A dormant company is also required to file its Income Tax Return (Form C) with the IRAS. However, a dormant company may be given waiver after the submission of an application form “Application for a Waiver to Submit Income Tax Return (Form C/C-S) by a Dormant Company”.
For a waiver to be granted, some qualifying conditions are to be satisfied:
- The company must be dormant and has submitted its Form C/C-S, accounts and tax computation to the date of business cessation.
- The dormant company must not own any investments (e.g shares, fixed income, rental etc) and no income was generated from such ownership of investments.
- If the dormant company was a GST registered company, then GST must be de-registered prior to application for waiver of income tax return.
- It must not have any intention to re-commence business within the following 2 years
McCann can help to apply for the waiver on your behalf.