04 Mar '12, 10am

[CNA] Income tax filing season returns; e-File by 18 April 2012

[CNA] Income tax filing season returns; e-File by 18 April 2012

SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) reminds all taxpayers, including sole proprietors and partners, to e-File their returns by 18 April 2012, or send in their paper returns by 15 April 2012. IRAS said from this year, all taxpayers will enjoy lower personal income tax rates. Marginal tax rates for the first S$120,000 of chargeable income have been reduced to make the income tax system more progressive, with middle income earners enjoying the largest reduction in their tax bills. Of the about 1.8 million taxpayer base, about half, or 963,000 taxpayers, eligible for the No-Filing Service (NFS) will not have to file tax returns at all. Instead, they will receive notices of assessment from IRAS directly. By now, these taxpayers would have received a letter or SMS informing them they are eligible for NFS. This group do not need to file a return unless the...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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