Singapore Plugs Tax-Filing Benefits For SMEsThe Inland Revenue Authority of Singapore (IRAS) has encouraged small and medium-sized companies (SMEs) to use the simplified tax return, Form C-S, to e-file their income with effect from the 2013 assessment year, and enjoy further benefits.
All companies normally have to file an estimate of their chargeable income within three months after the end of their accounting period on Form C. However, with the simplified and shortened 3-page Form C-S, which was first available for the 2012 assessment year, there is no requirement to submit financial accounts, tax computation and supporting schedules with the tax return. The documents must be prepared, but only sent to IRAS if requested.
Form C-S is available for a company if a business is incorporated in Singapore, has an annual turnover of less than SGD1m (USD795,000), has only income taxed at 17 percent and does not claim any carryback of capital allowances/losses, group relief, investment allowance, research and development tax allowance, or foreign tax credit.
The initiative was expected to benefit about 67,000, or 42 percent, of all companies in Singapore in 2012. They are now also being encouraged to e-file their simplified forms this year and obtain further advantages.
If SMEs e-file a Form C-S they will receive an extension of their filing due date to December 15, 2013, instead of November 15. They will also be able to use the iHelp facility to fill in the form, minimize completion and computation errors with in-built formulae that auto-fill relevant fields, and have an estimate of tax payable auto-computed.
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