When it comes to tax season, getting the basics right has never been more important. From declaring your cash transactions and personal income to ensuring your payments are up-to-date, you can improve your tax position by keeping your books in order.
Whether you’re seeking tax filing advice, or need to correct your business records, speak with a CPA Singapore-registered tax professional who can work with you to get things right. As your business grows, we’re here to ensure your company stays compliant to the latest tax regulations in Singapore.
Overview:
WHEN DO I NEED TO FILE MY COMPANY TAXES?
The deadline for filing your Corporate Income Tax Return for the Year of Assessment (YA) 2024 is 30 Nov 2024. Be sure to pay your taxes on time as your company will incur penalties for late or non-payment. Payment is due 1 month from the date of Notice of Assessment (NOA).
WHAT IS THE CORPORATE TAX INCOME RATE?
Your company is taxed at a flat rate of 17% of its chargeable income, applicable to both local and foreign companies.
HOW DO I FILE MY TAXES?
You may file your taxes via mytax.iras.gov.sg. However, you will first need to be authorised by your company to act for its Corporate Income Tax matters via Corppass.
If you require professional advice and assistance regarding corporate tax filing, kindly contact us — we’ll be happy to answer your enquiry.
WHICH FORM SHOULD I USE?
All ACRA-registered businesses in Singapore are required to declare their annual income to the Internal Revenue Authority of Singapore (IRAS) by filing a tax return form.
- Form C-S
– For companies incorporated in Singapore.
– Has annual revenue of $5 million or below.
– Derive income taxable at 17%.
– NOT claiming the following:
> Carry Back Relief
> Group Relief
> Investment Allowance
> Foreign Tax Credit and
> Tax Deducted At Source - Form C-S (Lite)
– For companies with annual revenue of $200,000 or below. - Form C
– Not qualified to file Form C-S or Form C-S (Lite). Financial statements, tax computations and supporting schedules must be field together with form C
WHAT INCOME IS TAXABLE?
Taxable Income refers to the following:
– Gains or profits from any trade or business
– Investment such as dividends, interest and rental
– Royalties, premiums and profits from property
– Other gains that are revenue in nature
You also can read this: ACRA Certificate of Incorporation Essentials: Get Started Right
ARE THERE ANY TAX EXEMPTION SCHEMES?
Yes, tax reliefs are available to reduce tax bills for new start-ups and operating companies.
GOOD PRACTICES FOR KEEPING RECORDS
Ease the process of filing company taxes by staying on top of your records. Here are general guidelines that may help your documentation:
– record cash income and expenses
– separate private expenses from business expenses
– keep valid tax invoices for purchases
– keep healthy inventory records
– file documents that substantiate any motor vehicle claims
WHO CAN I LOOK FOR HELP?
Your tax agent is required to follow regulations when preparing your return. In order to file your company’s annual income and claims, they may ask you detailed questions about your cashflow, business performance, personal use of assets and records.
If you’re looking for a trusted and experienced accounting and tax professional, WhatsApp Us at (65) 8155 3359 or get in touch with us at One Accounting Services Singapore.