This article was provided by the Inland Revenue Authority of Singapore (IRAS).
Year of Assessment (YA) 2024 Corporate Income Tax (CIT) filing season is just around the corner, but don't hit that snooze button just yet. Filing your company's tax return this year comes with some exciting incentives that can significantly affect your bottom line. The Inland Revenue Authority of Singapore (IRAS) outlines the key points you need to know.
Submit by November 30th
Filing your YA 2024 CIT return (Form CS/ Form CS (Lite)/ Form C) on time is not just good practice, it's mandatory. You must file a tax return by November 30, 2024 even if your company had no business activity or loss in fiscal year (FY) 2023.
Only dormant companies that have acquired a are exempted refusal to file a return From IRAS. Remember that not filing a tax return by the deadline is an offense under the Income Tax Act 1947 and you may be subject to fines of up to $5,000.
In 2023, more than 4,700 companies were prosecuted for late or non-filing of tax returns. Total penalties for late or non-filing of tax returns exceeded $4.9 million.
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Enjoy a lighter tax bill
Here's the good news. To help companies manage rising costs, the government will provide all tax-paying companies CIT discount 50% from their corporation tax payable for YA 2024, which is automatically calculated and allowed in the tax assessment.
In addition, if in 2023 you employed at least one local employee who is not a shareholder or director of the company (the “local employee condition”), your company will receive 2000 dollars CIT discount cash grant. This means that companies that meet the local employee conditions will receive a minimum $2,000 allowance, even if they have no corporate taxes to pay.
The maximum combined CIT Rebate and CIT Rebate Cash Grant benefit is capped at $40,000 per company.
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For more details on CIT Rebate and CIT Rebate Cash Grant, visit
go.gov.sg/cit-taxexemption.
Tech to the Rescue. Seamless Filing:
If your company is eligible to file Form CS, Seamless Filing From Software (#SFFS) offers a more efficient approach to your tax filings.
This advanced accounting software simplifies the tax filing process by automatically converting your company's accounting data into tax data and allowing you to submit your Form CS IRAS directly from the software. With #SFFS, all you can do is summarize your tax return 15 minutes while maintaining the necessary recordkeeping requirements.
To give businesses enough time to transition and familiarize themselves with #SFFS, IRAS has also extended the CIT filing deadline for #SFFS users previously.
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For more information on #SFFS visit https://go.gov.sg/iras-sffs.
Take the Lite Compliance Track
Your company's revenue is $200,000 or less. Does your company meet the eligibility criteria for submitting Form CS? File format CS (Lite) if your answers to the above questions are “Yes”.
Form CS (Lite) is a simplified version of Form CS, designed for companies with simple tax problems to fill in only 6 key fields, which is two-thirds less than Form CS.
With Simplified Form CS (Lite), eligible companies can streamline their tax filing process, allowing more time to focus on core business activities.
Although financial statements and tax returns are not required to file, you should still prepare and keep these documents as IRAS may ask for them.
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For more information about Form CS (Lite), visit https://go.gov.sg/cslite.
IRAS resources are available
As you prepare for your YA 2024 CIT filing, be sure to use the resources IRAS has to offer to help your company meet its tax obligations;
- Basic CIT calculatorWork through your tax calculations and check against it
common errors - E-learning videosChoose from a comprehensive list of CIT-related topics
update your knowledge at your own pace - CIT Presentation 2024Everything you need to know about your company's tax obligations
For further assistance, you can contact IRAS via live chat or call the helpline on 1800 356.
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