Tuesday, April 23, 2013

Singapore IRAS tax filing rate, Individual tax filing rate in Singapore

95% Tax payers filed on time in Singapore:

The IRAS (Inland Revenue Authority of Singapore) has reported that, by April 18, the individual tax filing rate in Singapore was at a record high of 95% in this year's tax season, compared to 94% in 2012.

IRAS said that it is pleased that more taxpayers are now filing on time. About 900,000 taxpayers had e-Filed their tax returns by April 18, plus 27,000 who had filed paper returns and 1.13m who were on the No-Filing Service (NFS) this year.

Assistant Commissioner, Taxpayer Services Division, Wang Teck Leng said: "We make it convenient for taxpayers to fulfill their filing obligations. Besides the NFS that made filing a non-event for more than one million taxpayers this year, we had e-Filing service centers located island-wide, and many online channels for taxpayers to self-help."

The IRAS reminded taxpayers who have not filed their tax returns to do so immediately, as a late filing penalty of up to SGD1,000 (USD808) will be imposed for late filing. Taxpayers will receive their Notices of Assessment from May onwards, and payment is due within 30 days from its date.

Under the Auto-Inclusion Scheme (AIS) for employment income, employers with 15 or more employees are required to send the salary information of their employees to IRAS electronically. Taxpayers whose employers participate in the AIS do not have to enter their salary information manually when they file their returns.

Over the next two years, IRAS intends to extend the AIS to employers with 12 or more employees. This means by 2015, another 100,000 taxpayers will join the existing 1.3m employees who are already on the scheme, and enjoy the convenience of a simple tax filing process.

The continued expansion of the AIS will enable IRAS to extend the benefits of the NFS to an even larger group of taxpayers in the future. Those who are eligible for the NFS will not need to file their tax returns unless they have additional income to declare or changes to make to their personal reliefs.
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