Tax Season 2018 – File Taxes Early from 1 Mar

The Inland Revenue Authority of Singapore (IRAS) would like to remind all taxpayers, including sole-proprietors and partners, to file their income tax returns from 1 Mar to 18 Apr 2018. IRAS has also introduced several features to improve the tax filing experience this year.

Greater Certainty & Planning Ahead for Your Tax Payment

  • 200,000 taxpayers will receive tax bill immediately upon filing taxes this year
  • Taxpayers on No-Filing Service (NFS) can preview tax bill and request for early assessment
Some 200,000 taxpayers with an assessable income of $100,000 or less will receive their finalised tax bill (Notice of Assessment) immediately upon filing their tax returns this year. A pilot group of 70,000 taxpayers (with an assessable income of $40,000 or less) enjoyed this service last year. IRAS aims to scale up this service initiative progressively. 1.5 million taxpayers, or 2 in 3 taxpayers, are on the No-Filing Service (NFS) scheme and are not required to file a tax return this year. Taxpayers on the NFS can preview their tax bill (Notice of Assessment) at myTax Portal from March 2018. If there are no changes to the pre-filled income and relief claims, NFS taxpayers can request for an early assessment and the tax bill will be available at myTax Portal by the next working day. A group of 40,000 taxpayers on NFS requested for early assessment last year.
Taxpayers who receive their tax bill immediately or request for an early assessment under these service initiatives will have their GIRO tax instalment plan computed if they have subscribed to the GIRO payment scheme. Through these service initiatives, taxpayers enjoy greater certainty and can plan ahead for their tax payments. Taxpayers are encouraged to pay their taxes by GIRO, to benefit from the flexibility and convenience of paying in up to 12 monthly interest-free instalments or a one-time deduction.

From Year of Assessment (YA) 2018, the total amount of personal income tax reliefs for taxpayers is subject to an overall tax relief cap at $80,000 per YA. Taxpayers are encouraged to claim their personal reliefs as long as the qualifying conditions are met. If their total amount of reliefs claimed exceeds the relief cap, the tax reliefs will be capped at $80,000. As announced in Budget 2018, to encourage everyone to contribute to the community, taxpayers will continue to enjoy 250% tax deduction for qualifying donations made till 31 Dec 2021.

Pre-Filling of Partnership Income if Precedent Partners e-File by 28 Feb 2018

Partners can continue to enjoy the convenience of having their share of partnership income pre-filled in their individual income tax returns (Form B) by IRAS, if their Precedent Partner e-Files the partnership’s tax return (Form P) by 28 Feb 2018. The Precedent Partner does not need to separately inform the respective partners of their share of the partnership income under this service initiative.

Last year, more than 5,000 partnerships filed their Form P early, and enabled more than 10,000 partners to benefit from this partnership income pre-filling service. IRAS encourages all Precedent Partners to file their Form P by 28 Feb 2018.

Pre-Filling of Self-Employed Income for Grab and Uber Drivers New

IRAS has extended the service initiative to pre-fill self-employed income information to Grab and Uber drivers this year. In this pilot implementation, Grab and Uber drivers were invited to participate in the scheme through the Grab and Uber platforms. Some 9,000 drivers have opted to participate this year. They will enjoy the convenience of having their income and commission fees pre-filled by IRAS in their electronic tax returns, making the tax filing process simpler for them.

Drivers who have opted in for this service initiative will be able to view and verify their pre-filled information at myTax Portal, and declare any other sources of income (e.g. rental income). They should amend their pre-filled information if their actual income or allowable expenses are different from the pre-filled information.

The pre-filling of self-employed income information was first implemented in 2015 for individual commission earners such as property and insurance agents. IRAS will continue to collaborate with industry stakeholders to bring about greater convenience in tax filing for more self-employed taxpayers.

File your taxes early from 1 Mar to 18 Apr 2018 to avoid late filing penalties

 

2018-03-17T17:19:03+00:00

Robert Tan Partners PAC

61 Club Street, Singapore 069436

Phone: (+65) 65869339

Fax: (+65) 62277205

Web: https://www.rtanppac.com