SINGAPORE - The annual tax filing season starts today. However, tax filing will be a non-event for the majority of taxpayers.
This is as more than 1.13 million, or nearly 60 per cent, of the 1.92 million taxpayer base are eligible for the No-Filing Service (NFS).
First introduced in 2007 to 45,000 taxpayers, the NFS has grown in scale to benefit 25 times as many taxpayers this year.
Taxpayers who have been informed by Inland Revenue Authority of Singapore (IRAS) of their eligibility for NFS this year will not need to file a tax return, unless they have additional income to declare or changes to make to their personal reliefs.
The remaining 40 per cent of taxpayers who are not on NFS would have received a letter or SMS notification informing them to file via myTax.iras.gov.sg by April 18.
These taxpayers will have to file a tax return this year, even if their employers have sent their salary details to IRAS under the Auto-Inclusion of Employment Income Scheme.
As announced in the 2013 Budget Speech, all individuals who are tax residents in Singapore will enjoy a personal income tax rebate for Year of Assessment (YA) 2013.
The amount of personal income tax rebate will depend on the age of the individual as at Dec 31, 2012.
They do not need to apply for the personal income tax rebate. IRAS will automatically grant the rebate to all eligible taxpayers and reflect the amount in their tax bills.
IRAS would like to remind all taxpayers, including sole proprietors and partners, to file their income tax returns by April 18, or to send in their paper returns by April 15.
IRAS also encourages all taxpayers to file early to avoid the last-minute rush and penalties for late filing.
If anyone is unsure whether he needs to file a tax return, he can either SMS filetax NRIC/FIN to 91164900 or go to IRAS web page at www.iras.gov.sg/irasHome/doihavetofiletax.aspx.
For further enquiries, taxpayers can call 1800-356 8300.