With the November 30, 2025 filing deadline just days away, many Singapore business owners are rushing to finalize their Corporate Income Tax Returns (Form C-S/C).

The good news for this Year of Assessment (YA) 2025 is the Corporate Income Tax (CIT) Rebate. To help businesses manage rising costs, the government has granted a 50% rebate on corporate tax payable.

However, if you miss the Nov 30 deadline or file incorrectly, you risk fines that could outweigh these savings. Here is your emergency checklist to filing on time and maximizing your rebate.

1. What is the YA 2025 Tax Rebate?

For YA 2025, the Ministry of Finance has announced a 50% Corporate Income Tax Rebate, capped at S$40,000.

How it works:

  • Profitable Companies: If you have tax to pay, you get a 50% discount on the bill (up to $40k).

  • Loss-Making Companies: If you made no profit (and thus pay no tax), you are eligible for a CIT Rebate Cash Grant of minimum S$2,000, provided you employed at least one local worker (Singapore Citizen/PR) with CPF contributions in 2024.

Important: You do not need to apply separately for this. It is automatically computed when you file your Corporate Tax Return.

2. Which Form Must I File by Nov 30?

All companies must file by November 30. The form you use depends on your revenue:

Form C-S (Lite)

  • Revenue: Annual revenue is S$200,000 or below.

  • Ease: The simplest form. You only need to declare 6 essential figures (Revenue, Net Profit/Loss, etc.).

Form C-S

  • Revenue: Annual revenue is S$5 million or below.

  • Condition: Your income must be derived at a standard 17% rate (no special incentives).

Form C

  • Revenue: Annual revenue is above S$5 million.

  • Requirement: You must submit detailed financial statements and tax computations.

Expert Warning: Even if your company is dormant (inactive), you MUST still file a “Dormant Company Return” unless you have been granted a waiver by IRAS. Failure to file usually results in a court summons.

3. Common Mistakes to Avoid this Week

In the rush to meet the deadline, we see business owners make costly errors:

  • Mistake 1: Confusing “Financial Year” with “Year of Assessment”

    • YA 2025 refers to the financial year that ended in 2024. Do not use your 2025 accounts!

  • Mistake 2: Forgetting Tax Exemptions for New Startups

    • If your company is less than 3 years old, you may be eligible for the Tax Exemption Scheme for New Start-Up Companies (75% exemption on the first S$100k of chargeable income).

  • Mistake 3: Underestimating “Non-Deductible Expenses”

    • Private car expenses and “S” plated vehicle costs are never tax-deductible, even if used for business.

4. Missed the Deadline? Here is What Happens.

If you fail to file by November 30:

  1. Estimated Notice of Assessment (NOA): IRAS may issue an estimation of your tax based on past years (often much higher than actual).

  2. Penalties: Composition fines range from S$200 to S$1,000.

  3. Court Summons: Persistent non-filing leads to court action.

Need Help Filing Last Minute?

If you are struggling to prepare your tax computation or unsure if you qualify for the $2,000 Cash Grant, do not guess.

At Excellence Singapore, our Accounting & Taxation Team can help you review your computation and ensure you file correctly before the portal closes.

Contact Us Immediately for Urgent Filing Assistance