![\"Tips](\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2017\/11\/photo-5-tips-on-filing-corporate-tax-300x200-300x200.jpg\" "\\"Payroll")
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<\/h3>\nIt is the corporate tax<\/a> filing season and we are fast approaching the filing deadline.<\/p>\n Form C-S\/C has to be paper-filed by 30 November. Businesses which are able to e-file their Form C-S\/C has an extended deadline of 15 December.<\/p>\n Entities which have not carried out any business activities in the financial year or are in a loss position are also required to file their tax returns.<\/p>\n To reduce compliance costs, the annual revenue threshold to qualify for filing Form C-S (a simplified three-page form) has been raised to $5 million from $1 million in this assessment year. Firms that file Form C-S do not have to submit financial statements and tax computations, unless requested by the Inland Revenue Authority of Singapore (IRAS<\/a>).<\/p>\n From June 2018, IRAS will adopt CorpPass as the login method for businesses accessing all its e-services. Transition information packages will be sent out to companies by March 2018.<\/p>\n <\/p>\n In the 2016, IRAS recovered nearly $97 million in tax and penalties from its compliance review programmes on firms. It conducts regular compliance programmes with a focus on taxpayers who pose higher risks of non-compliance.<\/p>\n Recently, IRAS checks on the construction industry found that some companies applied incorrect income recognition methods for projects. This had the effect of delaying the reporting of taxable profits to a later year of assessment.<\/p>\n IRAS said it will continue to work with the Singapore Contractors Association to conduct seminars and highlight the tax compliance findings to members.<\/p>\n Below highlights five common mistakes for companies to avoid.<\/p>\n <\/p>\n Firms are urged to claim only for qualifying R&R costs. They can claim over three consecutive years of assessment, starting from the year R&R costs were incurred. The expenditure must not exceed the $300,000 cap for every three-year period.<\/p>\n <\/p>\n Note that private expenses are not tax-deductible. In addition, provisions for expenses are generally not tax-deductible unless your firm has legal liability to pay for such expenses.<\/p>\n <\/p>\n Firms can claim either PIC<\/a> cash payout or tax deduction on the same PIC-qualifying expenditure. Duplicate claims are not allowed. Also, ensure that your equipment is on the PIC IT and automation equipment list.<\/p>\n <\/p>\n Proper records and accounts of business transactions should be kept for five years from the relevant year of assessment.<\/p>\n <\/p>\n Construction firms should apply the “percentage of completion” method to report taxable profits progressively for tax reporting instead of recognising income for tax purposes only when a minimum percentage of completion is attained for the project.<\/p>\n <\/p>\n Companies that fail to file or report accurately face severe penalties, involving fines or even a jail term.<\/p>\n Firms failing to file returns for a particular year of assessment for two years or more may face a penalty of double the tax assessed and a fine of up to $1,000.<\/p>\n In default of payment, a prison term of up to six months may be imposed.<\/p>\n Companies that submit incorrect returns may face a penalty of up to 200 per cent of the amount of tax undercharged. A fine of up to $5,000 or imprisonment of up to three years may also be imposed.<\/p>\n <\/p>\n Firms that have made errors in past tax returns are encouraged to come forward as soon as possible. IRAS is prepared to accord a zero or reduced penalty treatment for voluntary disclosures which meet the qualifying conditions under the Voluntary Disclosure Programme.<\/p>\n <\/p>\n \u200bOur professionals can help better manage your tax compliance matters. Please contact us<\/a> at info@3ecpa.com.sg<\/a> and we will promptly reply within 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":" 5 Tips on Filing Corporate Tax Corporate Tax Filing Season It is the corporate tax filing season and we are fast approaching the filing deadline. Form C-S\/C has to be paper-filed by 30 November. Businesses which are able to e-file their Form C-S\/C has an extended deadline of 15 December. Entities which have not…<\/p>\n","protected":false},"author":57,"featured_media":18145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-18141","post","type-post","status-publish","format-standard","has-post-thumbnail","category-blog","category-15","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/18141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=18141"}],"version-history":[{"count":0,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/18141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/18145"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=18141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=18141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=18141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Iras Compliance Review<\/h3>\n
1. Wrongful Claims For Tax Deduction On Renovation And Refurbishment (R&R) Works.<\/h4>\n
2. Tax Deduction Claims For Non-Deductible Expenses<\/h4>\n
3. Wrong Claims Under The Productivity And Innovation Credit (PIC) Scheme<\/h4>\n
4. Insufficient Or Incomplete Records<\/h4>\n
5. Wrong Method Of Recognising Income For Tax<\/h4>\n
Severe Penalties<\/h3>\n
Disclosure Or Reporting Of Errors<\/h3>\n
Getting Assistance<\/h3>\n