Form C-S (Lite) is a new e-filing measure introduce from YA 2020 by the Inland Revenue Authority of Singapore (IRAS). The Form C-S (Lite) is a simplified income tax return filing for companies with annual revenue of S$200,000 or less. This is especially targeted at small companies with straight forward tax matters and to make the tax filing faster and easier.

 

The company will need to meet the following conditions to qualify for filing Form C-S (Lite):

  • The company is incorporated in Singapore
  • The company has an annual revenue of S$200,000 or below
  • The company only derives income taxable at the prevailing corporate tax rate of 17%
  • The company its not claiming any of the following in the YA:
    • Carry-back of current year capital allowances / losses
    • Group relief
    • Investment allowance
    • Foreign tax credit and tax deducted at source

There are only 6 essential fields to input when filing via Form C-S (Lite). But before proceeding to e-File your company’s income tax, you should first prepare the tax computations for the company.

You are not required to submit the company’s financial statements and tax computations but nevertheless, you should have them ready in case IRAS request for them.

From YA 2020, companies are required to e-File Form C-S (Lite) by 15th December 2020.

If you require assistance with tax computation for YA 2020, please do not hesitate to get in touch with us for a quote.