Companies who have just finished setting up a private limited company in singapore may be given tax exemption benefits for a specified period of time. Once the grace period passes, they will be required to meet all compliance requirements. To guide new business owners along, here are some things one should take care to remember when it comes to filing tax:
All eligible singapore tax residents are required to file their income tax return if they receive a form, letter or SMS notification from IRAS detailing that they do so. To file corporate income tax return, business owners will require logging into the myTax portal with a SingPass or CorpPass account. Corporations are only further exempt from having to file income tax returns if they have received a NFS (notification of no-filing service) notification or letter from IRAS instead.
Companies who are filing Form C-S are required to report their income along with other supporting information. They are advised to keep these documents after incorporation, so that they are able to produce them if IRAS requests for further clarification. In the event that corporations are required to prepare a declaration for claiming of write-down allowance (section 19B in the Income Tax Act), they will need to attach the declaration as well as their Form C-S/C and a valuation report for submission.
Filling in Form C-S/C
Depending on the years of assessment, requirements in the form C-S and form C may differ from time to time. Before filling in the forms, business owners are advised to visit the official IRAS website and locate the official explanatory notes so as to ensure that they are clear on all instructions.
Ensure that all information filled into the forms is accurate with no further need for correction. In addition, business owners who have finished setting up a private limited company in singapore should also make declarations within the form if they satisfy the qualifying conditions for certain schemes. They will also need to ensure that they have declared and filled in the chargeable income of the corporation before the exempt amount is computed.
E-Filing Corporate Income Tax Returns
Before online filing, the individual who files the income tax return should ensure that they have been authorised by the company to do so. For business individuals who are approved, they can proceed to log into the myTax portal. Those who have yet to be approved must authorise themselves or a third party by logging into the EASY authorisation system through the access code their company has.
Once they have been authorised as an approver, they can login to myTax portal either with their SingPass or IRAS Pin information. They will then be required to input the tax reference number for their organisation to gain full access.
These are just some things to know about handling Form C-S after completing Singapore company incorporation. By staying prepared and knowing what to do, your first tax filing should be done without encountering any problem whatsoever.