This is a gentle reminder you need to e-file your Corporate Tax Returns soon.
1. Filing Deadline
This is the last financial year that the tax submission deadline is 15th December. From next year going forward, the new deadline is 30th November.
Many companies are tapping on government grants, especially this year due to Covid-19.
Did You Know?
Grants like the Productivity and Solutions Grant (PSG) are not taxable! If you aren’t sure which of your grants are not taxable, feel free to enquire with us!
3. Tax rebate
There is a Corporate Income Tax Rebate of 25% ($15,000 max) for YA 2020; the loss carry back relief has been enhanced for. You may choose between the current loss carry-back relief system or the enhanced version for YA 2020.
4. Form C-S Lite filing
Finally, for companies with $200,000 or less revenue for YA 2020, you may choose to e-file Form C-S (Lite), which only requires that six essential fields be filled, instead of the eighteen in Form C-S.