COMPANIES with annual revenue of more than S$1 million will be able to file their tax returns electronically for the first time this year.
E-filing was first introduced for small firms in 2012, and the take-up has been encouraging, the Inland Revenue Authority of Singapore (Iras) said on Tuesday.
Each year, about 10 per cent more qualifying companies choose to e-file. Iras said it expects the number to continue to grow, and encourages those who have not made the switch to do so. About 41 per cent of small companies filed their tax returns electronically last year, compared with 22 per cent in 2012.
E-filing means that companies can go "fully paperless when it comes to tax matters, thanks to a full suite of e-Services for companies", which includes filing of GST returns, corporate income tax returns and withholding tax.
"Companies can benefit from reduced compliance costs and productivity gains while enjoying the convenience of going paperless," Iras said, adding that companies and tax agents have noted a reduction in printing and courier charges, leading to greater cost savings.
Filing electronically will also give companies a 15-day extension for the deadline to Dec 15, instead of Nov 30; assistance in the form of in-built formulae that fill up certain fields automatically; and an estimate of the tax payable. Companies are able to save a draft version up to Dec 15 until it is ready for submission.
All companies have to file their income tax returns by Nov 30, said Iras, even if there was no business done, as long as they have received the Form C or Form C-S package.