Corporate Tax Filing Services in Singapore - File Your Corporate Tax in Singapore with Apexia Corporate Advisory

Understanding Corporate Taxation in Singapore

How is Corporate Income Taxed?

Singapore taxes companies on their chargeable income, which is calculated as taxable revenue minus allowable expenses and deductions. Taxable income includes:

• Business profits
• Investment income (e.g., dividends or interest)
• Royalties
• Premiums
• Other revenue gains

Steps to File Corporate Tax in Singapore

1. File Your Estimated Chargeable Income (ECI)

   The corporate tax filing process begins with the submission of your Estimated Chargeable Income (ECI), an estimate of your company's taxable profits for the Year of Assessment (YA).

   Does Your Company Need to File ECI?

   Firms must file their ECI within 3 months after the end of their financial year, unless exempted. Exemptions apply to businesses with:

   • Annual revenue of S$5 million or below and no chargeable income.
   • Categories such as foreign universities, certain unit trusts, and overseas ship owners.

   How to Calculate ECI

   When filing your ECI, exclude tax exemptions for start-ups or partial exemptions. IRAS will automatically compute these exemptions. If your business qualifies for the new start-up income tax exemption scheme, indicate this during filing.

   Steps to File ECI

   To file your ECI:

   1. Appoint an Approver for Corporate Tax via Corppass.
   2. Gather your UEN/Entity ID and Singpass credentials.
   3. Log in to the IRAS myTax portal and declare your business revenue.

2. File Your Corporate Income Tax Return

   After filing your ECI, submit your annual corporate income tax return to IRAS. Choose one of three forms:

   • Form C-S: For companies with annual revenue of S$5 million or below.
   • Form C-S (Lite): For companies with annual revenue of S$200,000 or below.
   • Form C: For companies not eligible for Form C-S or C-S (Lite).

   Corporate Tax Filing Deadline

   The deadline for filing corporate tax returns is 30 November each year. For example, YA 2023 covers the period from 1 Jan 2022 to 31 Dec 2022.

3. Obtain a Notice of Assessment (NOA)

   Once your corporate tax return is submitted, IRAS will issue a Notice of Assessment (NOA) by 31 May of the following year. This document outlines your company's tax liabilities. If your business disagrees with the assessment, you can file an objection.

4. Pay Your Corporate Income Tax

   After confirming your NOA, your company must settle its tax liability within 30 days. Available payment methods include:

   • GIRO: Preferred method with up to 10 months of interest-free instalments.
   • PayNow QR
   • AXS Stations
   • Internet Banking (Bill Payment or Fund Transfer)
   • Telegraphic Transfer
   • SingPost

Why Outsource Your Corporate Tax Filing to Apexia Corporate Advisory?

Filing corporate taxes accurately and on time is critical to avoid penalties and maintain compliance. Many businesses rely on professional tax advisors to handle their corporate tax filings efficiently.

At Apexia Corporate Advisory, we offer:

• Expertise: Our seasoned tax consultants handle diverse business types, ensuring precise and compliant filings.
• Efficiency: We streamline the filing process, saving you time and resources.
• Peace of Mind: Trust our team to manage your tax obligations so you can focus on growing your business.

Contact Apexia Corporate Advisory Today. Simplify your corporate tax filing with Apexia Corporate Advisory's professional tax services. Let us help you navigate Singapore's tax landscape with confidence. Get in Touch to learn more!