More are paying taxes on time, says IRAS
A record number of individuals are now filing their tax returns online, even as tax arrears fell to a record low in the financial year 2011/12.
In its newly released Annual Report for Financial Year (FY) 2011/12 released on Friday, the Inland Revenue Authority of Singapore (IRAS) showcased its efforts to enhance voluntary compliance through keeping the filing process simple and helping businesses improve tax risks management.
It said that 925,000 taxpayers had filed their individual income tax returns electronically.
The taxman also noted that the tax arrears rate is at a low of 0.94%. The total cumulative tax arrears have steadily decreased to S$483 million in FY2011/12, 46 per cent lower than the S$893 million in FY2007/8, despite an increase in tax collection of 32 per cent for the same period.