A dormant company refers to one that did not carry on business and had no income in the basis period for YA 2015, i.e. the financial year ending in 2014.
• A dormant company is not allowed to carry forward any expenses incurred in YA 2015 as losses nor claim capital allowances.
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 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.