Tag: No-filing service

Local Tax Compliance sets new records

On By taxsgIn General News

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

Tax Return filing for 2013

On By taxsgIn Reminders

5 March 2013

Taxpayers, including sole proprietors and partners, are reminded that their income tax returns need to be filed by 18 April 2013 (online) or 15 April 2013(for paper returns) unless they have been informed by the IRAS of their eligibility for No-Filing Service (NFS).

Taxpayers eligible for NFS this year will not need to file a tax return, unless they have additional income to declare or changes to make to their personal reliefs.

As announced in the 2013 Budget Speech, all individuals who are tax resident in Singapore will enjoy a personal income tax rebate of 30% (if aged below 60 years) and 50% (if aged 60 years and above) for the Year of Assessment 2013. This rebate will be applied automatically to the eligible taxpayer’s tax bill.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.

No-Filing Service for individuals

On By taxsgIn Individual Tax

14 February 2013

Individuals who have received the No-Filing Service (NFS) letter or SMS from the IRAS do not need to submit an Income Tax Return unless they have additional income to declare or have additional or changes in relief claims from the previous year.

The IRAS will issue such individuals a tax bill (Notice of Assessment) based on their relief claims for the previous year and the income details provided by their employer participating in the Auto-Inclusion Scheme (AIS) for Employment Income. Reliefs may be adjusted if the individual has been informed that he/she does not meet the eligibility criteria.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.