threshold, you can still file your corporate taxes using the paper-based method. The due date for this one is by no later than 30 November 2019.
If your Singapore company happened to close your first financial statements last year (2018), you will still need to file your corporate tax for 2019. This means that even if you incorporated a business in Singapore in 2018, you’re still eligible for corporate tax filing this 2019 season.
Corporate income which is considered taxable in Singapore is income that is either received from within Singapore or outside, and income which has either been derived or accrued in the country.
Types of Corporate Income Tax Return
There are two options to choose from to file your taxes. The first is Form C-S, and the second is Form C. Do note you must still file your tax return even if you’re operating at a loss. If your business does not meet the qualifying conditions for Form C-S, then you will need to file Form C along with your other financial statements. This includes supporting tax computations and schedules among other things.
Common Mistakes to Avoid
When filing your taxes for the corporate tax season 2019, you want to be sure to avoid the common mistakes:
- Wrongfully claiming expenses which are non-deductible.
- Understanding the income which your business received.
- Not keeping proper records of all your accounts.
For more information about the Corporate Tax Season 2019 in Singapore, and information about filing your taxes, visit IRAS’s website here.