Singapore Corporate Tax Services
Filing for Form C/Form C-s can be a daunting and complicated affair especially for newly start-up companies or business owners who are unfamiliar with it. What constitutes terms such as tax rebate, tax exemption, and deductible/non-deductible business expenses and keeping up to date with the latest tax regulations makes it even more difficult to understand this matter.
Ace Success Pte Ltd believes that when equipped with the adequate information, companies can avoid unnecessary cost and time if tax forms have been inaccurately or untimely filed for.
Corporate Tax Services serve the tax requirement of all companies in Singapore. The following services are included:
- Compilation of Un-audited Financial Statements
- Tax Computation
- Filing of ECI and Form C/Cs
IRAS require all companies to file the tax form by 30 Nov (paper form) or 15 Dec (online filing) every year. Our tax computation will include calculation of capital allowances, carry back relief, PIC allowances, tax rebates etc…
1. Compilation Of Un-audited Financial Statements
Companies that are deemed as a small company with an annual revenue of less than $10 Million and no corporate shareholder are exempted from an audit. However, these companies are still not exempted from preparing financial statements (Section 201 of the Companies Act).
Hence, the term ‘Un-audited Financial Statements’ exist as they do not require an auditor to sign them off.
A Financial statement is a formal record of the financial activities of a business or other entity.
Relevant financial information is presented in a structured manner and in a form that is easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:
- A balance sheet, also referred to as a statement of financial position, reports on a company’s assets, liabilities, and ownership equity at a given point in time.
- An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company’s income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
- A statement of cash flow reports on a company’s cash flow activities, particularly its operating, investing and financing activities.
For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.
The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.
2. Estimated Chargeable Income (ECI)
All companies have to submit their Estimated Chargeable Income (ECI) within 3 months from the end of their financial year.
IRAS will send the company a notification to file its ECI in the last month of its financial year.
Even if a company estimates its chargeable income as zero, it still has to file a “Nil” ECI unless the company qualifies for administrative concession.
Subsequently, if the ECI is more than the actual chargeable income reported in your Form C/Form C-S, the excess tax paid earlier will be refunded automatically. However, if the ECI is less than the actual chargeable income reported, the additional tax must be paid within one month from the date of the Notice of Assessment.
A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax. Tax adjustments include non-deductible expenses, non-taxable receipts, further deductions and capital allowances.
4. Filing of Form C/C-S
The ‘Form C/Form C-S’ is a form for all locally based companies to declare their income annually regardless of whether they have made a profit or loss. From Year of Assessment (YA) 2012, qualifying companies may file for corporate taxes using a simpler 3 page ‘Form C-S’. The due date for Form C/C-S filing is before 30 November (paper file) or 15 December (e-filing) every year. Check with us to find out whether your company is qualify to file Form C-S.