9 in 10 Singapore taxpayers filed 2012 tax returns on time

As tax compliance hit record high.

According to Inland Revenue Authority of Singapore’s Annual Report for Financial Year 2012/131, record number of taxpayers are filing and paying their taxes on time. 

Nine out of 10 individuals filed their 2012 tax returns on time, and nine out of 10 GST-registered businesses filed their GST returns on time throughout the year. Corporate taxpayers were also prompt, with eight out of 10 companies filing their 2012 tax returns by the due date.

Tax arrears dropped to a record low of 0.79% of the total net tax assessed. This contributed to the steady decline of total cumulative tax arrears - as at 31 Mar 2013, the total cumulative tax arrears stood at S$374 million, a significant reduction of S$109 million from the S$483 million of the previous Financial Year.

“Our ongoing efforts to promote a high level of voluntary compliance have resulted in more individuals and businesses filing their tax returns and paying taxes on time. On-time filing rates have improved across all tax types, while tax arrears declined to a record low of 0.79%, among the lowest in the world," said Dr Tan Kim Siew, Commissioner of Inland Revenue.