2 September 2013
More taxpayers, both individual and corporate, filed and paid their 2012 taxes within the stipulated deadlines. This was highlighted in IRAS’ Annual Report for Financial Year 2012/13. 90% of GST-registered businesses also filed their returns promptly. Additionally, tax arrears dropped to a record low of 0.79% of the total net tax assessed. Commissioner of Inland Revenue Dr Tan Kim Siew attributed this to continuing efforts by the tax authority to encourage voluntary compliance.
Other improvements in the tax scene include:
- Extending the Auto-Inclusion Scheme for employment income to 36,000 employers in 2013’s tax-filing season, up from 27,000 employers in 2012. A total of 1.13 million taxpayers enjoyed the No-Filing Service in 2013, compared to 963,000 in 2012.
- Streamlining the tax reporting process for small companies with the simplified Form C-S. 63% of the small companies halved the average time taken to file their 2012 tax returns.
- Enabling more small and medium enterprises to benefit from the Productivity and Innovation Credit (PIC) scheme. In 2012, 44,000 companies gained from the PIC scheme, up from 36,400 companies in 2011.
- Providing one-stop access to official tax statistics thus allowing interested parties to retrieve data, study trends and conduct meaningful analyses.
Source: Inland Revenue Authority of Singapore