We here at Entrust understand that corporate tax is frightening to most Singapore companies. With regulations frequently evolving and strict timelines, compliance with its requirements requires prudent planning, systematic documentation, and timely submissions. Our clients typically would like to know how they can simplify things. This is the reason why we have prepared this comprehensive one-stop manual to the corporate tax filing life cycle of step-by-step lifecycle, from record keeping, tax return filing, and post-filing compliance. Our expertise allows businesses to mind their business and grow while being completely compliant and hassle-free in their transaction with the Inland Revenue Authority of Singapore (IRAS).
Step 1: Keeping Accurate Records
The key to effective filing of corporate tax is maintaining proper records. Proper financial accounts are to be maintained by all firms, which include:
- Accounts of revenue and sales
- Receipts of purchase and expenses
- Receipts of payroll and CPF payments
- Bank statements and loan accounts
- Documents of investments or assets
Having clean and updated records not only makes your tax filing easier, but also ensures your business is prepared in the event of any inquiry or audit. At Entrust, our experts assist businesses in having streamlined record-keeping processes in place to avoid mistakes and inconvenience when deadlines are near.
Step 2: Getting Acquainted with Your Corporate Tax Burden
Singapore corporate tax is levied uniformly at 17% of chargeable income. There are, however, exemptions and incentives for newly established companies and small and medium sized enterprises (SMEs). It is important to familiarize yourself with your qualification for these exemptions, rebates, and deductions to maximize your tax expenditure.
Our professionals guide clients through these options to have your corporate tax return accurately reflect reliefs owing without sacrificing IRAS compliance.
Step 3: Preparation of Your Corporate Tax Return
Once your records are ready, the next thing would be preparing your corporate tax return. This includes:
- Calculate total revenue and expenses
- Calculate net profit or loss
- Claim exemptions or deductions available
- Filing of the Form C or Form C-S (where the case is one of qualifying small companies)
Minor discrepancies or oversights are sufficient to initiate IRAS follow-up or audit. Our experts at Entrust ensure that every corporate tax return prepared by us is accurate, well supported and documented, and submitted on time so as not to incite error or delay.
Step 4: Filing with IRAS
Corporate tax returns are generally due 11 months from your company’s financial year-end. Submission can be done electronically via IRAS myTax Portal.
While submission is a breeze online, businesses must ensure all the figures reconcile with their audited accounts and supporting papers. Late submission or incorrect submissions may incur penalties, so having experienced professionals on your team are worth their weight in gold.
Entrust offers end-to-end corporate tax filing support, including making, checking, and filing your returns on time, so business leaders can concentrate on their businesses.
Step 5: Post-Submission Procedures Handling
After submission, IRAS may:
- Make a determination from your company tax return
- Request supporting documents for verification
- Conduct a tax audit where there are discrepancies
At Entrust, we provide clients with all post-submission procedures, conducting liaison with IRAS for effective handling of enquiries. By acting proactively, we ensure discrepancies are resolved in good time, avoiding anxiety and associated penalties.
Step 6: Future Planning Compliance
Compliance with corporation tax is not an isolated exercise—but a process. Organisations are well advised to plan and prepare for:
- Filing GST quarterly (where applicable)
- Proper payroll and CPF filing
- Advance preparation for annual filing
- Strategic tax planning to maximise exemptions and deductions
Tax advisory services or outsourced tax advisory services are not only applicable for annual filing. We collaborate with clients throughout the year to maintain clean records, optimize tax positions, and comply with Singapore’s regulatory environment.
Why Entrust Is Your Corporate Tax Partner
We possess a few year’s experience in providing corporate tax compliance to companies of all sectors at Entrust. Our specialists apply technical expertise to practical advice to develop solutions that suit every unique client.
Our business tax services include:
- Corporate tax return filing and timely submission
- Advisory on exemptions, rebates, and deductions
- IRAS liaison and post-filing support
- Strategic repeat compliance planning
With collaboration with Entrust, business companies can be assured that their corporate tax liabilities are in the hands of professionals so that they could focus on innovation and development.
Final Thoughts: Making Tax Compliance Effortless
It does not have to be daunting to manage corporate tax filing and compliance. With efficient record-keeping, accurate preparation, and professional guidance, your business can simply comply with IRAS requirements and avoid penalties. Entrust is committed to supporting businesses from the outset of their life cycle, record-keeping, all the way to post-filing support, so that compliance is effortless, accurate, and trouble-free.
Have Entrust as your trusted corporate tax partner to guide you into Singapore’s tax regime with assurance and precision.
