Singapore: Amended Threshold for Form C-S and Criteria for ECI Waiver
The Inland Revenue Authority of Singapore (IRAS) will increase the annual revenue threshold for filing Form C-S, the simplified corporate tax return, from the existing SGD 1 million to SGD 5 million. This is effective from the year of assessment (YA) 2017, with the criteria unchanged. This also applies to the waiver of filing the estimated chargeable income (ECI). In other words, for companies with financial year-end in or after July 2017, ECI will be zero for the YA if the annual revenue does not exceed SGD 5 million. Rules on electronic filing of ECI also went into effect:
- Companies with revenue over SGD 10 million in YA2017 must file the ECI electronically from YA2018
- Companies with revenue between SGD 1 million and SGD 10 million in YA2017 must file the ECI electronically from YA2019
- All companies must file the ECI electronically by YA2020.