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    Dormant Companies: What Is A Dormant Company

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    The document defines a dormant company as one that does not carry on business and has no income for the whole basis period. A dormant company must still file its tax return by 30 November each year unless granted a waiver. A dormant company cannot claim capital allowances or deduct expenses but can utilize brought forward losses if it meets the shareholding test, and make donations claims by filing the standard tax return.

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    Dormant Companies: What Is A Dormant Company

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    foryouarman
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    The document defines a dormant company as one that does not carry on business and has no income for the whole basis period. A dormant company must still file its tax return by 30 November each year unless granted a waiver. A dormant company cannot claim capital allowances or deduct expenses but can utilize brought forward losses if it meets the shareholding test, and make donations claims by filing the standard tax return.

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    Dormant Companies

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    The document defines a dormant company as one that does not carry on business and has no income for the whole basis period. A dormant company must still file its tax return by 30 November each year unless granted a waiver. A dormant company cannot claim capital allowances or deduct expenses but can utilize brought forward losses if it meets the shareholding test, and make donations claims by filing the standard tax return.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    77 views2 pages

    Dormant Companies: What Is A Dormant Company

    Uploaded by

    foryouarman
    The document defines a dormant company as one that does not carry on business and has no income for the whole basis period. A dormant company must still file its tax return by 30 November each year unless granted a waiver. A dormant company cannot claim capital allowances or deduct expenses but can utilize brought forward losses if it meets the shareholding test, and make donations claims by filing the standard tax return.

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    Download as pdf or txt
    of 2

    11/5/21, 3:37 PM Dormant Companies

     A Singapore Government Agency Website

    Home 
    Taxes 
    Corporate Income Tax 
    Dormant Companies or Companies Closing Down 
    Dormant Companies

    Dormant Companies
    What is a Dormant Company
    A dormant company is one that does not carry on business and has no income for the whole of the basis period.
    For example, if your
    company did not carry on business and had no income for the whole of the basis period ending in year 2020, it is regarded as a
    dormant company for the Year of Assessment (YA) 2021.

    A dormant company must file its Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) by 30 Nov every year unless the
    company has been granted a waiver to file Form C-S/ Form C-S (Lite)/ Form C.

    Filing Form C-S/ Form C-S (Lite)/ Form C for Dormant Companies

     EXPAND ALL

    How to File Form C-S/ Form C-S (Lite)/ Form C for Dormant Companies 

    Applying for a Waiver to File Form C-S/ Form C-S (Lite)/ Form C 

    FAQs 

    Capital Allowances, Trade Losses & Donations for Dormant Companies


    Your dormant company cannot claim capital allowances and deduction of expenses incurred in the basis period relating to the Year of
    Assessment (YA) in which it is dormant, as it is not carrying on a trade or business during that period.

    However, unutilised losses brought forward from a previous YA, in which your company was not dormant, can be deducted against
    income for a subsequent YA if it satisfies the
    shareholding test.

    Example
    Company C has a 31 Dec financial year end and was dormant for the period from 1 Jan 2020 to 31 Dec 2020, which relates to YA
    2021. Company C cannot claim capital allowances or deduction of expenses incurred from 1 Jan 2020 to 31 Dec 2020 in its YA
    2021 Form C-S/ Form C-S (Lite)/ Form C. It can, however, bring forward unutilised losses that existed before YA 2021 to be
    utilised in future YAs (where it is no longer dormant), if it satisfies the shareholding test.

    Your dormant company can make a claim for donations if the donations were made to an approved
    Institution of a Public Character
    (IPC) or to the Singapore Government for the benefit of the local community. However, you must file its Form C-S/ Form C-S (Lite)/
    Form C using the
    File Form C-S/ Form C-S (Lite)/ Form C digital service instead of the File Form for Dormant Company digital service
    at mytax.iras.gov.sg .

    https://www.iras.gov.sg/taxes/corporate-income-tax/dormant-companies-or-companies-closing-down/dormant-companies 1/2
    11/5/21, 3:38 PM Dormant Companies

    Any unutilised donations arising from a YA can be carried forward to subsequent YAs, up to a maximum of 5 years and subject to your
    company satisfying the shareholding test.

    Related Content

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    Last updated on 03 November 2021

    https://www.iras.gov.sg/taxes/corporate-income-tax/dormant-companies-or-companies-closing-down/dormant-companies 2/2

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