All companies, regardless of annual revenue, can now e-File their Corporate Income Tax returns. E-Filing of Simplified Form C (Form C-S)1 was first introduced for small companies in 2012, and the take-up has been encouraging. IRAS is now extending the convenience of e-Filing of Form C to all companies, allowing companies with annual revenue of more than $1 million to enjoy the benefits of e-Filing for the first time from Jun 2015.
The availability of e-Filing for Form C also means that companies can go fully paperless when it comes to tax matters, thanks to a full suite of e-Services for companies – whether it is filing of GST returns, Corporate Income Tax returns, or Withholding Tax, companies can benefit from reduced compliance costs and productivity gains while enjoying the convenience of going paperless.
More Small Companies Switching to e-Filing
The number of small companies that have e-Filed Form C-S has grown steadily since 2012, with about 10 per cent more qualifying companies choosing to e-File each year. IRAS expects the number to continue growing, and encourages companies who have not made the switch to do so.
Companies and Tax Agents Benefit from e-FIling Form C/C-S
Tax agents who e-Filed Form C-S or participated in the pilot run of Form C e-Filing last year enjoyed the convenience of being able to file anytime, anyplace. Without the need to submit original, signed hardcopies of the forms, clients’ busy schedules and overseas trips become less of an obstacle to getting them submitted on time.
Companies and tax agents also noted a reduction in printing and courier charges, which led to greater cost savings.
Other benefits of e-Filing include:
- 15-day extension till 15 December to file the tax return, instead of 30 Nov
- Filing assistance with the iHelp facility, in-built formulae that auto-fill certain fields and an estimate of tax payable
- Function to save draft version up to 15 Dec until it is ready for submission
- Instant acknowledgment upon successful e-Filing
Corporate Tax Season 2015- FIle by 30 Nov, e-File by 15 Dec
IRAS would like to remind all companies to file their income tax returns by 30 Nov 2015. All companies will need to file a tax return, even if there was no business done, so long as they have received the Form C or Form C-S package. Companies that e-File have up to 15 Dec 2015 to do so.
1 Companies with annual revenue of $1million or less can file their tax returns using Form C-S, a simplified 3-page tax return. More information on Form C-S is available HERE.
Source: IRAS
