How to amend a corporate income tax return in Singapore?

If your company has filed a corporate income tax return in Singapore and later discovers an error, it is possible and often required to amend the submission. The Inland Revenue Authority of Singapore (IRAS) provides a clear process for corrections. Here's how to do it in 2025:

1. Identify the Type of Return Filed

Corporate tax in Singapore is typically filed using:

• Form C or Form C-S (Simplified)
• Submitted annually via IRAS’s myTax Portal

2. Amendment Deadline

• You may request to amend your Form C/C-S within 2 years from the end of the relevant Year of Assessment.
• For example, for YA 2023 (covering financial year ending in 2022), the amendment must be made by 31 December 2025.

3. Submit Revised Tax Computation

Prepare a revised version of your tax computation with clear annotations of the changes made. This should include:

• Updated profit and loss statement
• Revised supporting schedules and capital allowance claims (if applicable)

4. File through myTax Portal

• Log in to the IRAS myTax Portal using your company’s CorpPass.
• Navigate to the “Corporate Tax” section
• Submit your revised tax computation and a cover letter via the ‘Enquiry’ function or follow IRAS guidance on revised submissions.

5. Await Acknowledgment and Review

The IRAS will check your submission and might ask for more info or documents. If the change means you paid too much tax, you might get a refund.

Penalties for Late or Incorrect Filing

Late or wrong filings can lead to fines if big mistakes aren't fixed. It's best to act fast and keep things clear with IRAS. If you voluntarily disclose errors before IRAS initiates an audit, you may qualify for reduced or waived penalties under the Voluntary Disclosure Programme.

It is advisable to consult a licensed tax advisor or corporate service provider in Singapore, like Offshore Company Services, to ensure accurate amendment submissions and compliance with IRAS requirements.