Iras simplifies corporate tax filing process for SMEs

Singapore

FILING corporate taxes for 2020 will become easier for small and medium-sized enterprises (SMEs), with a new simplified Corporate Income Tax (CIT) Return form and more digital solutions being implemented this year.

The Inland Revenue Authority of Singapore (Iras) launched the simplified version of the standard CIT Return Form C-S, called Form C-S (Lite), in July. The Form C-S (Lite) makes it possible for companies with straightforward tax matters to file taxes by filling out as few as six essential fields, including revenue and net profit or loss.