Singapore Expands Corporate E-Filing Platform
by Mary Swire, Lowtax.net, Hong Kong
30 July, 2015
The Inland Revenue Authority of Singapore has announced that all companies can now file their tax returns electronically.
Until now, only small companies, with annual revenue of no more than SGD1m, have been able to file the simplified corporate tax return (Form C-S) electronically. However, IRAS has opened up the e-filing facility to all companies following strong uptake of the service since its introduction in 2012.
According to IRAS figures, the percentage of small firms filing their tax returns electronically grew from 22 percent in 2012 to 41 percent last year.
"We are delighted to know that SMEs and tax agents have found e-filing service for Form C-S to be convenient and easy to use," said Wilson Ong, Assistant Commissioner, Corporate Tax Division of IRAS. "With the launch of e-filing service for Form C, all companies and tax agents can now enjoy such benefits and avoid the hassle of filing thick stack of paper returns."
According to IRAS, the availability of e-filing for Form C also means that companies can go "fully paperless" when it comes to tax matters, enabling them to file returns for goods and services tax, withholding tax, and other taxes electronically.
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