What we do
- Tax computations and the Form C-S, Form C-S (Lite) or Form C return.
- Estimated Chargeable Income (ECI) filing.
- Tax planning: capital allowances, deductible costs and available exemptions.
- Replies to IRAS queries and notices.
- GST registration, returns and advice. Henry is an Accredited Tax Practitioner for Income Tax and GST.
The yearly cycle
| Step | What happens |
|---|---|
| Financial year end | Your accounting year closes. Books should be up to date. |
| ECI | File within 3 months after year end. You do not need to file if annual revenue is S$5 million or less and your ECI is nil. |
| Tax computation | We adjust your accounting profit to taxable profit. |
| Form C-S or Form C | Due by 30 November each year for the previous financial year. |
| Notice of Assessment | IRAS issues the tax bill. You pay by the date shown. |
How much tax your company pays
The headline corporate tax rate is 17%. Two exemptions reduce the tax for most small companies.
- Partial tax exemption. 75% of the first S$10,000 and 50% of the next S$190,000 of chargeable income are exempt.
- Start-up tax exemption. New qualifying companies get a bigger exemption for their first three years of assessment: 75% of the first S$100,000 and 50% of the next S$100,000. Conditions apply.
Example. A company has chargeable income of S$300,000.
| Partial exemption | Start-up exemption | |
|---|---|---|
| Exempt amount | S$102,500 | S$125,000 |
| Taxable income | S$197,500 | S$175,000 |
| Tax at 17% | S$33,575 | S$29,750 |
Illustration only. It leaves out rebates and other reliefs that change from year to year. We check the rules for your year of assessment before we file.
Where companies lose money on tax
- Missing the ECI or Form C deadline and paying penalties.
- Claiming costs that are not deductible, such as private car expenses, fines and capital items.
- Missing capital allowances on equipment you bought.
- Not using the start-up exemption when the company qualifies.
What we need from you
- Financial statements or a trial balance for the year.
- A list of fixed asset purchases and disposals.
- Details of director fees, bonuses and related party transactions.
- Any IRAS letters you received.
Common questions
Do I file if my company earned nothing?
Every company files a tax return, including a company with no income, unless IRAS has granted a waiver for a dormant company. Ask us before you skip a filing.
Is audit-exempt the same as tax-exempt?
No. Audit exemption does not change your tax filing. See the audit exemption page.
When should I contact you?
Within a month of your year end. Earlier is better if you plan to buy assets, hire or sell the business.