Corporate tax filing in Singapore is a mandatory part of running a business. However, many entrepreneurs may feel overwhelmed during the tax season, especially if they are unfamiliar with the procedure. The good news is, by getting to know certain guidelines and complying with them, the whole tax filing process can go smoothly. Learn more about corporate tax filing in Singapore and important deadlines you should know below.
What Is Corporate Tax Filing in Singapore?
In Singapore, corporate tax filing is a mandatory annual process that all registered companies must comply with to declare their chargeable income or profits after allowable expenses to the Inland Revenue Authority of Singapore (IRAS). Taxable income includes profits obtained from your business, investment income (dividends or interest), royalties, or other sources of revenue. After getting their submission approved by the IRAS, they need to pay the applicable tax.
Who Needs to File Corporate Tax in Singapore?
According to the Income Tax Act, all companies have to file for corporate taxes regardless of their tax residency status. This means that chargeable income acquired from Singapore or foreign-sourced income remitted to Singapore are subject to corporate tax.
Step-by-Step Corporate Tax Filing Process
Your Certificate of Incorporation is more than a formality, as it is required to carry out the following business activities:
1. File your Estimated Chargeable Income (ECI)
To pay your corporate income taxes in Singapore, the first step is filing your ECI form within 3 months of your company’s financial year end (FYE). This form gives an estimate of your business’s profits that can be taxed, after subtracting the tax-allowable expenses for a Year of Assessment (YA). However, some companies are exempt from filing the ECI form, such as foreign ship owners, foreign universities, and designated unit trusts. Be sure to check whether you can skip this step.
2. File your Income Tax Return (ITR)
Proceed with filing your Income Tax Return (ITR) after the ECI form. There are three different types of ITRs: Form C, Form C-S and Form C-S (Lite), depending on your annual revenue. Form C-S and Form C-S (Lite) are simplified versions of Form C.
To be eligible for Form C-S, you must meet all of the following requirements:
- Your annual revenue is ≤ S$5 million
- Your company is a tax resident in Singapore
- You only earn taxable income
- You are not claiming certain deductions/incentives
To be eligible for Form C-S (Lite), you must meet all of the following requirements:
- Your annual revenue is ≤ S$200,000
- You still meet all other eligibility conditions
Make sure you are filing the correct ITR based on the category your business falls under. Businesses that do not meet the simplified-return criteria should file the full Form C with complete financial statements, tax computation, as well as other supporting documents with the return.
3. Prepare your financial statements
Next, prepare your financial statements in line with the Singapore Financial Reporting Standards (FRS). You will be required to prepare comprehensive income statements, balance sheets, along with cash flow statements for accurate reporting.
4. Get your ITR reviewed by a tax agent
To complete your tax return, your ITR can be reviewed by an accredited tax agent. This helps assure IRAS that all the required statements are accurate. Accredited tax professionals are experienced and knowledgeable in helping you navigate regulations for corporate tax filing in Singapore.
5. Obtain a Notice of Assessment (NOA) From IRAS
After filing your ECI and ITR, IRAS will review them and send you an NOA several months after filing, which may fall between May and September. This is a comprehensive statement of your business’s tax liabilities. You can also object to the tax assessment if necessary. If there are no objections, you can proceed to pay your corporate income tax within 30 days.
Corporate Tax Filing Deadlines in Singapore (2026)
In Singapore, companies must file their corporate tax documents within 3 months of their financial year-end (FYE). Late submissions may incur a penalty of up to SG$5,000.
Get a Trusted Company Incorporation Package to Simplify Your Tax Process
The tax filing process for businesses in Singapore may be complicated, especially for busy business owners who have no time or are unfamiliar with the process. For a smooth tax filing process, My Office provides company incorporation service to handle all regulatory requirements for businesses in Singapore. Our team of expert tax agents ensures your filings are accurate, complete, and timely, reducing the risk of penalties. Have more time to focus on handling your business while we help you stay fully compliant with your tax obligations. Get in touch with us today to consult on your tax filing needs!
