IRAS reminded companies of their YA 2025 Corporate Income Tax filing obligations, outlining penalties for late submissions and available support resources.

The Inland Revenue Authority of Singapore (IRAS) issued a notice on 16 October 2025 reminding companies of their Corporate Income Tax (CIT) filing obligations, potential penalties for non-compliance, and available support resources.

For the Year of Assessment (YA) 2024, Singapore achieved a record 90.4% on-time CIT filing rate, up from 88.9% in YA 2023. This improvement was supported by around 14,000 additional companies submitting returns on time. IRAS attributes the high compliance rate to a simplified digital filing experience and effective enforcement measures. This year, an estimated 300,000 companies, including 37,000 newly incorporated firms, are expected to file their CIT Returns by the 30 November 2025 deadline.

Filing Obligations for All Companies

All companies, including dormant or loss-making ones, must file their CIT Returns by 30 November unless granted a waiver. Companies are encouraged to prepare their filings by October and submit by mid-November. Directors remain responsible for the accuracy and timeliness of filings.

Support for New Companies

More than 37,000 companies will file their CIT Returns for the first time this year. Newly incorporated companies must file if they:

  • Incorporated in 2023 and closed their first accounts in 2024.
  • Incorporated in 2024, commenced business or earned income in 2024, and closed their first accounts.

First-time filers can request the Income Tax Return for Newly Incorporated Companies 1. IRAS offers webinars covering record-keeping, tax computation, filing procedures, and expense deductibility. Surveys indicate that participants gain a stronger understanding and increased confidence in tax filing. Upcoming sessions are available at go.gov.sg/citwebinar2025.

Digital Resources for Simplified Filing

IRAS provides digital tools and simplified forms to help companies meet their obligations efficiently:

  • Simplified Forms:
    • Form C-S: For companies with revenue ≤ SGD 5 million, taxable at 17%, not claiming specified reliefs.
    • Form C-S (Lite): For companies with revenue ≤ SGD 200,000; only six fields required.
    • Form for Dormant Companies: For companies with no business activity or income; only two fields required.
  • Digital Resources:

Companies needing assistance can visit the IRAS website or contact IRAS via myTax Mail. Firms discovering errors in past returns are encouraged to make a voluntary disclosure to avoid penalties.

Enforcement Actions Against Non-Compliant Companies

While most companies comply, IRAS continues to take swift action against those that fail to meet deadlines. Companies that miss the filing deadline can face fines of up to SGD 5,000, with daily penalties of SGD 100 for continued non-compliance. Companies failing to file for two years or more may face court-ordered penalties twice the amount of tax assessed, in addition to fines.

Since January 2025, IRAS has issued nearly 4,500 Notices to Attend Court for YA 2024 and prior years, collecting SGD 3.4 million in penalties. A notable case involved a construction company that repeatedly failed to file its CIT returns and was ordered in September 2025 to pay over SGD 190,000, twice its assessed tax. These cases highlight the importance of timely compliance as the YA 2025 deadline approaches.