As announced by the 2nd Minister for Finance on 7 Mar 2017, IRAS will increase the annual revenue threshold for filing Form C-S from the current $1 million to $5 million to reduce compliance cost on businesses.
In view of the above, with effect from YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:
- The company must be incorporated in Singapore;
- The company must have an annual revenue of $5 million or below
- The company only derives income taxable at the prevailing corporate tax rate of 17%; and
- The company is not claiming any of the following in the YA:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
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