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Digital Commerce Taxation Singapore

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Digital Commerce Taxation Singapore

2021-02-04T15:03:55+08:00February 12, 2018|Comments Off on Digital Commerce Taxation Singapore

Digital Commerce & Taxation Singapore- by Paul Hype Page.

Digital SG Taxation

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Digital Commerce Taxation Singapore FAQs

How to complete Form C?2020-07-02T11:21:56+08:00

The Form C is a declaration form used by a company to declare its income. Please ensure that all the necessary sections in the Form C are correctly completed and that it gives a full and true account of the company’s income. In completing the Form C, please note: All lines must be completed. Any field that is not applicable should be filled in as “0” Do not indicate remarks such as “See attached” or “As per tax computation” on the Form C The declaration section on page one of the Form C must be signed by the person making the return. Guide to completing Form C for Year of Assessment 2009 onwards.

What Documents are to be prepared when filing Form C-S/C?2020-07-02T11:21:29+08:00

Audited and unaudited financial statements, tax computations, claim forms, and other documents must be prepared or filed with an income tax return (Form C-S/ C). 

Records and Accounts Keeping 

Companies are required to keep proper records and accounts of business transactions. Using accounting software helps businesses improve record keeping and comply with tax obligations. Businesses can also use the information found in the software to ensure that operations are effective and efficient. The IRAS’ Accounting Software Register lists the accounting software that are able to meet IRAS’ technical requirements, and businesses considering using accounting software for record-keeping purposes are encouraged to consider software on this list. 

For companies eligible to file Form C-S 

Companies that meet the qualifying conditions may report their income by filing Form C-S instead of Form C.  Such companies must prepare: 

  • audited and unaudited financial statements; 
  • tax computation and supporting schedules; and 
  • other documents such as claim forms for claiming certain tax deductions or benefits. 

The above mentioned documents are to be prepared and retained for submission upon IRAS’ request, except for Declaration for the Purpose of Claiming Writing-Down Allowances for Intellectual Property Rights (IPRs) under Section 19B of the Income Tax Act. 

What is Form C?2020-07-02T11:20:43+08:00

A company must declare its income by completing the Income Tax Form for companies. This is known as Form C and must be completed each year. 

IRAS will send the first Form C to a newly incorporated company in the second year following the year of incorporation. 

Thereafter, Form C for subsequent YAs will be sent to your company in March or April every year. 

You may need to request for the first Form C to be sent to you earlier, that is, in the year immediately after the year of incorporation (instead of the second year following the year of incorporation) under certain circumstances. 

Note that income is assessed on a preceding year basis. This means that the basis period for any YA generally refers to the financial year ending in the year preceding the YA. 

Example 1 

Your company is incorporated on July 1, 2007, and its financial year end is June 30. 

If your company’s first set of accounts covered the period from the date of incorporation (July 1, 2007) to June 30, 2008, your accounts will be for YA 2009. You do not need to request for Form C for YA 2008. 

Example 2 

Your company is incorporated on July 1, 2007 and its financial year end is December 31. 

If your company’s first set of accounts covered the period from the date of incorporation (July 1, 2007) to December 31, 2007, your accounts will be for YA 2008. In this case, you have to request for Form C for YA 2008. 

  • Form C can be requested via the form titled “Request for Form C for Newly Incorporated Companies or Companies Granted Waiver to Submit Form C/Change of Particulars (36KB)”. 
  • If a company’s first set of accounts covered the period from the date of incorporation to December 31 of a particular year, accounts will be for the YA after the December 31 which ends the period. There is no need to request for Form C for the YA before it. 

 

Accounts for a given period are to be submitted with the Form C. Form C will be sent to a company in March or April. When filing Form C for a YA, separate tax computations must be submitted for each of two YAs if accounts cover a period of more than 12 months. Income must also be apportioned for each period, and a letter stating that tax computations for the two YAs are enclosed must be attached. 

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