Following Budget 2018, where we learnt that we have S$9.6 billion in budget surplus, the government is now gonna collect more money from us.
No, I’m being serious.
It is the tax season again, and it’s starting in just two days time.
That’s right, people.
Starting from March 1, you can start to file your taxes.
The Inland Revenue Authority of Singapore (IRAS) reminds all to do so by April 18 to avoid late penalties.
Receiving tax bill immediately
In 2017, 70,000 taxpayers, who had the assessable income of S$40,000 or less, took part in the pilot programme to receive their finalised tax bill or Notice of Assessment immediately upon filing.
This year, 200,000 taxpayers with assessable income of S$100,000 and below will be doing the same.
No-Filing Service (NFS) Scheme
There are about 1.5 million people on this scheme.
They will be able to preview their bill on the myTax portal starting from March.
If there are no changes to their pre-filled information, they can ask for early assessment.
After which, their tax bill will be available for viewing the next working day on the portal.
Extended to Grab/Uber drivers
According to Channel NewsAsia, the pre-filing of income service has been extended to Grab/Uber drivers.
About 9,000 drivers opted in the pilot service this year.
They will be able to view and verify pre-filled information on the myTax Portal.
They should also declare any other sources of income and amend any change in information.
Highest record
The IRAS notes that last year, 96% of taxpayers filing income tax returns on time.
It was the highest record to date.
Well…seems like there’s always room for improvement!
Assistance
Taxpayers can visit www.iras.gov.sg/irashome/TaxSeason2018 for matters to do with income tax filing.
For further assistance, they may also speak to the AskJamie virtual assistant, send an email via mytax.iras.gov.sg or call 1800 356 8300.
Happy (?) Tax Season everybody!
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