IRAS, ACRA launch software allowing SMEs to file tax returns digitally

It will reportedly on take 30 minutes for SMEs to file their forms.

Small and medium enterprises (SMEs) may now file their statutory returns digitally with the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA) through an accounting software, the two agencies’ said in a joint announcement.

ACRA and IRAS have partnered accounting software providers to incorporate their filing requirements into an accounting software that automatically generates the required returns for companies with simple tax affairs and accounting transactions.

With this, SMEs now only need about half-an-hour for companies to prepare and file their Corporate Income Tax Return (Form C-S) and Annual Return with Financial Statements in Simplified XBRL format. This translates to time saving of more than 90% for these companies, according to ACRA and IRAS.

The software is linked to both ACRA and IRAS’ systems via APIs to enable companies to file with both agencies without the need to log in to two separate portals, namely the ACRA’s BizFile+ and IRAS’ myTax Portal.

The agencies estimate that over 200,000 SMEs can potentially benefit from this 

SMEs currently not using any accounting software on their operations can tap into several support schemes for funding.

These include a Productivity Solutions Grant offered by Enterprise Singapore, where they can gain a funding support of up to 80% until 31 December, upon purchase of pre-approved IT solutions; a Start Digital Pack offered by Infocomm Media Development Authority (IMDA); and a Digital Resilience Bonus offered by IMDA to SMEs in the food and retail sectors, where they can receive up to $10,000.