Tax season is soon upon us and it is time for all business owners to file their taxes with the Inland Revenue Authority of Singapore (IRAS). It is mandatory for companies and businesses to file their tax returns in Singapore. Here are some tips on how to file your corporate tax returns.
1) Preparation of tax returns
You can either prepare your tax returns manually or digitally. Due to the complexities of tax calculation, the digital route is preferred. There are many programs that can assist you in filing an accurate tax return. If you have been regularly keeping track of your expenses during the financial year, this portion is basically putting everything together.
2) Calculation of corporate tax
Once you have completed filing your tax returns, you can calculate your corporate tax. You should be clear what expenses are deductible and what is not. In Singapore, all non-taxable income should be deducted from the net profit. These income sources include capital gains, income from the sale of fixed assets, forex gains among other income exempt from tax.
3) Proper tax planning
There are many tax incentives and subsidies which the government is providing for companies. You should be taking advantage of these initiatives. Proper tax planning can reduce your chargeable income. When you are in doubt, you should contact an accountant or a corporate secretary for advice on such matters.
4) Filing of company tax returns to IRAS
It is mandated that all Singapore companies must file their tax returns each financial year. If you are running a small business, most probably you will only be required to file form C-S. You should be keeping documentary proof your income and expenses. IRAS may request for them at a later date.
When in doubt, do contact an accountant or an experienced ACRA filing agent for assistance on corporate tax filing matters.
Yours Sincerely,
The editorial team at Singapore Secretary Services
[…] will also need to take note of your annual filing dates as well as when you should be filing your corporate tax returns. Your corporate secretary should be able to assist you with these matters. They can also assist in […]
[…] How to file corporate tax returns for companies […]
[…] How to file corporate tax returns for companies […]