95% of Individual Taxpayers Filed On Time for Third Year Running

This year’s Singapore’s tax filing season for individual taxpayers which ended on April 18 had achieved a high of 95% of taxpayers having filed on time for the third consecutive year, thanks to IRAS for continually improving their systems and processes, to make tax filing simpler and friendlier for individuals.

What is notable is that more than 97% of all income tax returns were submitted online via myTax Portal. It is definitely more convenient and easier to file your tax return this way than to submit a paper return. You just need your Singpass and internet access and you can do it 24/7 in the comfort of your home or anywhere.

Furthermore, taxpayers can also sign up for a GIRO instalment plan and enjoy the flexibility and convenience of paying over 12 monthly interest-free instalments or a one-time deduction. This way, taxpayers need not worry about cash flows since they can opt to pay their taxes in 12 equal monthly instalments.

So no more reason for you to file your taxes late any more! Still, got some queries? Contact a tax expert in Singapore!


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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