The introduction of Form C-S is testament to Singapore’s commitment to ensure an inclusive business environment for small businesses. We are optimistic that the latest slew of measures will encourage more people to be entrepreneurial.
Singapore (PRWEB) April 05, 2012
In its latest move to reduce the compliance burden for small firms, the Inland Revenue Authority of Singapore (IRAS) has simplified the tax filing process for small companies through the Form C-S. Singapore company registration specialists Rikvin supports the introduction of Form C-S as a means to ensure an inclusive business environment for the Republic’s smaller firms.
Form C-S is an abridged version of the original Singapore corporate tax Returns Form C which spans up to 7 pages. Spanning only three pages, Form C-S is available for eligible small companies filing their tax returns from YA 2012 onwards.
The introduction of Form C-S means that eligible firms need only furnish essential tax and financial information when filing their tax returns. In comparison, the original Form C requires firms to submit supporting documents such as financial statements, tax computation and supporting schedules together with the form.
Furthermore, eligible Singapore firms have the option of e-filing their Form C-S with effect of July 2012. The online filing service allows firms to enjoy a half-month extended deadline i.e. 15 December. They also enjoy filing convenience as some fields including estimated tax payable are auto-computed and they will receive instant confirmation when the Form has been successfully filed.
In order to be eligible for filing Form C-S, the following criteria applies:
1. The firm must have opted for Singapore company formation and has earned under S$1 million in revenue that is taxable at 17%.
2. The firm is not making any of the following claims:
● research & development tax allowance
● carry-back of current year capital allowances or losses
● group relief
● investment allowance
● foreign tax credit
Companies that do not meet the eligibility criteria for Form C-S must then submit a full set of tax returns comprising of Form C and its supporting documents.
Commenting on the new filing service, Mr. Satish Bakhda, Head of Rikvin’s Operations said, “The introduction of Form C-S is testament to Singapore’s commitment to ensure an inclusive business environment for small businesses. Furthermore the simplified tax filing service offered through Form C-S comes on the back of various measures such as the recent enhancement of the Capability Development Programme and the Productivity and Innovation Credit Scheme (PIC Scheme). We are optimistic that the latest slew of measures will encourage more people to be entrepreneurial and start a Singapore company.”
For fourteen years, Rikvin has partnered with foreign investors, entrepreneurs and professionals in their pursuit to access the limitless opportunities Singapore has to offer. Rikvin’s areas of expertise include Singapore company incorporation, offshore company setup, accounting, taxation and other related corporate services. Rikvin also provides work visa and immigration services for foreign professionals wishing to relocate to Singapore.
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
(65) 6320 1888