Tax reporting timelines for Singapore offshore companies

Singapore offshore companies are obliged to submit two annual reports - Estimated Chargeable Income and a Form C or CS tax statement.

ECI must be submitted within 3 months upon the end of a Singapore company’s financial year. If they do not receive the report in due time, Singapore tax authorities calculate the estimated tax on their own and send it to the tardy company. If a company fails to pay the tax within a month, it is then levied a fine and faces a number of misfortunes.

Form C or CS must be submitted before the 30th of November irrespective of when the Singapore offshore company’s financial year ends.

Form CS is a simplified tax statement for Singapore companies with the turnover under SGD $1m a year. Otherwise, the form C is submitted.

Upon receiving the annual statement, the tax authorities then perform final income tax calculations and send them to the offshore company in question, which will have to either pay an outstanding difference or wait for an overpaid amount to be compensated within a month.