Corporate Income Tax Filing: Beginning in 2023, users of software that allows seamless filing will receive additional benefits

  • February 09, 2023

corporate-income-tax3 Years of Automatic 15-Day Extension of Filing Due Date and Penalties Waiver

To support more companies and tax agents in their journey to adopt seamless filing from software for greater productivity, the Inland Revenue Authority of Singapore (IRAS) is pleased to announce two new benefits for those filing Corporate Income Tax (CIT) Returns (Form C-S 1) seamlessly from software for the Year of Assessment (YA) 2023 to YA 2025. The two benefits are as follows:

  1. If you can’t file your taxes on time, don’t worry. You will automatically get a 15-day extension. and
  2. If you’re new to filing your taxes, don’t worry! The IRS offers a waiver of any penalties you might incur for mistakes made on your return. So take your time, and make sure everything is correct before you submit.

This is part of IRAS’ digitalization blueprint to make tax filing easier for companies and tax agents by integrating tax into the systems businesses use in their daily operations. Companies will be able to save up to 95% of the time and have improved compliance as their tax computations, and returns will be automatically generated and filed from their software.

Two New Benefits for Companies & Tax Agents Adopting Seamless Filing

IRAS has been actively engaging and partnering with companies and tax agents to promote the adoption of seamless filing from software. Most agreed that it would improve productivity. While some businesses are keen to try the software, they are concerned about needing time to be familiar with its use and the possibility of making errors in their submission in doing so.

Two new benefits will be provided between YA 2023 to YA 2025 to support companies and tax agents who are transiting and familiarising themselves with filing Form C-S seamlessly from software. These benefits will help make the transition smoother for everyone involved.

  1. The automatic extension of the filing due date by 15 days (i.e., from 30 Nov to 15 Dec) for YA 2023 to YA 2025 Form C-S filed seamlessly from software means that companies and tax agents do not need to separately request for the extension.
  2. IRAS will waive penalties for errors made on Form C-S filed using the software for the next three years if the form is filed by the due date.

If you adopt Seamless Filing for your Goods & Services Tax (GST) returns, Auto-Inclusion Scheme (AIS) submissions, and Tax Clearance for Foreign & Singapore Permanent Resident Employees (IR21), you’ll be eligible for some great benefits. These benefits will be available from 1 Jan 2023 to 31 Dec 2025. For more information, please refer to the IRAS website and Annex A – Summary of Benefits for Adoption of Seamless Filing from Software (PDF, 14KB).

Companies and tax agents adopting software with seamless filing capability can prepare and file Form C-S within 15 minutes, achieving more than 95% of time savings. In addition, they can reduce potential transposition errors by eliminating the need for manual data entry in myTax Portal and improve the accuracy of Form C-S with software features such as the pre-filling of tax data. See Annex B – Illustrative Examples on Seamless Filing from Software (PDF, 192KB) for illustrative examples of how seamless filing from software can ease tax filing for companies and tax agents.

IRAS has a list of software called the Accounting Software Register Plus (ASR+) that companies and tax agents can use to file their taxes seamlessly. Businesses are encouraged to use Tier 3 software (see Annex C – Tier 3 Software in the Accounting Software Register Plus (ASR+) Listing (PDF, 36KB) for the list) from the ASR+ Listing, which will enable them to file both CIT and GST returns seamlessly. Tax agents can also connect their in-house system with IRAS’ system to enable the seamless filing of Form C-S via Application Programming Interfaces (APIs).

Nearly 9 in 10 Companies Filed on Time in YA 2021

Nearly 9 in 10 companies filed their tax returns on time in YA 2021. This is thanks to IRAS’ simplified tax returns and enhanced digital communication efforts. IRAS’ targeted filing reminders helped small companies stayed on top of their filing last year.

Approximately three-fourths of businesses submitted either Form C-S or Form C-S (Lite) 4 and were not mandated to file their financial statements and tax computations. Even though these businesses weren’t legally bound to create these documents, they would still need to have them prepared and ready to submit upon IRAS’ request.

As part of its continuous efforts to streamline CIT filing, IRAS will further support more companies and tax agents to adopt seamless filing from software to achieve greater productivity.

File by 30 November 2022

        IRAS reminds all companies, including those with no business activities or those in a loss position, to file their YA 2022 CIT Returns (Form C-S/ Form C-S (Lite)/ Form C) by 30 Nov 2022. All directors must ensure that their companies’ tax returns are filed on time. Failure to file the CIT Return by the due date is an offense under the Income Tax Act 1947, for which companies may be subject to penalties of up to $5,000.

        Companies are encouraged to digitize their notices to stay up-to-date with the latest information from IRAS. Those who have not yet done so can update their email address and notification preference through the “Update Notice Preferences” digital service in myTax Portal. By doing this, they will be able to start receiving e-Notifications from IRAS.

        If your company needs help filing taxes for the year 2022, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at Alternatively, you may leave us a reply using our contact form below.

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