When Do You Have To File Taxes – If you’re reading this, you probably haven’t or are worried about how you should. But don’t worry, because here’s everything you need to know about filing your tax returns, and after this you’ll have all the information you need to do it.
Income tax in Singapore consists of individual and corporate income tax. The amount you get taxed varies based on your income or profits and varies depending on your lifestyle.
When Do You Have To File Taxes
Income tax is paid on an annual basis and is based on a progressive tax system, with taxes ranging from 0% to 22% of your income. Similarly, corporate income tax is the same.
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If you’ve received a letter or SMS asking you to manually fill in your income tax, here’s how you can do it online. Log in to the myTax portal with your SingPass and check your pre-filled details.
Then check your benefits and report all your sources of income. When you’re done, you should receive a receipt. Simply, you have completed your income tax return for this year.
Before paying taxes, it is best to check which tax credits you are entitled to and mark them. The government gives tax credits to reduce the amount of income you’ll be taxed on, meaning you pay less tax. Here are some common income tax benefits available:
A detailed list of the various tax credits can be found on the IRAS website, including the various eligibility criteria. However, it is important to research beforehand what benefits you are entitled to as this varies from person to person.
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E-filing is a new and efficient way of filing income tax returns. With SingPass, it’s easy to log in and verify your identity at any time of the day. The myTax portal is open 24/7 for easy and convenient access. In addition, you can enjoy a longer submission period.
If you have been notified via SMS that you have been selected for the No-Filing Service (NFS), your employment income has already been automatically sent to IRAS and you do not need to file any tax returns.
Please note that you would still need to check your tax return details on the myTax portal to ensure that all your allowances, discounts and returns have been made. You can use the myTax portal with your SingPass for this.
Over the years, many individuals have been accused of filing their taxes late or completely ignoring the need to do so. But there are consequences. Under Singapore law, a late filing fee not exceeding SGD$1,000, an estimated Notice of Assessment (NOA) and a summons may be charged.
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So if you want to avoid all that blacklisting and trouble, file your taxes on time. In addition, quick tax filing helps you manage your finances and income well. It is crucial to check thoroughly when and if you need to file a tax return.
Filing your tax returns might be a chore and a burden for some, but getting it done and dusted would be much more efficient than leaving it to the last minute. If you don’t want to forget to pay your income tax for the year, head down to the myTax portal now to do yours today so you can forget about it tomorrow.
Certain information in this article may be taken from external sources that we believe to be reliable. We make no claims that this information is accurate or complete and should not be relied upon as such. This article is for your information only and should not be construed as tax advice. Please seek independent tax advice if necessary. Do you know how smart tax advice can help with your retirement plans? Find out how a couple in their late 50s prepare for the golden period of their lives.
Employers, sign up for the auto opt-in scheme to enjoy five benefits. The Automatic Inclusion Scheme (AIS) removes the hassle for employers of issuing paper form IR8A to employees and simplifies tax reporting. Learn more about the five benefits of AIS and apply between April 1 and December 31, 2023 to enjoy its benefits for the 2024 tax season.
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From 1 March 2023, you can start filing your taxes for the year of assessment. Here are two things you need to do to get ready to apply:
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2. Sign up for a Singpass account, if you don’t already have one, for digital transactions with .
Married couples and families, learn about the tax credits and deductions available to you. Read on for 5 tips for a stress-free tax filing season for married couples and families.
Are you a working mother? Find out about the tax credits that are available to you and request them when you file your tax return. Read how working mum Boon Hui used tax credits to reduce her tax bill.
Do you run a side business or provide independent services? Maybe they consider you a gig worker. Check out essential tax information for gig workers and read about TZ’s experience as a freelance designer.
Preparing To File Your Federal Tax Return
From July 2022, we will introduce PayNow as a new method of refund for personal income tax. Non-GIRO taxpayers can receive their refunds quickly and securely via PayNow to their bank accounts if they are registered with PayNow.
If you are not on GIRO, register PayNow as your preferred return method today. Simply link your NKMO/FIN to your personal bank account via internet banking. Contact your bank if you need further assistance.
New tools for checking applications and benefits on the website. You can check your filing requirements and the tax credits you’re entitled to this year using the website’s filing and credits checker, which contains personalized content tailored to different individual profiles. Employees and directors whose employers are not on the Automatic Inclusion Scheme (AIS) are reminded to report their employment income as your income will not be automatically included.
More than 90% of taxpayers will receive digital tax invoices through the myTax portal this year. Make sure your contact details and notification settings on the myTax portal are up to date, so you can receive timely notifications when your tax invoices are ready for review.
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GIRO or PayNow for easier tax payments and refunds. Sign up for GIRO for safe and seamless tax and refund payments and enjoy interest-free installments for up to 12 months. will also introduce PayNow as a new tax refund method from July 2022 for non-GIRO taxpayers. With this you will be able to receive tax refunds to your bank accounts immediately and securely after any overpayments or incorrect payments.
Here’s a tip: Just tap the sign-in shortcut in the Singpass app, verify your identity with your fingerprint or face, and you’re signed in. Don’t have a smartphone? Just use SingpassFace Verification on a desktop computer with a webcam. Access to key services takes only 5 seconds.
In addition, you can view your important information, such as Digital IC and CPF balance, in your Singpass app profile.
Did we also mention that you can use yourDigital ICat in multiple places and switch to your preferred language for key transaction pages in Singpass by the end of the year?
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Watch for your tax bill (assessment notice) to arrive. Update your Singapore mobile number and receive an SMS alert when your tax bill is complete.
To update your mobile number, log in to the tomyTax portal using your Singpassor Unique Account (IUA) and click on “Update Contact Information”.
Tax return season has begun! Avoid the last-minute rush or penalties for late filing your tax return early. From now until April 18, log into the myTaxPortal file.
Are you a self-employed person such as a commission agent or private car (PHC) driver/taxi driver? Did your commission agencies participate in preloading and did you choose to preload your gross driving revenue if your PHC/taxi carriers participated in preloading? If so, you will be able to enjoy more convenience when filing your income tax return because the gross income information is pre-filled.
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Don’t forget that Qualified Commission Agents and PHC/Taxi Drivers may also choose to deduct the estimated amount of expenses based on a prescribed percentage of gross income earned.
Eligible commission agents and taxi/private hire car drivers who have joined the income pre-fill scheme will enjoy the benefits of No Application Service (NFS) from 2021 onwards.
You will be notified via SMS notification that you do not need to submit a tax return unless you wish to make any corrections to the
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