1.23 million taxpayers need not file taxes: Iras

More taxpayers, including 15,000 first-time taxpayers, will benefit from the No-Filing Service (NFS) for this year's tax filing season, starting March 1.

The Inland Revenue Authority of Singapore (Iras) said that some 1.23 million taxpayers need not file their taxes this year.

They make up about 60 per cent of all taxpayers in Singapore.

Since the NFS was launched in 2007, the proportion of taxpayers who have benefitted from this has risen 27 times from 45,000 individuals.

Iras said in a statement: "Taxpayers who have been informed of their eligibility for the 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".

Those who are not eligible for the NFS will have to file their tax returns by April 18 and would have received a letter or SMS reminder to do so.

Taxpayers who are unsure whether they are required to file a tax return can SMS filetax <space> NRIC/FIN to 9116-4900 or call 1800-356-8300.

Separately, Iras said that initiatives have been drawn up to help businesses lower their compliance costs and make the filing process more efficient.

For instance, businesses with an annual turnover of less than $500,000 need not submit their statement of accounts.

An easier way of tracking business records was also introduced. Under the simplified record-keeping initiative, smaller businesses only need to keep business records stated in a prescribed template instead of all the physical invoices and receipts.

Mr Andy Seah, the assistant commissioner of the individial income tax division at Iras, said: "These enhancements are part of Iras' efforts to bring convenience to taxpayers, improve their filing accurac and boost voluntary compliance.

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