IRAS updates tax computation guidance, adding an exchange rate tool for financial years 2021–2025 to help companies convert foreign currency amounts into Singapore dollars.
The Inland Revenue Authority of Singapore (IRAS) has updated its Preparing a Tax Computation webpage on 2 February 2026, making revisions to Exchange Rate Search Function (XLSX) covering financial years ending 2021 through 2025.
A tax computation is a statement that adjusts accounting profit to determine the income chargeable to tax. Adjustments include non-deductible expenses, non-taxable receipts, additional deductions, and capital allowances. Companies are required to prepare a tax computation annually before submitting their Form C-S, Form C-S (Lite), or Form C.
For companies filing Form C, audited or unaudited financial statements, tax computations, and supporting schedules must accompany the form. Companies filing Form C-S or Form C-S (Lite) are not required to submit these documents upfront but must have them ready if requested by IRAS.
The updated search function helps taxpayers who prepare tax computations in currencies other than Singapore dollars by providing the average exchange rate, allowing easy conversion of foreign currency amounts into Singapore dollars.
