MYTAX Portal (mytax.iras.gov.sg) is a one-stop portal that allows companies to access a range of e-services that will enable them to perform tax transactions online with the Inland Revenue Authority of Singapore (IRAS).

To use these e-services, the company simply goes to an online business authorisation facility provided by IRAS called the e-Services Authorisation System (EASY).

It can then authorise its staff or tax agent to access the company's information and perform tax transactions on its behalf. Once authorised, the staff or tax agent will be able to transact with IRAS on the company's behalf anytime, anywhere.

E-filing for GST

An example of an e-service on myTax Portal is e-Filing. From October, all GST-registered businesses will be required to file their Goods and Services Tax returns electronically.

Close to 80 per cent of GST-registered businesses have already been using the e-filing facility by May and many of them find it a breeze to do so. E-filing of GST returns can be done from the comfort of the home or office via the portal.

The process takes about five minutes and the user will get an acknowledgement of the filing instantaneously. Simple system checks are provided to help ensure that the filing is correct.

SMEs can also use the e-service 'View Return' to check their e-Filing status or 'View Correspondence and Notices' to retrieve a copy of the acknowledgement.

Besides the convenience, another benefit of e-filing is that when a GST refund is due to the company, the refund will be received faster if the company e-files.

There will also be e-mail alerts to remind the company to e-file on time.

Paying GST by Giro

The convenience of using electronic channels to transact with IRAS extends to payment as well, and GST-registered businesses are strongly encouraged to sign up for Giro to pay their GST.

With Giro, companies also get 15 additional days to pay the GST due to IRAS. For example, if the company's accounting period ends on March 31, they will have to pay GST within a month if they are paying by cheque.

However, if they sign up for Giro, the deduction will only be made from the company's bank account 15 days later, on May 15.

This way, joining Giro can help the company ease its cash flow. Worrying about late payment penalties will be a thing of the past.

E-filing of estimated chargeable income

Besides the e-filing of GST returns, companies can also e-file their estimated chargeable income (ECI) within three months after the end of their accounting period.

Companies that e-file their ECI can also boost their cash flow by paying their estimated taxes over a longer instalment period - twice the number of instalments are allowed for those who e-file their ECI compared with those who file using hardcopy documents.

Companies can spread their instalments up to a maximum of 10 months if they e-file by the 26th of the first month after the end of the accounting period.

New IRAS website

Essential tax information for businesses is available on the IRAS website at www.iras.gov.sg .

IRAS recently revamped its website as part of its efforts to make tax compliance simple and easy for taxpayers.

The information on the new website is now organised from the taxpayers' perspective so that they can easily access and retrieve tax information.

Companies can search for relevant tax rules and treatments by looking up the e-Tax Guides.

Important dates are also highlighted in the main pages of the relevant tax types to remind taxpayers to file their taxes or to pay on time.

This article is contributed by the Inland Revenue Authority of Singapore (IRAS).

This article was first published in The Business Times on 8 July 2008.