THE taxman has launched a new service that includes cutting down the time it takes for individuals and businesses to file a return.
The Inland Revenue Authority of Singapore (IRAS) yesterday officially launched the 'myTax Portal' - https://mytax.iras.gov.sg - which will be its one-stop e-services shop.
The new system builds on the portal rolled out on a trial basis in 2004, which individuals now use to file their tax returns.
The new system will allow individuals, sole proprietors, businesses and property owners to access the portal with a single personal identification number. The portal will be customised with all their tax information, so they can conduct various transactions ranging from income tax to property tax to Goods & Services Tax. The system retains information from taxpayers, so individuals will not need to re-enter their personal information each time they make claims for tax relief and rebate.
Soon, tax assessments - the Notice of Assessment - will also be available on the portal. And from mid-December, companies will be able to apply for or cancel GST registration on it.
Tax e-filing is growing in popularity. Minister of State for Finance & Transport Lim Hwee Hua, who was at the launch of 'myTax Portal' at IRAS yesterday, said: 'This year more than 80 per cent of all individual income tax returns were filed on line - an all-time high for Singapore.'
Companies will be able to e-file their estimated chargeable income and GST returns through the portal. IRAS said the new system will accelerate the refund process for companies, which will help the cashflow of exporters seeking a refund of GST paid for inputs.
Mrs Lim commended IRAS on its efforts yesterday. 'The new system was designed with taxpayers' needs in mind using a leading technology known as Microsoft.Net,' she said. 'It provides a powerful platform for more efficient connections among information, people, system and devices and IRAS is one of the first tax administrations in the world to adopt this technology.' Mrs Lim said the process of adapting new technology to customers' needs is 'not about doing things the old way but by using the Internet'.
'It requires government agencies to examine their internal processes and consider how they can use technology to change or refine the processes to serve our customers more efficiently,' she said.
IRAS also announced yesterday that from July 1 it will pay interest to taxpayers if it fails to issue income tax or property tax refunds within 30 days.
