DO NOT USE: More individuals and companies filing tax on time: IRAS

Revenue collected rises 10.7% while arrears rate drops to all-time low

More individuals and companies are filing income taxes and goods and services taxes (GST) on time, the taxman said on Friday. The percentage of individual taxpayers who filed their taxes on time increased to 91.6 per cent last year, from 91.1 per cent the year before.

At the same time, the tax arrears rate fell to an all-time low of 0.94 per cent, the Inland Revenue Authority of Singapore (Iras) said on Friday. The Iras collected $38.4 billion in tax revenue this year, 10.7 per cent higher than the amount collected last year.

It noted in its annual report yesterday that the total cumulative tax arrears - or overdue taxes - have steadily decreased to around $483 million for the financial year ended March 31.

This is 20 per cent lower than the nearly $604 million in arrears recorded as of March 31, 2011. More firms have also been filing taxes by the deadline.