The Inland Revenue Authority of Singapore (IRAS) has announced an update to its “Preparing a Tax Computation” webpage, introducing two new Basic Corporate Income Tax Calculators (BTCs) for taxpayers submitting Corporate Income Tax Returns for the 2024 assessment year (AY).
A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax. Tax adjustments include non-deductible expenses, non-taxable receipts, further deductions and capital allowances.
These calculators are available for companies filing Form C and those using Form C-S or Form C-S (Lite). The BTCs, provided as Excel workbooks, are designed to assist businesses in preparing their tax computations and related schedules. They include helpful explanatory notes to guide users through the process and offer validation checks to avoid common errors.
Primarily intended for trading companies, the BTCs come with commonly used schedules, such as those for renovation and refurbishment expenses and capital allowances. For companies filing Form C, both the tax computation and relevant schedules must be submitted with the form. In contrast, those filing Form C-S/Form C-S (Lite) are not required to submit their tax computation and supporting documents initially but must keep them on hand for submission if requested by IRAS.
