Iras unveils new digital tools for easier corporate income tax filing
More than 323,000 companies, including over 37,000 newly incorporated companies, will benefit
[SINGAPORE] New digital tools from the Inland Revenue Authority of Singapore (Iras) are set to make corporate income tax (CIT) filing easier for more than 323,000 companies, including more than 37,000 newly incorporated companies, for the 2026 year of assessment.
The new tools will help firms file returns with “greater certainty and fewer follow-up actions”, said Iras on Monday (Oct 19).
“Clear and seamless tax processes are important for companies to reduce the administrative effort of tax filing, allowing companies to focus more time on running and growing their business.”
The new tools include a filing-obligation check for newly incorporated companies, a record-keeping assistant, a business expense deductibility checker, a myTax Portal troubleshooting assistant, payment status checker and an objection status checker.
Existing efforts to simplify tax filing have seen strong take-up, said Iras. In the 2025 year of assessment, about 80 per cent of eligible companies used a simplified tax return that reduced filing requirements from three pages to just six essential fields for certain companies.
This year, as announced in the Budget and subsequent support measures, companies may be eligible for the CIT Rebate, CIT Rebate Cash Grant and/or SME Cash Grant 2026.
Not only that, companies considering artificial-intelligence expenditures “may also wish to explore the expanded support available under the Enterprise Innovation Scheme for qualifying AI expenditure” for the 2027 and 2028 years of assessment.
Under the scheme, businesses may claim 400 per cent tax deductions on up to S$50,000 of qualifying AI expenditure per year of assessment.
Iras added that companies should file their CIT returns by Nov 30, 2026.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
