Singapore's Tax Arrears Fall to All-Time Low as More Companies Filed Their Taxes on Time

On-time tax filing in Singapore has improved from 80.9% to 82.5% for companies, while more GST-registered businesses also filed their tax returns on time, with a high on-time filing rate of 93.9%, according to the Inland Revenue Authority of Singapore.

The report also revealed that tax arrears fell to an all-time low of 0.77% of the total net tax assessed.

IRAS’ continual efforts to make things simple and convenient for taxpayers have helped raise the voluntary compliance level of Singapore’s taxpayers.

IRAS expanded the No-Filing Service (NFS) to 1.23 million taxpayers, including 15,000 first-time taxpayers, for the 2014 tax filing season. The mobile-friendly version of myTax.iras.gov.sg enabled users of mobile devices to use selected e-Services without having to download any application.

Businesses that choose to switch to e-Filing the Simplified Form C (Form C-S) via myTax.iras.gov.sg are now less prone to errors when filing their tax returns, as they will be prompted to correct certain mistakes in their tax returns before submitting them to IRAS.

To further simplify tax matters for small businesses, eligible small businesses will no longer need to keep physical invoices and receipts with effect from Year of Assessment 2015.

While lowering compliance costs and simplifying tax filing processes, IRAS remained steadfast in deterring non-compliance. Through risk-assessment and data analytics, and coordinated audit and investigation programmes, IRAS uncovered a total of 15,233 non-compliant cases and recovered about S$387 million in taxes and penalties in FY2013/14.

Tax revenue collected for the 12 months to March 31 stood at S$41.6 billion, 0.5 per cent higher than the $41.4 billion collected in the previous financial year, according to the IRAS.

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