taxBytes@iras is a quarterly e-newsletter that keeps you up-to-date on the latest tax developments and other revenue matters!
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IRAS' eAlerts.
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Issue 31: Jan - Mar 2020 |
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Tax Season 2020 - File taxes early from now till 18 Apr
Avoid the last minute rush or late filing penalties by filing your taxes early! From now until 18 Apr, log in to myTax Portal to file.
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Access myTax Portal with a tap from the SingPass Mobile app!
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Are you under the 'No-Filing Service' scheme?
Received a letter or SMS informing you of your eligibility for the 'No-Filing Service'(NFS)? This means that you do not need to file a tax return. Simply log in to myTax Portal to preview your tax bill.
From end Apr 2020 onwards, your tax bill will be sent to you. Take note to ensure the accuracy of the contents and file an objection if you have any other income that is not shown in the bill, or if your relief claims in the bill are incorrect.
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Made a mistake in your tax return?
Discovered that you made a mistake in your tax return? This can be easily solved! Make sure to re-file within 14 days of your previous submission (or before 18 Apr 2020, whichever is earlier) with the revised income details and claims.
As re-filing can only be done once, ensure that the tax return is accurate.
If your income amount or reliefs are reflected inaccurately on your tax bill, please file an objection online within 30 days from the date of your tax bill.
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Pay by GIRO
Enjoy seamless payment of your income tax when you sign up for GIRO at myTax Portal. For DBS and OCBC customers, the request is instantly approved.
Simply log in, select 'Account', and then click on 'Apply for Payment Plan'. Simple, fuss-free and you don’t have to worry about missing the due date!
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e-Filing of Form M now available for Non-Residents
Been issued a paper Form M? From 1 Mar to 18 Apr 2020, e-File your tax return at myTax Portal using your SingPass or IRAS Unique Account (IUA).
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Help for Businesses and Workers – Jobs Support Scheme and Enhancement to Wage Credit Scheme
Jobs Support Scheme (JSS)
As announced in Budget 2020, employers will receive an 8% cash grant on the gross monthly wages of each local employee, up to a monthly cap of $3,600, for three months of wages paid in October to December 2019. The JSS payment will be disbursed to employers automatically by 31 May 2020.
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Enhancement to Wage Credit Scheme (WCS)
The government co-funding for wage increases in 2019 and 2020 will be raised to 20% and 15%, from 15% and 10%, respectively. Qualifying gross wage ceiling will also be raised to $5,000 from $4,000 for both years.
WCS Payouts from March 2020
Qualifying employers can look forward to receiving their Wage Credit Scheme (WCS) payouts via their GIRO account or PayNow Corporate from March 2020. Those benefitting from the scheme enhancements will be notified by end Sep 2020 and will receive the supplementary payout thereafter. No more cheques will be issued for the payouts.
Those who have not registered for PayNow Corporate can sign up by linking the organisation's UEN (without suffix) [e.g. ROC (2019XXXXXA), ROB (531XXXXXA), UEN (T19LLXXXXA)] to the bank account via Internet banking.
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Enhanced GST Registration Calculator
Avoid penalties by registering for GST on time. Not sure if you are required to register? Find out by using our new GST Registration Calculator.
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