The Inland Revenue Authority of Singapore (IRAS) has released comprehensive guidance for the corporate income tax filing season 2023. The guidance provides detailed instructions on various aspects of tax filing, ensuring taxpayers understand the procedures and requirements. The guidance covers key areas such as filing the corporate income tax return, including filing methods via online, determining the appropriate form to be filed (Form C-S, Form C-S (Lite), or Form C), and clarifying whether a corporate income tax return is necessary for the year of assessment 2023.

Additionally, the guidance offers comprehensive information on preparing a tax computation, including taxable income, deductible expenses, common tax reliefs and deductions for companies, and common filing mistakes to avoid. It also provides guidance on calculating a company’s tax payable and preparing tax computations for investment holding companies. Filing status-related topics are also covered, including checking the status of a corporate income tax return submission and assessment, as well as making changes to a submitted return if needed. Furthermore, the guidance addresses the tax bill, detailing when taxpayers can expect to receive it, steps to take if there is disagreement with the bill, options for tax payment, and instructions for claiming refunds for tax credits. Additional support is provided through links to specific guides and FAQs tailored to different types of returns, ensuring taxpayers have access to further assistance.

It is important to note that the deadline for filing the corporate income tax return (Form C-S/ Form C-S (Lite)/ Form C) for the year of assessment 2023 is set for 30 November 2023. The guidance aims to facilitate a smooth and accurate tax filing process, helping businesses and individuals navigate the intricacies of corporate income tax in Singapore.