BankBazaar Singapore – February 26, 2018
Singapore: The Inland Revenue Authority of Singapore (IRAS) has issued a general reminder for all taxpayers to file their income tax returns between 1 March 2018 and 18 April 2018. IRAS also urged taxpayers to file their returns early to avoid last minute hassle.
In its media release, IRAS said that about 200,000 taxpayers, with taxable income of up to S$100,000, will receive their Notice of Assessment right after they file the return. Last year, about 70,000 taxpayers enjoyed this service. IRAS said that it will continue to scale up this service to allow more taxpayers to receive their tax bill immediately.
Additionally, about 1.5 million taxpayers who are on No-Filing Service (NFS) will be able to preview their Notice of Assessment on myTax Portal, starting from March 2018. Under the NFS scheme, which was launched in 2008, the taxpayers are not required to file their return. Instead, they get their Notice of Assessment directly from IRAS with auto-included income and claims. IRAS said that taxpayers on NFS scheme can ask for an early assessment, if there is no change to the auto-filled income and claims.
IRAS also urged taxpayers to pay their taxes through GIRO to enjoy the convenience of paying taxes in up to 12 interest-free monthly instalments. It added that taxpayers who receive their tax bill immediately or who are on NFS scheme will get their GIRO instalments computed for them, if they have already subscribed to this service.
IRAS has also extended its initiative that pre-fills the income information of self-employed individuals to Uber and Grab drivers. It informed that about 9,000 such drivers who have opted to participate in this service this year will enjoy the convenience of getting their income pre-filled in their e-filing. This service was previously available for commission-earning individuals like insurance agents and property agents.
Meanwhile, IRAS also reminded that the total personal income tax relief for any taxpayer will be subjected to a limit of S$80,000, starting from 2018 Year of Assessment.