UPDATES – Revenue threshold increased to S$5 million for ECI waiver and Form C-S
ECI
The revenue threshold for ECI waiver will be increased from S$1 million to S$5 million. This updated criteria for ECI waiver will apply to companies with financial year ending in or after July 2017.
Company’s Financial Year ends | Criteria for ECI waiver |
In or before June 2017 | 2. annual revenue is not more than S$1 million for the financial year; and
3. ECI is NIL for the YA. |
In or after July 2017 | 2. annual revenue is not more than S$5 million for the financial year; and
3. ECI is NIL for the YA. |
FORM C-S
Effective YA 2017, IRAS will increase the annual revenue threshold for filing Form C-S from the current S$1 million to S$5 million.
From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:
- The company must be incorporated in Singapore;
- The company must have an annual revenue of S$5 million or below
- The company only derives income taxable at the prevailing corporate tax rate of 17%; and
- The company is not claiming any of the following in the YA:
a. Carry-back of Current Year Capital Allowances/ Losses
b. Group Relief
c. Investment Allowance
d. Foreign Tax Credit and Tax Deducted at Source