Question 1

Is there any penalty for not filing corporate tax in Singapore?

Accepted Answer

Late filing and non-filing can lead to penalties under Singapore tax and company regulations. Companies and responsible officers may face fines and further enforcement action for continued non-compliance.

Question 2

What is ECI?

Accepted Answer

ECI means estimated chargeable income, which is a company’s estimated taxable income for a year of assessment.

Question 3

What is the corporate tax rate in Singapore?

Accepted Answer

Singapore’s corporate income tax rate is 17%, with exemptions and schemes potentially lowering the effective rate for qualifying companies.

Question 4

If my company made a loss, do I still need to file Form C or Form C-S?

Accepted Answer

Yes. Companies are generally required to file the relevant corporate income tax return even in a loss-making year, subject to filing requirements.

Question 5

Is a private limited company required to file audited accounts in Singapore?

Accepted Answer

Audit requirements depend on company size and statutory criteria. Companies that qualify for audit exemption may file unaudited financial statements where allowed.

Question 6

How do I know if my company is eligible or required to register for GST?

Accepted Answer

GST registration status depends on taxable turnover thresholds and specific registration conditions. Companies should assess both current and expected turnover against IRAS rules.

Question 7

What is the last date to file a corporate income tax return in Singapore?

Accepted Answer

30 Nov every year.

Question 8

Are capital gains taxable for Singapore companies?

Accepted Answer

Singapore generally does not tax capital gains, but treatment depends on facts and the nature of transactions.

Question 9

How can Intime Accounting help manage corporate tax?

Accepted Answer

Support includes tax computation, filing coordination, GST-related work, advisory on tax matters, and assistance with tax authority queries.

Corporate tax services in Singapore