SINGAPORE - Singapore taxpayers, take note.
This year's tax season is about to begin and the Inland Revenue Authority of Singapore (Iras) is reminding all taxpayers, including sole proprietors and partners, to file their returns early from March 1.
They can do so on the myTax Portal or on their mobile phone by April 18.
In a new move this year, drivers with ride-hailing firms Grab and Uber will benefit from having their self-employed income information pre-filled in their electronic tax returns.
Iras said in a statement on Monday (Feb 26) that drivers were invited to participate in the scheme through the Grab and Uber platforms, and about 9,000 of them opted in.
They will be able to view and verify their pre-filled information on myTax Portal and declare any other sources of income, such as those from rental.
In addition, partners can continue to enjoy having their share of partnership income pre-filled in their individual returns (Form B), if their precedent partner e-files the partnership's tax return (Form P) by Feb 28.
With this, the precedent partner does not need to separately inform the respective partners of their share of the partnership income, Iras said.
About 200,000 taxpayers with an assessable income of $100,000 or less will receive their finalised tax bill or Notice of Assessment (NOA) immediately upon filing their tax returns this year.
The instant NOA service was made available to a pilot group of 70,000 taxpayers with an assessable income of $40,000 or less last year.
In the statement, Iras said that it plans to scale this initiative up progressively.
And for two-thirds of taxpayers, or 1.5 million, tax filing will be a non-event, thanks to the No-Filing Service (NFS) scheme.
Those who have been informed that they are eligible for NFS do not have to file a return.
They will be able to preview their tax bill or NOA on myTax Portal from March.
If there are no changes to the pre-filled income and relief claims, NFS taxpayers can request an early assessment, and the tax bill will be available online by the next working day.
Last year, 40,000 people on the NFS scheme requested early assessment.
In addition, taxpayers who receive their tax bill immediately or request an early assessment under the instant NOA and NFS services will have their Giro tax instalment plan computed for them, if they are subscribed to the Giro payment scheme.
Iras urged taxpayers to pay their taxes by Giro, citing the flexibility and convenience of paying in up to 12 monthly interest-free instalments or a one-time deduction as benefits.
From Year of Assessment (YA) 2018, the total amount of personal income tax reliefs for taxpayers is subject to an overall tax relief cap at $80,000 per YA.
Those who meet the qualifying conditions are encouraged to claim their personal reliefs.
As announced in Budget 2018, taxpayers will continue to enjoy 250 per cent tax deduction for qualifying donations made till Dec 31, 2021.
For more information on income tax filing matters, visit www.iras.gov.sg/irashome/TaxSeason2018/