Singapore Corporate Tax Filing Deadline: Key Dates and What They Mean

Understanding the Year of Assessment (YA)

Corporate income tax returns in Singapore is assessed on a preceding year basis. This means that the profits earned in a financial year (FY) are taxed in the following Year of Assessment (YA).

For example, if your company’s financial year runs from 1 January 2024 to 31 December 2024, those profits are assessed in YA 2025.

Companies with non-calendar financial year ends are treated the same way. Suppose your financial year is from 1 July 2023 to 30 June 2024. This 12-month period will be assessed in YA 2025, and the filing deadlines are calculated based on that year end. Understanding YA is essential, as it determines both your ECI deadline and the Form C filing deadline.

Sound confusing? Not to worry, we will be offering some example illustrations later. This will help you to understand the "year of assessment YA" concept.

ECI Filing Deadline

The Estimated Chargeable Income (ECI) is an estimate of a company’s taxable income for the YA, after deducting allowable expenses and reliefs. Filing the ECI allows IRAS to compute your tax liability early and lets your company enjoy tax instalments in many cases.

The ECI must be submitted within three months from the end of your financial year. For instance, if your financial year ends on 31 December, the ECI is due by 31 March the following year. If your financial year ends on 28 February, the ECI is due by 31 May (3 months' time).

Not every company is required to file. A waiver applies if your company’s annual revenue does not exceed S$5 million and its ECI is nil. Dormant companies that have obtained a filing waiver for corporate tax returns are also exempted from filing ECI.

If the ECI is not filed on time, IRAS may issue an estimated Notice of Assessment (NOA) based on past returns or other information. The tax assessed must then be paid within one month, and no instalment option will be available. You may file an objection if the estimate is too high, but payment still has to be made upfront while the objection is reviewed. The object will have to be filed within 2 months of the estimated NOA.

Form C, Form C-S, and Form C-S Lite Filing Deadline

The second obligation is filing the corporate income tax return. Depending on eligibility, companies may file one of three forms:

• Form C – the full tax return, used when the company does not qualify for simplified filing (e.g., due to revenue size or claiming certain deductions).

• Form C-S – a simplified return for qualifying companies.

• Form C-S Lite – an even shorter version for small companies with annual revenue of S$200,000 or below.

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These forms must be submitted by 30 November of the YA, regardless of when your financial year ends. Let us take a look at the following three examples:

Example 1:

Financial year ended on 31 July 2024, your ECI is due by 31 October 2024, but your Form C / C-S / C-S Lite will only be due on 30 November 2025 (the YA following your financial year).

Example 2:

Financial year ended on 31 December 2024, your ECI is due by 31 March 2025, but your Form C / C-S / C-S Lite will only be due on 30 November 2025 (the YA following your financial year).

Example 3:

Financial year ended on 30 September 2024, your ECI is due by 31 December 2024, but your Form C / C-S / C-S Lite will only be due on 30 November 2025 (the YA following your financial year).

Dormant companies may apply for a waiver from filing, provided they meet IRAS’s conditions. Once approved, IRAS will stop issuing the tax return form until the company resumes business.

What Happens if You Miss the Corporate Tax Filing Deadline?

Missing filing deadlines carries real consequences. IRAS may issue an estimated assessment, and tax based on that estimate must be paid within a month. You can object to the assessment, but payment still needs to be made first.

Late filing may also result in composition fines, summons to court, or further enforcement action against directors. In addition, late payment penalties apply: 5% of the unpaid tax immediately, plus 1% for every completed month thereafter (capped at 12%). If errors or tax evasion are discovered, far heavier penalties apply, including fines of up to 200% of the undercharged tax and possible prosecution.

Singapore Corporate Tax Filing Deadline - Be Compliant

The Singapore corporate tax return filing deadline is broken up into two parts: the ECI within three months of your financial year end and the corporate income tax return (Form C / C-S / C-S Lite) by 30 November of the YA. From our experience, the ECI deadline is one that companies often overlook. Companies with odd financial year ends need to be especially careful, as their ECI deadline shifts based on their chosen year end, while the Form C deadline remains fixed at 30 November.

It is essential for Singapore companies to remain tax compliant and ensure that filings are completed within the tax deadlines. To cope with this, some companies outsource their tax computation and filing process to corporate service providers. Such professional service providers are well-versed in managing tax deadlines and the necessary tax concepts to ensure accurate filing. Working on financial statements to determine the correct amount of corporate taxes, these professional tax advisors ensure that tax compliance deadlines are strictly adhered to.

Fees are usually kept competitive, especially for companies with straightforward transactions. Nevertheless, most tax consultants will be well-equipped with the right expertise to handle more complex tax set-ups.

Staying organised, tracking your financial year end, and preparing tax computations early are the best ways to remain compliant with IRAS requirements. If you need corporate tax filing services, you may reach out to our consultant today to find out how we can assist you.

DISCLAIMER: The views and opinions expressed in this article are those of the author and do not necessarily represent the views and opinions of any individuals or organizations with which the author may be affiliated, either in a professional or personal capacity, unless explicitly stated.