Tuesday, 4 August 2015

Singapore tax filing made easy via e- filing for all companies

The Inland Revenue Authority of Singapore (IRAS) has extended e-Filing to all companies with the launch of e-filing of the Form C. This means all companies and their authorised tax agents can now e-file their Income Tax returns regardless of the type of Form used.

The benefits of e-filing are listed below:

  • Extension of submission due date (from 30th November to 15th December)
  • Instant acknowledgement of the e-filed Form C-S/C
  • In-built checks in the e-form improves the accuracy of the returns
  • Cost savings in terms of time, courier charges, paper and printing costs
  • With the cost saving on paper usage it is effectively more environmentally friendly.

It is expected that the e-filing of tax returns can help raise the productivity of tax agent firms and the tax consultancy firms as a whole.

In its efforts to encourage the usage of e-filing, the IRAS will also recognise the External Value Network (EVN) tax agent firms with the highest number of clients’ forms e-filed in the year 2015.
These developments should encourage more tax agents and companies to e-file their upcoming tax returns.

Source:  IRAS

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