EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
Essential information to note before completing Form CooooPlease refer to IRAS’ website (www.iras.gov.sg) for Guidance on Completing Form C-S/ C under Home > Businesses > Companies > Filing
Taxes (Form C-S/ C).
When completing Form C, all figures must be right-aligned. For items that are not applicable, please enter ‘0’ in the last box on the right.
If any amount is a loss/ negative figure, enter an “X” in the box on the extreme left.
Please do not submit original donation/ withholding tax receipts and dividend income vouchers/ statements with the income tax return. Pleaseretain them and submit to IRAS upon request.

Forms and Attachments to be submitted
Type of Companies
Dormant Companies

All Companies

Companies servicing
only related parties
with “Cost Plus MarkUp” basis ofassessment cWithout unutilised
losses/ donations
brought forward

With unutilised losses/
donations brought
forward(Other than dormant
companies & companies
servicing only relatedparties with “Cost Plus
Mark-up” basis ofassessment c)

Yes

Yes

Yes

Yes

 Page 1
 Relevant boxes inPart VI
 Part VII and VIII on
page 4, if applicable Part XI, XII and XIII –Boxes 32 and 42 on
page 5

Only page 1

 Page 1
 Part VI on page 2 –Boxes 1a, 3
 Part VII on page 4– Boxes 20 to 23

All Sections

Audited/ Unaudited Financial Statements a(see explanatory notes under Part III
below)

Yes

No

No

Yes

Tax Computation b

Yes

No

No

Yes

Additional Information on Income andDeductions in Part VI to XIII of Form C(Form IRIN 301)

No

No

No

Yes

Form C
What to complete?

abcCompanies that have filed a full set of financial statements with ACRA in XBRL are not required to file the same with IRAS. However, thesecompanies are required to submit a copy of their Detailed Profit and Loss Statement together with Form C.
Instructions on how to prepare a tax computation are available at IRAS’ website. Trading companies may refer to the Corporate Tax “Basic tax
calculator” for a sample of the tax computation template and some commonly used schedules under Home > QUICK LINKS > Calculators >Corporate Tax.
For information on companies servicing only related parties, please refer to IRAS’ website under Home > Businesses > Companies > Working Out
Corporate Income Taxes > Specific Industries > Companies Servicing Only Related Parties.

Other Forms/ Documents/ Information to be submitted with Form C
Item

Form C Box

IRIN 301 BoxDocuments/ Information to be submitted with Form C

Group Relief

4 or 8N.A.

(1) Group Relief Form for Transferor Company (Form GR-A) d; or(2) Group Relief Form for Claimant Company (Form GR-B) d

Deduction of Research &Development (R&D)
Expenditure

N.A.

5, 6, 7 & 26

R&D Claim Form dWriting-Down Allowances(WDA) for Intellectual
Property Rights (IPRs)

N.A.

19 & 24

Declaration Form for The Purpose of Claiming WDA for IPRs under Section 19Bof the Income Tax Act d

Sale of Fixed Assets

18

13, 16 to 19(1) Date of disposal(2) Description of the fixed asset disposed of(3) Sales proceeds(4) Computation of balancing allowance/ balancing charge

Addition of New Assets

28

N.A.

(1) Description and purchase price of each asset. For motor vehicles, state theregistration number of each vehicle(2) Assets purchased on hire purchase terms: deposit and principal paid during
the year for each asset(3) State the category from the Productivity and Innovation Credit (PIC) IT and
Automation Equipment List to which the new asset relates. E.g. for a new
laptop purchased, please state that it was claimed under "Data Processing
and IT Equipment". A full list of PIC IT and Automation Equipment is available
at IRAS' website under Home > Schemes > Businesses > Productivity andInnovation Credit Scheme (PIC). Click on “Select Subheading” and select“Eligibility” followed by “PIC IT and Automation Equipment List”(4) Computation of capital allowances

Limited Liability
Partnerships (LLP) and
Limited Partnerships (LP)

N.A.

N.A.

An LLP/ LP which incurs a business loss is required to submit a Capital
Contribution Form e with its tax return for the year of assessment in which the loss
is incurred, and for all subsequent years of assessment whether or not it makes aprofit or loss for those years. Generally, the precedent partner is responsible forthe submission of the Capital Contribution Form.
Page 1

IRIN 300

EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
- applicable to a company
which is a partner of
LLP/ LP
Related Party
Transactions
d
e

31

N.A.

Form for Reporting of Related Party Transactions d

Download these forms from IRAS’ website under Home > QUICK LINKS > Forms > Businesses > Corporate Tax forms. Failure to submit the form
and the requisite documents will lead to a disqualification of the company’s claim, where applicable.
Download this form from IRAS’ website under Home > QUICK LINKS > Forms > Businesses > Partnership Income Tax forms.

Other Documents/ Information to be retained and submitted to IRAS upon request
If you have made claims for any of the following items, you are required to prepare and retain certain types of documents/ information to be submitted
to IRAS upon request. For details of the documents/ detailed information that you need to prepare/ retain, please refer to IRAS’ website under Home >Businesses > Companies > Filing Taxes (Form C-S/ C) > Guidance on Completing Form C-S/ C, click on “Select Subheading” and select “Before
Completing Form C-S/ C” followed by “Documents to Prepare when Filing Form C-S/ C”.
Item

Form C Box

IRIN 301 Box

Rental Income

1d

N.A.

Tax Set-Offs[Double Taxation Relief (DTR) and Unilateral Tax Credit]

11a to 11e

20a to 20f

Foreign Income Exempted from Tax as a result of Incentive Granted by Foreign Jurisdiction(“Subject to tax” Concession)

14a to 14f

21a to 21f

Gain/ Loss on Sale of Property

25 (if applicable)

N.A.

Land Intensification Allowance (LIA)

28a

14 & 15

Deduction Claimed under Section 14Q for Expenditure on Renovation or Refurbishment(R&R) Works

29, 29a & 29b

11

Directors’ Fees and Remuneration

37

N.A.

Deduction of Research & Development (R&D) Expenditure

N.A

5, 6, 7 & 26

Mergers and Acquisitions Allowance (Section 37L)

N.A.

12

Costs of registering Intellectual Property Rights

N.A.

25

Gains from Disposal of Ordinary Shares in Another Company (Section 13Z)

N.A.

28

Further Deduction for Internationalisation Scheme (Sections 14B/ 14K)

N.A.

3, 4

Exchange Loss/ Gain

N.A.

N.A.

Impairment Loss in respect of Bad Debts/ Provision for or Doubtful Debt

N.A.

N.A.

Motor Vehicle Expenses

N.A.

N.A.

Purchase of Shares (For Each Block of Shares)

N.A.

N.A.

Gain/ Loss on Sale of Shares (Other than those exempted under Section 13Z)

N.A.

N.A.

Purchase of Property

N.A.

N.A.

One Year Write-off for New Diesel-Driven Goods Vehicles and Buses

N.A.

N.A.

Securities Lending and Repurchase Arrangements

N.A.

N.A.

Part I Box 2: Productivity and Innovation Credit (PIC) Scheme (Page 1)
Box 3: PIC+ Scheme
Please complete Section E of Form IRIN 301 for all claims on enhanced deductions/ allowances. For further details of the PIC/ PIC+ Scheme, pleaserefer to IRAS’ website under Home > Schemes > Productivity and Innovation Credit Scheme (PIC), click on “Select Subheading” and select “PIC
Benefits”.
Enhanced
Deductions/
Allowances

Companies can deduct an additional 300% (250% for R&D conducted in Singapore) of their qualifying expenditure in the following
6 activities:o acquisition or leasing of prescribed or approved PIC IT and Automation Equipment [the PIC IT and Automation Equipment Listis available at IRAS’ website under Home > Schemes > Productivity and Innovation Credit Scheme (PIC), click on “SelectSubheading” and select “Eligibility” followed by “PIC IT and Automation Equipment List”]
o training of employees
o acquisition and in-licensing of IPRso registration of patents, trademarks, designs and plant varieties
o conduct of R&D activities
o investments in approved design projects
The annual expenditure cap is $400,000 for each qualifying activity, which can be pooled to give a combined cap of $1,200,000
for YA 2016 to YA 2018 for each of the 6 qualifying activities. Under the PIC+ Scheme announced in Budget 2014, from YA 2015
to YA 2018, qualifying SMEs can enjoy tax deductions/ allowances on up to $600,000 (instead of $400,000) for each qualifying
activity per YA. From YA 2016 to YA 2018, the combined expenditure cap will be $1,800,000.

“Qualifying SME” broadly refers to a company which is carrying on a trade or business during the basis period and whose(a) revenue is not more than $100 million or (b) employment size is not more than 200 employees. This criterion will beapplied at the group level if the business is part of a group.
For further details of the PIC+ Scheme, please refer to IRAS’ website under Home > Schemes > Productivity and Innovation Credit
Scheme (PIC), click on “Select Subheading” and select “PIC Benefits”.
Cash Payout
OptionIRIN 300

A cash payout option is available from YA 2016 to YA 2018 to companies that have active business operations and have madeCPF contributions for at least 3 local employees in the last three months of the relevant financial period.

Page 2

EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
Such companies can opt to convert up to $100,000 (but not less than $400) of their qualifying expenditure incurred for all 6 activities
taken together at a conversion rate of 60% from YA 2013 to 31 July 2016. For qualifying expenditure incurred on or after 1 August
2016 to YA 2018, the cash payout conversion rate will be 40%.
There is no pooling of the expenditure conversion cap for cash payout for YA 2016 to YA 2018. The maximum cash payout isbased on the conversion cap of $100,000 per YA.
The cash payout is non-taxable. The election for cash payout is irrevocable. Where a taxpayer has elected to convert qualifying
expenditure into a cash payout, that same expenditure cannot be claimed as a tax deduction.
Part II: Dormant Company (Page 1)ooA dormant company is one which did not carry on business and had no income in the basis period for YA 2018, i.e. the financial year ending in2017. A dormant company cannot claim capital allowances and expenses incurred in the preceding year, as it did not carry on a trade or business.
It is not allowed to carry forward expenses incurred in the preceding year as losses or transfer current year unutilised capital allowances/ losses
under the Group Relief system.
If the dormant company is not expecting to commence/ re-commence business or receive income for the next two years, the company may wish
to apply for waiver of its obligation to submit its income tax return. For more information on the application process, please refer to IRAS’ website
under Home > Businesses > Companies > Managing Taxes for Dormant Companies or Companies Closing Down > Dormant Companies.

Part III: Audit Exemption (Page 1)
Under the Companies Act, the following companies are not required to have their financial statements audited:o Dormant companies (i.e. companies that do not have accounting transactions or business activities)o Companies that meet the “small company” criteria** A company qualifies as a “small company” if: It is a private company for the financial year ending in 2017 (i.e. it is owned by 50 members or less); and It meets at least 2 of the following 3 quantitative criteria for the immediate past two financial years:a) total annual revenue not more than $10 millionb) total assets not more than $10 millionc) number of employees not more than 50
For a company which is part of a group to qualify for audit exemption:a) the company must qualify as a small company; andb) entire group must be a “small group”, i.e. the group must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate
past two consecutive financial years.
Companies that qualify for an audit exemption and have chosen not to have their financial statements audited should file unaudited financial statements.
The unaudited financial statements (including notes to the financial statements), prepared in compliance with the Companies Act, must be accompaniedby the Statement by Directors.
For more details, please refer to IRAS’ website under Home > Businesses > Companies > Filing Taxes (Form C-S/ C) > Guidance on Completing Form
C-S/ C, click on “Select Subheading” and select “Before Completing Form C-S/ C” followed by “Documents to Prepare when Filing Form C-S/ C”.
Part IV: Tax Exemption Scheme for New Start-up Companies (Page 1)
The qualifying conditions for the Tax Exemption Scheme for New Start-up Companies (SUTE), including companies limited by guarantee*, are as
follows:
o The company must be incorporated in Singapore;o The company must be a tax resident in Singapore for that YA of claim; ando The company’s total share capital is beneficially held directly by no more than 20 shareholders throughout the basis period for that YA where: all of the shareholders are individuals; or at least one shareholder is an individual holding at least 10% of the issued ordinary shares of the company.
* Companies limited by guarantee must have members:
 all of whom are individuals throughout the basis period for that YA; or at least one of whom is an individual throughout the basis period for that YA, and the contribution of that individual under the Memorandum of
Association of the company to the assets of the company in the event of it being wound up, amounts to at least 10% of the total contributions of
the members of the company throughout the basis period for that YA.
The following types of companies incorporated after 25 February 2013 are not eligible for SUTE:a) a company whose principal activity is that of investment holding; andb) a company which undertakes property development for sale, for investment, or for both investment and sale.
Tax exemption is granted on the first $300,000 of a qualifying company’s normal chargeable income for each of its first 3 consecutive YAs. The exempt
amount is computed as follows:o 100% of the first $100,000 normal chargeable income
o 50% of the next $200,000 normal chargeable income
The first YA of a qualifying company refers to the YA relating to the basis period during which the company is incorporated. A YA generally should notcover more than 12 months. For example, a company incorporated on 15 Apr 2016 closed its first set of financial statements on 30 Jun 2017:
YA

Basis Period

YA 2017 (1st YA)

15 Apr 2016 to 30 Jun 2016

YA 2018 (2nd YA)

1 Jul 2016 to 30 Jun 2017

YA 2019 (3rd YA)

1 Jul 2017 to 30 Jun 2018

Items to be submitted by Filing Due Date

Form C for YA 2018# and other relevant Forms
Audited/ unaudited financial statements for the period ending on 30 Jun 2017
Tax computations for YA 2017 and YA 2018Form C for YA 2019 and other relevant Forms
Audited/ unaudited financial statements for the year ending on 30 Jun 2018
Tax computation for YA 2019#

The company need not request a copy of Form C for YA 2017. Instead, an assessment will be raised based on the YA 2017 tax computation submitted
together with the YA 2018 Form C.
o Partial Tax Exemption Scheme
Companies that do not qualify for the SUTE will enjoy a partial tax exemption on the first $300,000 of their normal chargeable income. The exempt
amount is computed as follows:

IRIN 300

Page 3

EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
75% of the first $10,000 normal chargeable income
50% of the next $290,000 normal chargeable income

Part V: Declaration by person filing the Return (Page 1)
Authorised persons who can endorse Form C are the company director, principal officer or a person authorised by the company.
Part VI: Assessment Information (Pages 2 to 4)oooExempt income/ loss should be entered in Box 14 and not Boxes 1 to 10 of Part VI.
Exempt income excludes exempt amounts referred to in the explanatory notes under Part IV above and any part of income that is subject to tax
at a concessionary tax rate.
In Boxes 1b to 1f, enter the net amounts after deducting tax deductible expenses. If the net amount is negative, enter “0” in the last box on theright.

Box 1aTrade/ Business Income– Adjusted Profit/ LossBox 1dRent, Premiums and anyother Profits arising from
PropertyooThe amount of adjusted profit/ loss is arrived at after adjusting for non-taxable items, separate
source income and non-deductible/ restricted expenses. See Annex on how to complete Box 1a.
If the company is claiming M&A allowances, the amount claimed shall be entered into Box 1a.

Enter net rent after expenses [before Industrial Building Allowances (IBA) and Land Intensification
Allowances (LIA)]. If net rent after expenses (before IBA & LIA) is a loss, enter “0”. For IBA andLIA claimed against such rent, include the IBA and LIA in the amount to be entered in Box 1a.
Example:S$
Gross rental income
Less: Deductible expenses
Net rent before IBA
Less: IBA
Net rental deficit

Boxes 2a to 2f

Nature of Income

Foreign income received
in Singapore (before
Exempt Amount)Group Relief

o
o

o
o

Boxes 5a to 5d

Carry-Back of Current
Year Capital
Allowances/ Losses

180,000(200,000)(20,000)(30,000)(50,000)

Amount to enter
S$

1d
1a

x

0
30,000Enter one of the following codes in the box(es) provided:oBoxes 4 and 8

Form C Box

o

o

o

SectionDescription

10(1)(a)Trade/ Businessincome10(1)(d)Dividends

10(1)(d)Interest/ Discounts

Code

SectionDescription

Code

A

10(1)(f)Rent, Premiums and any otherProfits arising from Property

DB

10(1)(f)Royalties

EC

10(1)(e)10(1)(g)Any pension, charge (incl. trust
distribution) or annuity
Income not falling under A to E
above

F

Where tax set-offs (Boxes 11a to 11e) are claimed, enter the gross amount of each type of foreign
income less tax deductible expenses.
Where tax set-offs are not claimed or where chargeable income is nil, enter the net amount offoreign income received in Singapore less tax deductible expenses.
If the rows provided are insufficient, please enter the top 5 highest amounts in rows 2a to 2e andconsolidate all remaining amounts in the last row (2f). For the consolidated amount, please selectthe most representative option for <Nature of Income>, and “Other countries not elsewhereclassified” (999) for <Country>.
Group relief is available to Singapore-incorporated companies belonging to the same group andwhich have the same financial year end. Please refer to IRAS’ e-Tax Guide "Group Relief System"for details.
Loss items that can be transferred/ claimed under the Group Relief System are current year
unutilised capital allowances, current year unutilised losses (including deductions under Section
14Q) and current year unutilised donations.
If there is no change in the principal activities of a company [Section 37E(11) of the Income Tax
Act (ITA)] and no substantial change in the ultimate shareholders and their shareholdings [Section
37E(12) of the ITA], the company can deduct current year unutilised capital allowances/ tradelosses of up to $100,000 against the assessable income for the immediate preceding YA. If there
is a change in the principal activities of the company during the basis period, it can carry backcurrent year’s trade losses as long as it meets the shareholding test. Please refer to IRAS’ e-Tax
Guide “Carry Back Relief System (Second edition)” for details.
There is no substantial change in shareholders and their shareholdings if the aggregate
shareholdings (%) of common shareholders as at the first day of the YA in which the capitalallowances arose/ first day of the year in which the losses were incurred; and the last day of the
YA in which the capital allowance/ loss is utilised, are 50% or more of the total shares of thecompany. If there is a substantial change in the shareholders and their shareholdings, please referto the explanatory notes under Boxes 15b and 16 below.
If your company has also elected for group relief, the amount you can carry back is the net amountafter deducting the loss items transferred out to the eligible claimant company or companies.

Boxes 6a to 6d

Investment Allowances

The amount utilised in Box 6c is the lower of:o Sum of Box 6a and Box 6b; oro Total in Box 3 less Unutilised Donations b/f and Current year approved donations.

Box 7

Chargeable Income
before Exempt AmountThis refers to Chargeable Income after claiming approved donations and unutilised donations brought
forward but before claiming partial tax exemption or tax exemption for new start-up companies.

Boxes 11a to
11e

Tax Set-OffsooIRIN 300

The amount claimed for each type of foreign income from each country is restricted to the lowerof the Singapore tax payable on the net income or the foreign tax paid.
Foreign Tax Credit (FTC) Pooling System
Page 4

EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
Singapore tax residents may elect for FTC pooling when claiming FTC on income for which they
have paid foreign tax. The amount of FTC to be granted under the FTC pooling system is the lowerof the total Singapore tax payable on those foreign income and the pooled foreign taxes paid on
those income. For the qualifying conditions and details, please refer to IRAS’ e-Tax Guide “Income
Tax: Foreign Tax Credit Pooling”.
Boxes 12a and12b

Tax Deducted at SourceooBoxes 13a to
13c

Tax Payable/ Repayable

o

o
o

o
Boxes 14a to
14f

Exempt Income/ Loss
for Current Year ofAssessmentooTax Deducted from Interest/ Distribution from Real Estate Investment Trust (REIT) refers to theSingapore tax deducted at the time of interest distribution from loan stock or distribution from REIT.
Tax Deducted from Income other than Interest/ Distribution from REIT refers to tax deducted under
Section 45 of the Income Tax Act other than the amount deducted from Interest/ Distribution fromREIT reflected in Box 12a.
Tax Payable/ Repayable before Remission/ Rebate (Box 13a) is the “Gross tax payable” (onchargeable income after deducting exempt amount referred to in the explanatory notes underPart IV above) less “Tax Set-Offs” (Boxes 11a to 11e) and “Tax Deducted at Source” (Boxes 12aand 12b).
“Remission” refers to tax remitted by the Comptroller [Section 92(1) of the Income Tax Act (ITA)]
or by the Minister [Section 92(2) of the ITA].
All companies will receive a 50% Corporate Income Tax (CIT) Rebate for YA 2017, subject to acap of $25,000. The CIT Rebate for YA 2018 will be at a reduced rate of 40%, subject to a capof $15,000. The CIT Rebate is computed based on tax payable after tax set-offs (e.g. double tax
relief, unilateral tax credit, tax remission) but before tax deducted at source. Companies need
not enter the CIT Rebate in Box 13b as it will be automatically computed when IRAS assesses
companies’ Income Tax Return (Form C).
The amount to be entered in Box 13c should be the Tax Payable/ Repayable after Remission/
CIT Rebate.
Enter the amount of exempt income/ loss excluding exempt amount referred to in the explanatory
notes under Part IV above and any part of income that is subject to tax at a concessionary tax
rate. Refer to Appendix 1B (page 8) for a list of incentives and type codes.
Foreign-Sourced Income Exemption (FSIE)Enter the amount of income qualifying for FSIE. Please also complete Section D of Form IRIN 301.
Please refer to IRAS’ e-Tax Guide “Tax Exemption for Foreign-Sourced Income (Second Edition)”for details.

Part VII: Unutilised Capital Allowances/ Losses/ Donations (Page 4)ooo

The company can deduct unutilised capital allowances, trade losses, mergers & acquisitions (M&A) allowances and/ or donations incurred in one
year against income in subsequent years as long as there is no substantial change in the ultimate shareholders and their shareholdings. In addition,
to deduct unutilised capital allowances of one year against income in subsequent years, there must also not be a change in the company’s principal
activities.
There is no substantial change in shareholders and their shareholdings if the shareholdings (%) of common shareholders as at the last day of the
YA in which the capital allowances or M&A allowances arose/ last day of the year in which the losses and donations were incurred; and as at thefirst day of the YA (e.g. 1 January 2018) in which the utilisation occurs, are 50% or more.
If there is a substantial change in shareholders and their shareholdings, please refer to explanatory notes under Boxes 15b and 16 below.

Boxes 15b and16

Substantial Change inShareholders andShareholdings

Where there is a substantial change in shareholders and their shareholdings, the company may submit
an application to the Comptroller for a waiver of the shareholding test under Sections 23(5), 37(16),37E(15) or 37L(22) of the Income Tax Act. Each case will be considered based on its merits. If theComptroller is satisfied that the substantial change in shareholders is not tax-motivated, the company
will be allowed to:offset unutilised capital allowances/ trade losses/ mergers & acquisitions allowance/ donations
against profits derived from the same trade/ business; andcarry back unutilised capital allowances/ trade losses of the current YA to the immediate preceding
YA and offset against profits derived from the same trade/ business.

Boxes 17 and19

Unutilised Capital
Allowances b/f andUnutilised Capital
Allowances c/fBox 18Current Year Capital
Allowances

Current Year Capital Allowances consist of total Capital Allowances (including Enhanced Capital
Allowances under the PIC/ PIC+ Scheme), Industrial Building Allowances and Land Intensification
Allowances claimed in the current YA.
If the amount is negative as a result of Balancing Charge, enter an “X” in the box on the extreme left.

Unutilised Capital Allowances b/f consists of unabsorbed capital allowances and mergers &acquisitions (M&A) allowances* that were not fully deducted from prior YAs.

Unutilised Capital Allowances c/f consists of capital allowances that remained unabsorbed fromcurrent and prior YAs, and M&A allowances that were not fully deducted against income in thecurrent YA.
* M&A allowances include double tax deduction on transaction costs incurred from 17 Feb 2012 to 31
Mar 2020 on qualifying share acquisitions, subject to an expenditure cap of $100,000 per YA.

Part VIII: Other Information (Page 4)
Box 25

Receipts claimed as nottaxableDo not enter the gains from disposal of ordinary shares under Section 13Z of the Income Tax Act inthis box. Please provide information on such gains in Section F of Form IRIN 301.
Do not include receipts that are specifically exempted such as PIC cash payout or one-tier exempt
dividend.

Box 26

Non-Income Producing
AssetsNon-income producing assets are those which have not yet produced income, for example, vacant
properties, securities which have not yielded dividends, or interest-free loans funded by interestbearing borrowings. Expenses incurred on or attributable to non-income producing assets are notdeductible for tax purposes.

Part IX: Capital Allowances and Land Intensification Allowances (LIA) on New Assets (Page 5)
Box 28aIRIN 300

Land Intensification
Allowances (LIA)

To claim for LIA, prior approval must have been obtained from the Economic Development Board.
Companies claiming LIA have to retain relevant documents/ information and submit them to IRAS uponrequest. Please refer to IRAS’ website under Home > Businesses > Companies > Working Out
Corporate Income Taxes > Claiming Allowances > Land Intensification Allowance (LIA), click on“Select Subheading” and select “Claiming LIA” for the type of documents/ information to be retained.
Page 5EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
Part X: Deduction Claimed under Section 14Q for Expenditure on Renovation or Refurbishment (R&R) Works (Page 5)
Box 29R&R ClaimsooA tax deduction is allowed on qualifying R&R costs incurred from 16 Feb 2008 on renovating or
refurbishing business premises. Generally, all R&R costs would qualify except those relating tostructural changes that require approval from the Commissioner of Building Control. Deduction is
granted as long as the company carries on the trade, business or profession for which R&R costs
were incurred.
The amount of R&R costs that qualify for tax deduction is subject to an expenditure cap of$300,000 for every relevant three-year period. The Section 14Q deduction must be claimed overthree consecutive YAs, starting from the YA relating to the basis period in which the R&R costs
were first incurred (i.e. 1/3 of the R&R costs can be claimed each YA over the three consecutive
YAs). Any amount of qualifying R&R costs not claimed in the YA relating to the basis period inwhich they were first incurred, will not qualify for deduction in subsequent YAs.
YA 2013*S$

YA 2014S$

YA 2015
S$

YA 2016S$

YA 2017
S$

YA 2018
S$

Total R&R costs incurred

180,000

150,000

20,000-400,000-

Qualifying R&R costs
claimed during the year (Box29)

180,000

120,000
**

**

***

300,000-

R&R claim(Box A11 of Form IRIN 301)

60,000100,000

100,000(60,000+ 40,000)(60,000+ 40,000)

40,000100,000

100,000*

The relevant three-year period starts from the period in which the R&R costs were first incurred andclaimed.
** Capped at $300,000 for each relevant three-year period*** Start of a new three-year period for the purpose of determining the expenditure cap of $300,000
Companies claiming Section 14Q deductions have to retain the documents/ information and submit
them to IRAS upon request. For the type of documents/ information to be retained, please refer to
IRAS’ website under Home > Businesses > Companies > Working Out Corporate Income Taxes >Business Expenses > Tax Treatment of Business Expenses (Q - R), click on “Select Subheading” andselect “Renovation or Refurbishment Works Expenditure (Section 14Q)” followed by “Claiming Tax
Deduction”.
Deductions under Section 14Q are available for transfer under the Group Relief System with effectfrom YA 2013 (see explanatory notes under Boxes 4 and 8 above). For a list of non-qualifying R&R
costs and other conditions, please refer to IRAS’ e-Tax Guide “Tax Deduction for Expenses Incurred
on Renovation or Refurbishment Works Done to Your Business Premises”.
Part XII: Related Party Transactions (Page 5)
Box 31

Related party
transactions

The value of the company's related party transactions as disclosed in the audited financial statements
for the financial period is the aggregate of:o all amounts received/ receivable from related parties and all amounts paid/ payable to relatedparties as reported in the Income Statement, but excluding compensation paid to key management
personnel and dividends.
o year-end balances of loans and non-trade amounts due from/ to all related parties.

The above information is intended for better general understanding and is not intended to comprehensively address all possible issues that may arise.
While every effort has been made to ensure that the above information is consistent with existing policies and practice, should there be any changes,
IRAS reserves the right to vary its position accordingly. For the latest information, please refer to IRAS’ website at www.iras.gov.sg.

IRIN 300

Page 6

EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
LIST OF COUNTRY/ TERRITORY CODESAPPENDIX 1ACountry/ Territory

CodeCountry/ Territory

Code

Albania201

Liechtenstein

138

Argentina

601

Lithuania

215

Australia

701

Luxembourg

108

Austria

131

Macau

335

Bahrain

371

Malaysia

304

Bangladesh

352

Maldives

355

Barbados

643

Malta

155

Belarus211

Mauritius

426

Belgium

101

Mexico606

Bulgaria

202

Mongolia

338

Brazil602

Morocco404

Brunei302

Myanmar311

Cambodia

312

Nepal

356

Canada501

Netherlands

109

China, People’s Republic of336

New Zealand

705

Chile

603

Norway134

Cyprus

372

Oman

379

Czech Republic

234

Pakistan357

Denmark

102

Panama624

Ecuador

605

Papua New Guinea

706

Egypt

402

Peru

608

Estonia

213

Philippines

305

Fiji

702

Poland206

Finland132

Portugal

111

France

103

Qatar

380

Georgia216

Romania

207

Germany, Federal Republic

104

Russian Federation

223

Greece105

Saudi Arabia

381

Hong Kong

332

Singapore

301

Hungary

205

Slovak Republic

235

Isle of Man

672

Slovenia

233

India

354

South Africa

478

Indonesia

303

Spain

112

Iran

373

Sri Lanka

358

Iraq

374

Sweden136

Ireland36

Switzerland

137

Israel

375

Syria

382

Italy

107

Taiwan

334

Japan

331

Thailand306

Jersey96

Tunisia

406

Jordan376

Turkey152

Kazakhstan

221

Ukraine

212

Kenya

423

United Arab Emirates

383

Korea, Democratic People’s Republic of

337

United Kingdom

110

Korea, Republic of

333

United States

503

Kuwait377

Uzbekistan

226

Laos

313

Venezuela

610

Latvia214

Vietnam

314

Liberia424

Zimbabwe

483

Libya

403

Other countries/ territories not elsewhere classified

999

IRIN 300

Page 7

EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
APPENDIX 1B

LIST OF TYPE CODES
Income Tax Act

Description of Tax Incentive

S13(1)(y)Specified Offshore Syndicated Activities (Asian Currency Unit of a Financial Institution)

Type Code101

S13(8)

Exempt Foreign Dividends, Branch Profits and Service Income

117

S13(12)

Overseas Income (Order by Minister)

104

S13A

Exempt Shipping Income (from “Singapore Ship”)

105

S13CA

Exemption of Income of Non-resident arising from Funds Managed by Fund Manager in Singapore

113

S13F

Exempt International Shipping Income (from “Foreign Ship”)

108

S13H

Exempt Income of Venture Company

110

S13P

Exempt Income from Asset Securitisation Transaction

118

S13Q

Exemption of Certain Income (Holding Company of a Prescribed Locally Administered Trust)

119

S13R

Exempt Income of Approved Company from Funds Managed by Prescribed Fund Manager

120

S13S

Exempt Income of Approved Shipping Investment Enterprise

121

S13U

Exempt Income of Approved Non-Profit Organisation

122

S13V

Exempt Income of Approved Law Practice from International Arbitration Held in Singapore

123

S13W

Exempt Income of Eligible Family-Owned Investment Holding Company

124

S13X

Exempt Income of Approved Persons from Funds Managed by Fund Manager in Singapore

125

S13Y

Exempt Income of Sovereign Fund Entity and Approved Foreign Government-Owned Entity

126

S43B

Non-resident Shipowners/ Charterers/ Air Transport

204

S43C

Approved Insurer or Reinsurer

205

S43G

Approved Finance and Treasury Centre

211

S43J

Approved Trustee Company

214

S43(9)

Specified Income of a Life Insurance Company

217

S43N

Specified Income from Qualifying Debt Securities

219

S43P

Approved Global Trading Company

223

S43Q

Financial Sector Incentive Company

224

S43U

Income of Approved Company from Approved Tourism Event

228

S43W

Approved Shipping Investment Manager

230

S43Y

Approved Aircraft Leasing Company

231

S43Z

Approved Aircraft Investment Manager

232

S43ZA

Approved Container Investment Enterprise

233

S43ZB

Approved Container Investment Manager

234

S43ZC

Approved Insurance Broker

235

S43ZD

Approved Trustee Manager or Fund Management Company

236

S43ZF

Approved Shipping-Related Support Services Company

127

S43ZG

Approved Fund Management Company

128

S43ZH

Approved International Growth Company

129

Economic Expansion Incentives Act
Part II

Pioneer Enterprise

601

Part III

Pioneer Service Company

602

Part IIIB

Development & Expansion Incentive

627

IRIN 300

Page 8EXPLANATORY NOTES TO FORM C FOR YEAR OF ASSESSMENT (YA) 2018
ANNEXCOMPUTATION OF TAX PAYABLE
Example on Partial Tax Exemption
S$
Adjusted trade profit
Less: Unutilised capital allowances b/f
Current year capital allowances
Unutilised losses b/f

S$
520,000

S$(1,000)(8,000)(3,000)(12,000)

Rental income
Less: Unutilised donations b/f
Less: Donations
Chargeable income (before exempt amount)Less: Exempt amountChargeable income (after exempt amount)Tax assessed at 17%
Less: Tax to be remitted
Corporate income tax rebate (40% of $67,779 capped at $15,000)
Tax payable after remission/ rebate
Less: Tax assessed previously (tax based on Estimated Chargeable Income)
Additional tax payable
Example on Tax Exemption Scheme for New Start-up Companies
S$
Adjusted trade loss
Rental income
Less: Unutilised capital allowances b/f
Current year capital allowances
Unutilised losses b/f

S$

508,000
50,000558,000(2,000)556,000(4,800)551,200(152,500)
398,700

ii
7&9
iii

13a
13b

S$
(10,000)

Form C Box No.

150,000

Referencesi

17 (Normal Rate)
18 (Normal Rate)
20 (Normal Rate)1a1d322 (Normal Rate)

67,779.00
0.00(15,000.00)
52,779.00(37,240.00)
15,539.00

iv
13c

Referencesv

1d(1,000)(8,000)(3,000)17 (Normal Rate)
18 (Normal Rate)
20 (Normal Rate)(12,000)

Less: Donations
Chargeable income (before exempt amount)Less: Exempt amountChargeable income (after exempt amount)

138,000
128,000(2,000)126,000(4,800)121,200(110,600)
10,600Tax assessed at 17%
Less: Tax to be remitted
Corporate income tax rebate (40% of $1,802, capped at $15,000)
Tax payable after remission/ rebate
Less: Tax assessed previously (tax based on Estimated Chargeable Income)Tax to be discharged

1,802.00
0.00(720.80)
1,081.20(1,500.00)(418.80)

Less: Unutilised donations b/f

Form C Box No.

v
3
22 (Normal Rate)
ii
7&9
vi

13a
13b
iv
13c

References:(i) Adjusted trade profit is arrived at after adjustment for non-taxable items, separate source income and disallowable/ restricted expenses, e.g.
Donations and PIC Cash Payout.
(ii)

Approved donations made during the financial year = S$1,920
Qualifying tax deduction = S$1,920 x 2.5 = S$4,800
The qualifying deduction of S$4,800 will be automatically included in the company’s tax assessment for the YA 2018 based on information from
Institutions of a Public Character (IPCs). Companies need not declare the donation amount separately in Form C but need to less out the qualifying
tax deduction in Box 7 – Chargeable Income (before Exempt Amount). The “View Donation” e-Service, which is available at myTax Portal, allows
companies to view the donations made to approved IPCs.

(iii) Computation of exempt amount:
75% on the first S$10,000
50% on the next S$290,000
Total exempt amount

S$
7,500
145,000
152,500(iv) This amount is computed automatically based on 40% of tax payable, capped at S$15,000. For more details, please refer to the IRAS’ website underHome > Business > Companies > Learning the Basics of Corporate Income Tax > Corporate Tax Rates, Corporate Income Tax Rebates, Tax
Exemption Schemes and SME Cash Grant.
(v)

In this case, the amount to be entered in Box 1a is S$22,000 (i.e. S$10,000 + S$1,000 + S$8,000 + S$3,000)
Enter an “X” in the box next to Box 1a to indicate that the amount entered is negative (i.e. loss).

(vi) For qualifying conditions of the Tax Exemption Scheme for New Start-up Companies, refer to Part IV of the Explanatory Notes to Form C for YA
2018.
Computation of exempt amount:S$
100% on the first S$100,000
100,000
50% on the next S$21,200
10,600Total exempt amount
110,600

IRIN 300

Page 9