Companies must file their Corporate Income Tax Return (Form C-S, Form C-S (Lite) or Form C) by 30 November each year, and their Estimated Chargeable Income (ECI) within three months of the financial year-end. Missing these deadlines leads to escalating consequences.
If a return is late, IRAS may issue an estimated Notice of Assessment (NOA) based on its own estimate of your income – often higher than your actual liability – which you must pay even if you disagree. IRAS can also issue a notice to file, impose a composition fee, and, if the return remains outstanding, summon the company and its directors to court, with fines that escalate on conviction.
Late payment of tax carries a separate penalty: 5% on tax unpaid after the due date, followed by an additional 1% for each month it remains unpaid, up to a maximum additional penalty of 12%.
The practical lesson is to file on time, and if you receive an estimated assessment, to submit the actual return promptly so it can be revised. Apexia can manage your ECI and Form C-S/C filing to keep you compliant and penalty-free.