7 out of 10 taxpayers not required to file tax returns in 2022, more to receive direct bills: Iras

SINGAPORE – About seven out of 10 taxpayers – more than 1.6 million people in Singapore – will not be required to file a tax return this year as more and more initiatives are rolled out to simplify tax filing.

These non-filing service (NFS) eligible taxpayers are required to verify the accuracy of their self-inclusive income information and verify their eligibility for the tax relief claimed.

Around 120,000 taxpayers out of the 1.6 million in the NFS will receive their tax bills directly, under the Direct Assessment Notice initiative introduced last year, the Inland Revenue Authority of Singapore (Iras) said. in a press release published Monday, February 28. .

This means they will receive their tax bills directly, with their income information automatically included and pre-filed tax relief.

Taxpayers can always make changes to their income or relief details when they receive their invoices by filing an amendment on Iras’ online portal within 30 days from the date of their tax invoice.

Other initiatives to simplify tax filing include new tools to help taxpayers check their filing requirements and tax relief on the Iras website.

“Employees and directors whose employers do not participate in the self-inclusion scheme are reminded to report their employment earnings, as their earnings are not automatically included,” Iras said.

Partnerships will also now benefit from a simplified tax return by simply using a two-line statement – income and adjusted profit/loss – for income of up to $200,000 for the 2022 tax year, which refers income earned from January 1, 2021 to December 31. , 2021.

This compares to the previous requirement to report their income using a four-line statement covering income, gross profit or loss, allowable business expenses, and adjusted profit or loss. The four-line statement will continue to be used for sole proprietors and partners with incomes over $200,000.

An estimated 17,000 partners are expected to benefit from simplified filing processes and simplified record-keeping requirements in 2022, in addition to 21,000 sole proprietors.

Taxpayers, including sole proprietors and partners, who are required to file a tax return must do so through Iras’ myTax portal between March 1 and April 18.

Over 90% of taxpayers will receive digital invoices this year.

Iras is also introducing PayNow as a new tax refund method from July 2022 for taxpayers who are not on the Giro service. Existing tax refund methods include Giro, direct credit and wire transfer.

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