Singapore Simplifies Tax Filing Requirements for Small Businesses: GuideMeSingapore.com
GuideMeSingapore.com has learned that Singapore will soon be easing the tax filing requirements for small companies with an annual turnover not exceeding S$ 1 million.
Singapore (PRWEB) April 14, 2012
Singapore´s Commissioner of Inland Revenue Moses Lee announced at an annual meeting that the Inland Revenue Authority of Singapore (IRAS) will introduce a simplified set of procedures for the annual tax filing compliance requirements of small Singapore companies. According to Mr. Lee, Inland Revenue recognizes that small companies face greater challenges in managing their tax obligations. “Their resources are already highly stretched, as they struggle just to keep up with their day-to-day operations and focus on business viability,” said Lee.
IRAS will streamline the reporting requirements for filing of both the Estimated Chargeable Income (ECI) as well as the Income Tax Return (known as Form C) for small companies in order to lower their compliance burden.
According to the current tax filing requirements, all Singapore companies – including those with no taxable income – are required to file their ECI form within three months of the end of their fiscal year and Income Tax Return using Form C.
With the introduction of new rules
Effective Year of Assessment 2013, companies with turnover of less than SGD 1 million and no taxable income will not be required to file the ECI form. This change will benefit about 67,000 companies, or about 42% of all companies.
Effective Year of Assessment 2012, companies with turnover of less than SGD$1 million can now file a simplified version of the Income Tax Return through Form C-S instead of the regular Form C. It is estimated that more than 110,000 small companies, which represents 70% of all companies, will benefit from the new Form C-S.
Lee added that “IRAS firmly believes that the two initiatives will result in a significant reduction in time and effort spent on tax filing for smaller companies, thereby helping to improve their productivity and leading to greater efficiency for the tax system as a whole.”
“With low tax rates and continuous improvements in business friendly policies such as this, Singapore has established itself to be a great place for incorporating a business for global entrepreneurs,” said Jacqueline Low, Director of Janus Corporate Solutions.
For more information and guidance on taxes and starting a business in Singapore, visit Janus´s website at http://www.guidemesingapore.com.
GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte. Ltd. — a leading Singapore-based firm that provides professional incorporation, accounting, tax, immigration and compliance services for startups and small-to-medium sized firms.
For media enquiries, please contact:
Ms. Jacqueline Low
Phone: +65 6222 7445
Janus Corporate Solutions Pte Ltd
16 Raffles Quay #33-03
Hong Leong Building
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/4/prweb9390903.htm