Frequently Asked Questions

Should the chargeable income include exempt income arising from tax incentives?

No. Exempted income arising from tax incentives should be filled in Box 18.

What is to be entered in the Box 12 Loss claimed from transferer company?

The amount to be entered is the current year losses transferred from other companies within the group under the Group Relief system. If you are claiming the group relief, please complete Form GR-B and submit together with Form C.

Page 4 of Form C: Part VIII (Claim of unutilised capital allowances, losses, or donations) - If the company has an adjusted loss but unutilised capital allowances brought forward has been used to offset income from separate source/balancing charge, how sh

Please indicate "1" (Yes) in Box 19 since there is a claim for unutilised capital allowances in section 1 of Part VII.

When should Box 20 be completed?

Only when Box 19a is indicated with "1" (Yes), i.e., there is a substantial change in the company's shareholders and their shareholdings and the company is applying for a waiver of the shareholding test under Sections 23(5) and 37(15).

Where unutilised capital allowances/losses are claimed and part of the capital allowances/losses is to be disregarded for certain periods (i.e. company is not claiming for a waiver under Sections 23(5) and 37(15) of the Income Tax Act), how should the rel

Box 19 is to be completed with "1" (Yes)

Box 19a is to be completed with "2" (No)

You may leave Box 20 blank since no unutilised capital allowance/loss is claimed under Sections 23(5) and 37(15).

The amount of capital allowances/losses disregarded should be shown in the tax computation.

If the unutilised capital allowances and losses are to be totally disregarded and not to be set-off against the income for the current year of assessment because of a substantial change in shareholdings, do I still have to complete Boxes 22 and 24?

Yes, the boxes are to be completed with zeros

Should the amounts filled in Boxes 21 to 26 be before or after group relief?

This should be the amounts after group relief.

Page 4 of Form C: Part IX (Other information) - Where should the amount of additional expenses incurred for back years (commonly termed as prior years' adjustments) be indicated?

There is no provision for this item in the Form C. However, the adjustments may be reflected in the tax computation and supporting schedules.

Does the "amount" represent gross sale proceeds or net profit? Does receipt mean cash receipt? Is a waiver of loan excluded, in the Box 28 Receipts claimed as not taxable (Including real estate)?

This represents net profit. Receipts here include both cash and non-cash receipts. A waiver of loan is therefore included.

Page 5 of Form C: Part X (Capital allowances / industrial building allowances on new assets) - If the company is claiming capital allowance for the first time for assets purchased in previous years, should '1' be entered (for 'Yes') or '2' (for 'No

The amount to be declared is the cost of new assets purchased during the year for which capital allowances and/or industrial building allowances can be claimed.

Should I include the cost of the new assets purchased during the year of I defer the capital allowance and/or industrial building allowance claim?

Yes.

Does part X include new assets purchased under hire purchase? If yes, should the cost of the assets be the principal cost or principal repayments made during the year?

Part X includes assets purchased under hire purchase where cost of assets refers to the principal cost.

Page 5 of Form C: Part XI (Deduction claimed under Section 14Q for expenditure on renovation or refurbishment works) - What is the amount to be declared in Box 32?

The amount to be declared is the current year qualifying R&R expenses incurred or n renovation or refurbishing business premises. This is subject to a cap of $150,000 for each relevant three consecutive basis periods.

Page 5 of Form C: Part XII (Withholding tax) - If a company is making a claim for deduction on a payment made to a non-resident that is exempt from withholding tax under the provision of the Avoidance of Double Taxation agreement (DTA), how should Box 33

Payments exempt from withholding tax should not be included in Part XII of Form C.

The company has made a provision for royalty payable to non-residents. Since the royalty is not due for payment, withholding tax has not been complied with. In addition, no tax deduction has been claimed for the provision. In this case, how does the compa

If the payment to non-resident is not deemed paid or payable under Section 45/45A/45B/45D/45F/45GA, Box 33 should be completed as "2" (for "No").

Page 5 of Form C: Part XIII (Data shown in audited or unaudited accounts) - Where a company has branches overseas, should Part XI be completed on the basis of the company's Singapore operations only, or the consolidated results as reflected in the audite

Balance sheet items are to be completed based on the consolidated results. Profit and loss account items are to be completed based on the results of the Singapore operation.

What does this Box 34 Revenue refer to?

This refers to the main income source of a company. For instance, the revenue of an investment company would be its investment income.

Does "Purchases" refer to cost of sales?

No.  However, if the figure for "purchases" is not available in the accounts, insert the figure for "cost of sales" instead, if this figure is available.

Does "Purchases" include opening stock?

No

What is to be filled in this Box 36 Gross profit/loss?

This refers to the amount after taking into account the cost of goods sold. If there is no cost of goods sold, the gross profit should be the same amount as the revenue.

If the amount is a loss/negative figure, enter “X” in the box on the extreme left hand side.