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All companies will be able to e-file income tax returns from next year
THE Inland Revenue Authority of Singapore (IRAS) will be extending e-filing to all companies, regardless of annual revenue, from next year.
This means that larger companies that file the Corporate Income Tax Form (Form C) will be able to do so online, which will cut compliance costs as well as raise productivity and efficiency, IRAS highlighted. Companies need to file their income tax returns by Nov 30 - even if there was no business carried out - as long as they have received the Form C or Form C-S package.
Smaller companies that e-file Form C-S have up to Dec 15 to do so - which accounts for over 70 per cent of all companies this year. Form C-S is a shortened three-page tax return for firms with annual revenue of up to S$1 million.
Companies that file Form C-S are not required to submit their financial accounts and tax computations, unless requested.
"The forms were easy to fill in and saved us a lot of time because some of the fields in the forms were automatically filled up," said Lee Siu Ling, director of Song Hui Commercial Services.
In 2013, almost 30 per cent of small companies that filed Form C-S did so through e-filing, up from about 20 per cent in 2012.