About 7 in 10 taxpayers eligible for No-Filing Service in 2022: Iras
Michelle Zhu
MORE than 1.6 million out of 2.3 million taxpayers in Singapore will not need to file tax returns this year as they are eligible for the No-Filing Service (NFS), announced the Inland Revenue Authority of Singapore (Iras) on Monday (Feb 28).
This means about 7 in 10 taxpayers do not file an income tax return but are still required to verify the accuracy of their auto-included income information and check their eligibility for any tax reliefs claimed.
Around 120,000 of taxpayers on the NFS are estimated to benefit from the Direct Notice of Assessment initiative this year. They will receive their tax bills directly, with their income information automatically included and tax reliefs pre-filled.
Iras also said more partnerships will experience easier filing with a 2-line statement, specifically Revenue and Adjusted Profit/Loss, for a revenue of up to S$200,000 for 2022.
Previously, only sole-proprietors with revenues of S$200,000 or below were able to enjoy the benefits of filing the 2-line statement.
Iras estimates 17,000 partners will benefit from the change, in addition to over 21,000 sole-proprietors.
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Partners and sole-proprietors whose revenues exceed S$200,000 will need to report their business income using the 4-line statement, namely: Revenue, Gross Profit/Loss, Allowable Business Expenses and Adjusted Profit/Loss.
According to the authority, more than 90 per cent of taxpayers will be receiving digital tax bills via myTax Portal this year.
While Iras encourages taxpayers to sign up for the Giro service for tax payments and refunds, the authority said it will also be introducing PayNow as a new tax refund mode from July 2022 for those who are not on Giro.
"With this (PayNow), taxpayers will be able to receive tax refunds into their bank accounts promptly and securely following any overpayments or erroneous payments," it added.
In view of the recent rise of phishing scams, Iras also reminded taxpayers to be vigilant and not be deceived by fake SMSes, emails and WhatsApp messages with a spoofed Iras's name.
"To avoid getting scammed, click only links with 'iras.gov.sg' or 'go.gov.sg'. For tax transactions including filing and payments, taxpayers should use relevant forms and digital services in myTax Portal secured by Singpass login."
Iras said it will not send PayNow QR codes to taxpayers via physical and digital notices, nor SMSes, emails and WhatsApp messages.
PayNow QR codes for tax payment can only be generated after logging into myTax Portal, or upon selecting the "Make Tax Payment" option in the chatbot located on the Iras website.
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