Most corporate tax errors are avoidable and come from a handful of recurring issues. Being aware of them helps you file an accurate return and reduces the risk of an IRAS query or penalty. The most common are:
- Missing the ECI deadline (within three months of the financial year-end) or the 30 November Form C-S/C deadline.
- Claiming non-deductible items – such as private expenses, capital costs, fines or penalties – instead of adding them back in the tax computation.
- Overlooking capital allowances, or claiming them on assets that do not qualify.
- Failing to claim exemptions and reliefs you are entitled to, such as the Start-Up or Partial Tax Exemption, the Enterprise Innovation Scheme, or the CIT Rebate.
- Mistreating capital gains, exempt dividends or foreign income, which are taxed differently from ordinary trading income.
- Weak record-keeping, so that deductions and claims cannot be supported if IRAS reviews them.
A careful tax computation, reconciled to your accounts and supported by records, prevents most problems. Apexia can prepare and review your computation so nothing is missed or misstated.