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.

"We are delighted to know that SMEs and tax agents have found e-filing service for Form C-S to be convenient and easy to use,” says Wilson Ong, Assistant Commissioner, Corporate Tax Division of IRAS. “With the launch of e-filing service for Form C, all companies and tax agents can now enjoy such benefits and avoid the hassle of filing thick stack of paper returns.”

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.

"The online Form C-S is easy to use and requires minimal training. It generally helps to cut down time spent on updating basic information of the client. No more worrying whether the hard copy Form C-S can reach us on time for the tax return filing! The ease and convenience of e-Filing anytime and anywhere, especially appeals to our clients and us in this highly digital and mobile age. With e-Filing of Form C-S, we can definitely accomplish more in less time!” –P G Tax Services Pte Ltd

Companies and tax agents also noted a reduction in printing and courier charges, which led to greater cost savings.

Please refer to Annex 1 for more feedback on Form C/C-S e-Filing experiences.

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. 

Inland Revenue Authority of Singapore

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 at www.iras.gov.sg/irashome/FormC-S/   

Annexes

Annex 1- Feedback on Form C/ C-S e-Filing Experience

1. Pioneer Associates participated in the pilot run of the e-Filing of corporate tax return (Form C) last year. The experience was great and exceeded our expectations. E-Filing of return is convenient for both tax agents and clients, especially for those clients who travel frequently. There is no time or place constraint. Clients are not required to submit original signed tax return while tax agents are allowed to e-File return anytime as the e-Filing system is available 24 hours a day.
   Compared to conventional paper filing, e-Filing of return is definitely more environmental friendly and cost-saving. Printing of documents and courier charges are substantially reduced. Based on our experience, e-Filing simplifies the tax return filing process and eliminates the stress of having to work around client’s travel schedule in getting the finalised tax return signed before the client travels.
   
   Ms Doris Foo
   Tax Director, Pioneer Associates
   
   
2. We are very happy to be the first accounting firm to get on the EVN system for Form C electronic filing. The early start has given us the opportunity to work through areas that affected our clients and to work closely with the IRAS. The IRAS team has been very supportive and taken on board our feedback and requirements. The experience in YA 2014 has given us more comfort and confidence in rolling out Form C electronic filing for YA 2015 and thereafter.
   Our clients also value the early start and more importantly, it is business as usual for them – Form C electronic filing did not alter or make it more cumbersome for them. More importantly, the extended timeline in many instances was helpful in easing our clients into the electronic filing process.
   
   Ms Ivy Ng
   Partner, Tax Services, Ernst & Young Solutions LLP
   
   
3. The benefits of e-Filing Form C include the reduction of administrative work such as arranging for the submission of hardcopies to IRAS and engaging courier services, and of printing cost.
   
   Ms May, Tam May Lan
   Tax Dept, Shell Eastern Petroleum Pte Ltd
   
   
4. E-Filing with built-in validations helped us to minimise errors. The e-Filing portal is available 24 hours a day and has given us the flexibility to file at our own convenience. It is easier to manage a client's file as there is less paper-work as compared to paper-based filing where we need to make photocopies. The draft version of Form C-S has made our job easier and faster as we use it to get the client's approval for submission. The processing time of the finalisation of assessments is faster when we e-Filed the tax return.
   
   Kreston David Yeung PAC