Tax filing easier now for SMEs with new, simplified form
The taxman has reminded companies to file their tax returns by the Nov 30 deadline, adding that some small and medium-sized enterprises (SMEs) may use a new, simplified form to do so.
The Inland Revenue Authority of Singapore (Iras) in April introduced the so-called Form C-S for firms with annual revenue of $1 million or below, and which meet some other criteria. The new form is only three pages long, less than half the seven pages (including appendices) of Form C that larger companies need to fill in.
Firms do not need to submit their financial accounts with Form C-S - unlike with Form C. But they are still required to keep proper accounts and prepare their financial statements. Iras may request to view them at a later date.
"All companies are required to submit their tax returns, regardless of the company size or whether they have made profits or losses in the financial year," said Iras in a statement.