B d t 2015 Hi hli ht &Budget 2015 Highlights & …...Due date for filing tax return for YA 2015: 30 Nov 2015 N t i f ti b d 30 N 2015No extension of time beyond 30 Nov 2015 Exception:

B d t 2015 Hi hli ht &Budget 2015 Highlights & Changes AffectingChanges Affecting

Companies (S i f T A t )(Seminar for Tax Agents)

i b l d h i f iPresentation by Inland Revenue Authority of SingaporeFor Tax Agent Seminars held in July 2015

© 2015 Inland Revenue Authority of Singapore. All Rights Reserved. 1

Twitter.com/IRAS_SG Facebook.com/irassgwww.iras.gov.sg

Agendag1. Budget 2015 Highlights

Fili E i d Ch bl I (ECI)2. e-Filing Estimated Chargeable Income (ECI)

3. e-Filing of Form C

4. e-Filing of Form C-S

5. Administrative Procedures to Objection and Appeal PProcess

6. IRAS’ Voluntary Disclosure Programme (VDP)

7. IRAS’ new website

8. e-Services for Companies

9. Top Queries Received at Corporate Tax Frontline

10. IRAS-Tax Agent Relationship


11. Question & Answer

B d t 2015 Hi hli htBudget 2015 Highlights for Businessesfor Businesses


Productivity and Innovation Credit (PIC) SchemeCredit (PIC) Scheme


PIC Scheme

• PIC Bonus will expire in YA 2015

•“PIC IT and Automation Equipment List" has been expanded:

Description Enhancement

Item 40 – Waste management equipment

Examples: • Industrial shredderequipment • Mobile or static refuse compactor• Jaw crusher or impact crusher• Load handling system• Composting equipment• Hydraulic shear

Effective from YA 2015


Enhancement &Enhancement & Extension of Tax Deduction

f ifor Donations


Enhancement & Extension of Tax Deduction for Donations

• 250% deduction for qualifying d ti d f 1 J 2009 t 31

Current

for Donations

donations made from 1 Jan 2009 to 31 Dec 2015Treatment

• Encourage spirit of giving and build stronger sense of community, and inObjective stronger sense of community, and in conjunction with SG50

Objective

• 300% deduction for qualifying donations made from 1 Jan 2015 to 31 Dec 2015Budget

• 250% deduction extended for qualifying donations made from 1 Jan 2016 to 31 Dec 2018

Change


i f diExtension of Wage Credit SchemeScheme


Extension of WCS• Govt co-funds 40% of wage increases

given to Singapore employees earning a gross monthly wage of up to $4,000Current gross monthly wage of up to $4,000

• Applies to wage increases given in the period 2013 to 2015, and those sustained over the same period

Current Treatment

sustained over the same period

• Give businesses more time to restructure and adjust to rising businessObjective restructure and adjust to rising business costs, especially on the manpower front

Objective

• Extend WCS for 2 years (i.e. 2016 & 2017)

• Lower co-funding rate of 20% for Budget wage increases given in 2016 and 2017 as well as wage increases given in 2015 that are sustained in 2016 and 2017

Change


Extension of WCS

Wage increases given in 2015 will be co-funded at 40% in 2015

Wage increases given 2016 and 2017 and that given in 2015 that isWage increases given 2016 and 2017, and that given in 2015 that is

sustained till 2017 will be co-funded at 20% in 2016 and 2017

10© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

Extension of WCSIllustration of Wage Credit computation Assume a new employee was hired since 2012 until Sep 2017 Gross monthly wage increases of: $200 i 2013 $300 i 2014 $100 i 2015 $200 i 2016 d $500 i 2017$200 in 2013, $300 in 2014, $100 in 2015, $200 in 2016 and $500 in 2017


Extension of Corporate Income Tax RebateIncome Tax Rebate


Extension of Corporate Income Tax Rebate

• YA 2013 to YA 2015• 30% rebate on corporate tax Current p

payable (except final withholding tax on income)

• Subject to cap of $30 000 per YA

Current Treatment

• Subject to cap of $30,000 per YA

• Relieve business costs in the medium termObjective

• Extended for 2 years (i.e. 2016 & 2017)Budget 2017)

• 30% rebate on corporate tax payable (except final withholding tax on income)S bj t t f $20 000 YA

Budget Change


• Subject to cap of $20,000 per YA

Summary of Budget 2015 Changes

Tax Changes Summary

Expiry of PIC Bonus The PIC Bonus will expire in YA 2015p y p

Expansion of “PIC IT and Automation Equipment List”

With effect from YA 2015, the List is expanded to include Waste management equipment

q p

Enhancement and Extension of Tax Deduction for Donations

300% deduction for qualifying donations made from 1 Jan 2015 to 31 Dec 2015

250% deduction extended for qualifying donations made from g1 Jan 2016 to 31 Dec 2018

Extension of the Wage Credit Scheme (WCS)

Extend WCS for 2 years (i.e. 2016 & 2017) Lower co-funding rate of 20% for wage increases given in

2016 and 2017 Wage increases given in 2015 that are sustained in 2016 and

2017 will be co-funded until 2017

C I T E d d f 2 (i 2016 & 2017)Corporate Income Tax rebate (YA 2016 and 2017)

Extended for 2 years (i.e. 2016 & 2017) 30% rebate on corporate tax payable (except final withholding

tax on income) Subject to cap of $20,000 per YA


Subject to cap of $20,000 per YA

Filing Obligations

Filing of Estimated Chargeable Income (ECI)Filing of Estimated Chargeable Income (ECI)Filing of Income Tax Return (Form C-S/ C)


e-Filing Estimated Chargeable Income (ECI)Income (ECI)


Estimated Chargeable Income (ECI)Estimated Chargeable Income (ECI)

All companies are required to file an estimate of chargeableAll companies are required to file an estimate of chargeableincome (ECI) within 3 months after end of financial periodE.g. Financial year ending 30 Jun 2015

ECI for YA 2016 must be filed by 30 Sep 2015

IRAS will issue ECI reminder letter in last month of financial year

Companies do not need to file ECI if:• Annual revenue is not more than $1 million; and$ ;• ECI* is nil

* before deducting exempt amount under the partial tax exemption or tax exemptiong p p p pscheme for new start-up companies


Income Tax Return (Form C-S/ C)Income Tax Return (Form C S/ C)

All companies have to file a tax return by 30 Nov of each yearAll companies have to file a tax return by 30 Nov of each year

A NIL return is required

Due date for filing tax return for YA 2015: 30 Nov 2015

N t i f ti b d 30 N 2015No extension of time beyond 30 Nov 2015

Exception: If you e-File Form C-S/ C, the filing due date is extended until 15 Dec 2015


Income Tax Return (Form C-S/ C)Income Tax Return (Form C S/ C)

Income Tax Return

File Form C and Appendix on

File Form C-S (Simplified Tax Filing OR

Additional Information on Income & Deductions (Form IRIN 301)

for Small Companies)For companies that meet qualifying conditions ( )q y g


3 Different Filing Packages

3 different filing packages to be issued to companies by 30 Apr 2015

Target Group Companies likely to qualify for

Form C e- FilingTarget Group

Others

1 2 3

q yForm C-S

g p

Filing Package to be issued

Form C-S e-Filingpackage*#

Form C e-Filing package#

Form C Package

If a company received Form C but meets the qualifying conditions for filing Form C-S, it can still proceed to e-File Form C-S (it does not need to returnForm C S, it can still proceed to e File Form C S (it does not need to return the Form C to IRAS for cancellation)

Form C e-Filing package will be issued to a selected e-Filing Target Group

If a company received a Form C package, it can still proceed to e-File Form C if it so wishes

* From YA 2014 IRAS will not issue paper copies of Form C S


* From YA 2014, IRAS will not issue paper copies of Form C-S# If a company cannot e-File Form C-S/ C, it can download the softcopy of Form C-S/ C from IRAS

website

e-Filing Income Tax Returns


ilie-Filing Income Tax Returns

From YA 2015 onwards, all companies can e-File theirForm C-S/ C!

You can e-File Form C-S/ C via mytax.iras.gov.sg foryour eligible clients from 2 Jun 2015 onwards

Note: IRAS no longer issues paper copies of Form C-S


Benefits of e FilingBenefits of e-Filing

Extended filing deadline of 15 Dec, instead of 30 Nov

O th t id Fil ith th iH l f ilitOn-the-spot guidance as you e-File, with the iHelp facility

In-built formulae to auto-compute certain fields

Save draft until you are ready to submit

Auto-computation of estimated tax payable

Receive instant acknowledgement when you have

successfully e-Filed



Why embrace e-Filing

g

Helps to improve the productivity of the tax consultancy industryas a whole

E-Filing helps to improve the quality of the returns, by avoidingcommon mistakes made by both tax agents and taxpayers alike:• In-built formulae to auto-compute certain fieldsIn built formulae to auto compute certain fields• Prompts filer to complete all fields

More accurate returns reduces the need for IRAS to seekclarifications on the returns

Ensures that your valuable time is not tied up with responding toq e ies that can be easil a oidedqueries that can be easily avoided

Allows IRAS to focus resources on clearing the truly contentiousand long-drawn issues


and long drawn issues


Going forward


Going forward

IRAS strongly encourages companies and the tax communityto embrace e-Filing

Tax agents’ participation is necessary to make this initiative agsuccess

IRAS is prepared to work closely with tax agents to ensureIRAS is prepared to work closely with tax agents to ensurethat the initiative takes off

IRAS will be monitoring the e-Filing statistics and will touchIRAS will be monitoring the e Filing statistics and will touchbase with tax agent firms that have low e-Filing rates of bothForm C-S/ C


e-Filing of Form C


Before Completing Form CBefore Completing Form C

All companies need to prepare the following before completingAll companies need to prepare the following before completing the Income Tax Return (Form C):

th dit d/ dit d tthe audited/ unaudited accounts,

tax computation and supporting schedules

other relevant claim forms


3 Modes of Filing3 Modes of Filing

Implemented 3 modes of filing:Implemented 3 modes of filing:

Online Form C (similar to e-Form C-S) Available from 2 Jun 2015!

S b i i f F C b i tti th d t d fi li tSubmission of Form C by inputting the data and figures online at mytax.iras.gov.sg

Offli F C (U l d) T b l h d i A 2015Offline Form C (Upload) To be launched in Aug 2015

Input of data and figures onto a softcopy of Form C (PDF version) on your PC/ laptop. Once ready to submit, the softcopy will be converted t XML f t d l d d t t ito a XML format and uploaded to mytax.iras.gov.sg

External Value Network (EVN)B lk b i i b t t th h d di t d l tf hi hBulk submission by tax agent through a dedicated platform, which bypasses EASY


h dChanges to Form C and IRIN 301 for YA 2015IRIN 301 for YA 2015


Changes to Form C and IRIN 301Changes to Form C and IRIN 301

Form Page/ Part/ Box ChangesForm Page/ Part/ Box Changes

Form C Page 1/ Part 1/ Box 3

Added a box for companies availing themselves of PIC+ Scheme to3 themselves of PIC+ Scheme to declare that they have met the qualifying conditions

IRIN 301 Page 1/ Deduction for hotel refurbishment

Removed item as it is no longer relevant

expenditure –Section 14M


Demo on e-Filing of Form C (Online)(Online)


How to complete Form C for qualifying ll d PICallowances under PIC

Example: Company spent $300 000 in financial year ending 2014Example: Company spent $300,000 in financial year ending 2014 (i.e. basis period for YA 2015) to purchase computers that qualify for enhanced allowances under PIC. It has opted t d f it l i f it l ll th tto defer its claim for capital allowances on the computers.

1. “General Information” tab in e-Form C


How to complete Form C for qualifying ll d PIC

C l t B 29 d “A t P t 2” t b i F C

allowances under PIC

2. Complete Box 29a under “Assessment Part 2” tab in e-Form C with “$300,000”


How to complete Form C for qualifying allowances under PIC

3 C l P E B 21 d “Addi i l I f i ” b i

allowances under PIC

3. Complete Part E Box 21 under “Additional Information” tab in e-Form C


h fChanges to Form C-S for YA 2015YA 2015


Changes to Form C-SChanges to Form C S

Page/ Part/ Box ChangesPage/ Part/ Box Changes

Page 1/ Part A Added a box for companies availing themselves of PIC+ Scheme to declare thatthemselves of PIC+ Scheme to declare that they meet the qualifying conditions


Demo on e-Filing of Form C-S


Failure to file Income Tax Return

Estimated assessment will be raised and/or

Enforcement actions may be taken Summons issued to company and/or Director for failure to Summons issued to company and/or Director for failure to

file Income Tax Return

With effect from YA 2008, Section 94A(3) is enforceable onWith effect from YA 2008, Section 94A(3) is enforceable oncompanies that do not file the Income Tax Return for any YAwithin 2 years from filing due date:

Penalty = Double the amount of tax that the Comptrollermay, to the best of his judgment, assess to be payable bythe taxpayer for that YA; andp y ;

Fine not exceeding $1,000


Ad i i t ti P d tAdministrative Procedures to Objection and Appeal ProcessObjection and Appeal Process


Objection & Appeal (O&A) ProcessObjection & Appeal (O&A) Process

1• Objection

1j

• Review2

• Review

Li i i3

• Litigation

4• Finalisation


Administrative Procedures to Objection & Appeal (O&A) Process

Assessment Litigation (Income Tax Board of

Obj ti

Review /Courts)

JudgmentNo AgreementObjection

Review

JudgmentNo Agreement

Review

Agreement / SettlementFi li dFinalised

Assessment Tax Certainty



Objection Stage

Comptroller (CIT) issues a Notice of Assessment (NOA)

Usually accompanied by a tax computation or letter to explain tax adjustments made

If taxpayer agrees with NOA - no action is needed

If taxpayer disagrees with NOA - file objection

Note: Whether or not objecting to NOA, payment of tax must be d i hi h f d f Omade within 1 month from date of NOA



Objecting to an assessmentLimitation of right to object to an Amended Assessment [section 76(2A) of Income Tax Act]76(2A) of Income Tax Act] Ensure finalisation of assessment

Section 76(2A):Section 76(2A):If the objection is made to any assessment, being one which:

(a) is made on or after the date the Income Tax (Amendment) Act 2011 is published in the Gazette; and2011 is published in the Gazette; and

(b) amends a previous assessment in any particular,then a person’s right to object to the assessment is limited to a i h bj i h i fright to object against the assessment in respect of, or matters

relating to, that particular.



Filing an Objection:

Taxpayer must file within 2 months from the date of NOA (administrative concession)

NOA will indicate the 2-month objection deadline


Administrative Procedures to Objection & Appeal (O&A) ProcessObjection & Appeal (O&A) Process

Objection StageObjection Stage

An objection should provide the following details:

Year of Assessment

Description of the item(s) under objection

Amount of income/deduction for each item under objection

Reason to explain why deduction/ allowance/ relief ought to be allowed

Reason why income should not be subject to tax

Supporting documents Note: CIT may request revised income tax computation as it will help expedite the

review process


review process


Filing an ObjectionFiling an Objection

Acknowledgement of an Objection via:

Obj ti t t i Recommended! I t te-Objection at mytax.iras.gov.sg Recommended! – Instantacknowledgement

Objection Form – acknowledgement within 14 days from date ofObjection Form acknowledgement within 14 days from date of receipt of Objection Form (screenshots of the form are available in the Annex)

Letter – no acknowledgement will be issued

Note:Both e-objection & Objection Form include a list of questions which assists taxpayer to ascertain whether an objection filed is valid or otherwiseTaxpayers/ Tax agents are encouraged to file objections via e-Objection or Objection F


Form


R i SReview Stage

CIT - to review taxpayer’s objection and convey its decision on the tax issue under dispute within 6 months from the date of receipt oftax issue under dispute within 6 months from the date of receipt of complete information from TP

Taxpayer - has 3 months from the date of CIT’s letter to decide whether to accept CIT’s position (re: decision on tax issue under dispute)



R i SReview Stage

To ensure closure of an objection, Notice of Refusal to Amend (IR 23) will be issued when:23) will be issued when:

Taxpayer does not reply to CIT’s decision on the tax issue d di tunder dispute

Taxpayer’s agreement to CIT’s decision is qualified

Taxpayer does not provide information after 2 years from date of receipt of objectionp j

Note: CIT has adequate guidelines/ internal procedures to ensure Notice of Refusal to Amend are issued judiciously (eg. reminders will be sent to taxpayer before


issuing the Notice of Refusal to Amend)


Litigation StageLitigation Stage

Once Notice of Refusal to Amend (IR 23) is issued, taxpayer has th ti tthe option to:

Drop the objection

Pursue objection at: Income Tax Board of Review (ITBR)( ) High Court Court of Appeal

(in specified order)(in specified order)

Taxpayer must lodge the Notice of Appeal within 30 days from the date of IR 23 should he wish to appeal to ITBR.



Fi li i SFinalisation Stage

Assessment is final and conclusive when:

Assessment has been made and agreed by taxpayer

No valid objection is filed within the statutory time limit or such extension of time allowed

No Notice of Appeal has been filed with Income Tax Board of Review or High Court, as the case may be, within the statutory time limitstatutory time limit

An assessment has been determined on appeal


Administrative Procedures to Obj ti & A l (O&A) PObjection & Appeal (O&A) Process

Key Points to Note

• 2 months from date of NOAExtended Objection deadline

• Issued for objections filed via e-Objection or Objection FormAcknowledgement

• Within 6 months from date of receipt of complete information (exception: complex cases)

CIT’s response

• Within 3 months from date of CIT’s letter (re: decision on tax issue under dispute)

Taxpayer’s response

• Issued under specific circumstances• CIT will send a final reminder to taxpayer before

issuing Notice of Refusal to Amend

Notice of Refusal to Amend (IR 23)


Wh t t d if Di EWhat to do if you Discover Errors in the Tax Declaration:in the Tax Declaration:

’ l i lIRAS’ Voluntary Disclosure Programme (VDP)Programme (VDP)


IRAS Voluntary Disclosure Programme (VDP)(VDP)

• Aims to encourage taxpayers that have made errors in their tax returns to voluntarily come forward to

h i d h i i h icorrect their errors and set their tax matters right, in exchange for reduced penalties

• Applicable to - Individual Income Tax

Overview of VDP- Individual Income Tax - Corporate Income Tax - Goods and Services Tax (GST) - Withholding Tax - Stamp Duty

• Voluntary disclosure must be timely, accurate, complete and self-initiated by taxpayer;

• Cooperate fully with IRAS to correct the errors made; and

k hQualifying Conditions

• Pay or make arrangements with IRAS to pay additional taxes and penalties imposed (if any), and honour such arrangements till all payments are made.


IRAS Voluntary Disclosure Programme (VDP)(VDP)

Voluntary Disclosure Made

Penalty Treatment

Within 1 year from statutory filing date

No penalty imposed

> 1 f t t t fili Red ced lt f

ReducedPenalties

> 1 year from statutory filing date

Reduced penalty of:• 5% p.a. for Income Tax*• Flat 5% for GST and

Withholding Taxg

* For Income Tax, reduced penalty is 5% of tax undercharged for eachyear that income was late in being brought to tax.

Stamp Duty: For a voluntary disclosure pertaining to late stamping or underpayment of Stamp Duty that meets the qualifying conditions under IRAS' Voluntary Disclosure Programme, the reduced penalty is 5% p.a.

t d d il b i th t d t bl Th icomputed on a daily basis on the stamp duty payable. There is no grace period applicable to Stamp Duty.

Refer to IRAS website for more information on VDP:


Refer to IRAS website for more information on VDP:Home > Businesses > Companies > Getting it Right > Voluntary Disclosure of Errors for Reduced Penalties

IRAS’ New Website


e-Services for Companies


Key Contact Points with IRAS

Filing of ECI and FormR ti f and Form

C‐SRequesting for

copies of correspondence

or notices

Checking on the status of

returns and/ or assessments

Tax Agents contact

Applying for Waiver to

assessments

IRAS onApplying for Certificate of Residence (COR)

Submit Income Tax Return by a

Dormant Company

(COR)p y

Lodging of Objections PIC mattersPIC matters

For the convenience of taxpayers and tax agents, IRAS has


For the convenience of taxpayers and tax agents, IRAS has developed a suite of e-Services for their usage

e-Services for Companies at mytax.iras.gov.sg

Type of e-servicesFiling e-Services • File Estimated Chargeable Income (ECI)

• File Income Tax Return (Form C-S/ CNEW!

DormantFile Income Tax Return (Form C S/ C , Dormant Company)

• Section 45 (Withholding Tax) e-Services

Object to/ Revise • Lodge an objection to the Notice of Assessment or make Obj o/Assessment

odge a object o to t e ot ce o ssess e t o a eamendments to the ECI and/ or Form C-S/ C filed

Application e-Services • PIC Cash Payout NEW!

• Certificate of Residence (COR)( )• Waiver to Submit Income Tax Return by a Dormant

Company

Viewing Communications/ • View Correspondence/ Notices

Lodging of

Status • View Return Status• View Donations• View Research & Development Allowance Account

P t S i P t i i t t b kiLodging of Objections

Payment e-Services • Payment via internet banking

Update Corporate Profile/ Contacts & Alerts

• Update company’s particulars, contact details and financial year end NEW!


How to Access e-Services

Company AdministratorAccess Code

E‐Services Authorisation System

Access Code and SingPass/

IRAS Pin

(EASY)Authorise

Company Staff/ Tax AgentSingPass/IRAS Pin

Login to mytax.iras.gov.sgSTART!

Use e‐Services

START!


Use e Services

Enhanced SingPass (launched on 5 Jul 2015)

Features of Enhanced Singpass:

• Improved Security• Improved SecurityReceive SMS/ email notification for changes made to profileTwo-Step Verification (2FA)p ( )

– Option to register and activate mobile or OneKey token or both

• Greater Convenience

To enjoy the new features, users will need to:

Update their SingPass account by providing and verifying their• Update their SingPass account by providing and verifying theirmobile number and email address, as well as setting up their securityquestions and answers.

• Set up their 2-step verification by registering, activating and linkingtheir OneKey token or mobile phone to their SingPass account.


When to set up your 2FAp y

Public given 1 year to set up their 2FA i e Jul 2015 to JunPublic given 1 year to set up their 2FA, i.e. Jul 2015 to Jun 2016

• IRAS’ e-Services, myTax Portal and EASY, are 2FA enabled from 5 Jul 2015

• 2FA capability is enabled under SingPass login

• You can still log in to IRAS’ e-services using just your password (1FA) until Jun 2016 if you have not signed up for 2FA yet(1FA) until Jun 2016 if you have not signed up for 2FA yet


2-Factor Authentication (2FA)


New SingPass Login Screen from 5 July 2015g g y


2-Factor Authentication (2FA)


Channels of Help & Support

OneKey Token Helpdesk SingPass Helpdesk

• Hotline:+65 6566 3539 (OKONEKEY)

• Hotline:+65 6643 0555

• Email: [email protected]

• Care Centre Opening Hours:

• Helpline Operating Hours:Monday – Friday: 8 am to 8 pmSaturday: 8 am to 2 pm(Cl d S d d PH )Care Centre Opening Hours:

Monday – Friday: 8 am to 6 pmSaturday: 8 am to 2 pm(Closed on Sunday and PHs)

(Closed on Sunday and PHs)

• SingPassEmail:( y )

• OneKeyCustomer Care Centre:International Plaza10 Anson

[email protected]

Road #06-19 International Plaza Singapore 079903


For more news and information on Enhanced SingPass, visit www.ida.gov.sg

e-Services Authorisation System (EASY)

EASYEASY

Online system that allows organisations to authorise theirOnline system that allows organisations to authorise their employees/third party to access e-Services on their behalf

All authorisations of staff / tax agent must be done at EASYAll authorisations of staff / tax agent must be done at EASY

Log in to EASY using Access Code



e-Filing of ECIg


e-Filing of ECI

e-File by 26th of the month to enjoy more instalments* to pay your i destimated tax

• E.g. Company’s financial year ended on 31 Dec

ECI filed by e-Filers ECI filed by Paper-FilersECI filed by e Filers ECI filed by Paper Filers

26 Jan 10 24 Jan 5

26 Feb 8 24 Feb 4

26 Mar 6 24 Mar 3

After 26 Mar No instalments After 24 Mar No instalments

* A company must sign up for GIRO to enjoy paying its estimated tax by


p y g p j y p y g yinstalments


e-File Income Tax Return (Form C) NEW!( )


e-File Income Tax Return (Form C) NEW!

e-File Form C for YA 2015 from 2 June 2015!

• Login to mytax.iras.gov.sg to start e-filing Form C today



e-Filing of Income Tax Return for Dormant CompaniesDormant Companies


e-Filing of Income Tax Return for Dormant CompaniesCompanies

Dormant CompanyDormant Company

• does not carry on business; and• does not carry on business; and• had no income for whole of the preceding year

Filing of Income Tax Return

• e-File the “Form for Dormant Company” at mytax.iras.gov.sg if the company is a Dormant Company

• Accounts and tax computation are not required to be submitted whether• Accounts and tax computation are not required to be submitted whether you e-File or submit paper form, unless subsequently requested by IRAS



PIC Cash Payout e-Services NEW!



Authorisation• Authorise an employee or a third party for PIC Cash Payout e-

Services via EASY

Apply for PIC Cash PayoutApply for PIC Cash Payout

• Login to mytax.iras.gov.sg to apply for PIC Cash Payout to enjoy the g y g g pp y y j yfollowing benefits:

i-Helps for on-the-spot guidance with the li tiapplication

Save draft function Instant acknowledgement



View PIC Cash Payout StatusView PIC Cash Payout Status

• Able to view the statuses of PIC Cash Payout applications submitted for the previous YA, current YA and 2 future YAs

• E.g. In YA 2015, able to view the statuses of the YAs 2014 to 2017E.g. In YA 2015, able to view the statuses of the YAs 2014 to 2017 PIC Cash Payout applications



View PIC Cash Payout

Correspondence/ Notices

• Able to view the PIC Cash Payout correspondences/ notices for the previous YA, current YA and 2 future YAs



e-Application for Certificate of Residence (COR)Residence (COR)


e-Application for Certificate of Residence (COR)(COR)

How to Apply?pp y

• Employee or tax agent must first be authorised via EASY• Apply for a COR at mytax.iras.gov.sgpp y y g g• Can apply for current YA, next YA and prior YAs

Wh ill I i th COR?When will I receive the COR?

• For e-Filing application, we will process the COR within 7 working daysFor e Filing application, we will process the COR within 7 working days• COR will be sent to the company’s registered address

Ho to Vie COR?How to View COR?

• Softcopy of the COR will also be made available at mytax.iras.gov.sg



Update Corporate Profile/ Contacts & Alerts& Alerts


Update Corporate Profile/ Contacts & Alerts

To View Corporate Profile/ Contacts & Alerts

• View the companies’ particulars and contact details (e.g. company’s status, registered office address, financial year end and telephone number) at mytax.iras.gov.sg

To Update Corporate Profile/ Contacts & AlertsTo Update Corporate Profile/ Contacts & Alerts

• Company’s staff or tax agent who have been authorised with an ‘Approver’Company s staff or tax agent who have been authorised with an Approver role can also update the company’s: contact details (i.e. name of contact person, telephone number and

email address), andemail address), and financial year end New!

• The contact details and financial year end will be updated immediately upon successful submission


successful submission

T Q i i d tTop Queries received at Corporate Tax FrontlineCorporate Tax Frontline


T F tli Q iTop Frontline Queries

- Informational- Informational

- Transactional


Top Queries – Informational p Q

Typical queries received from SMEs/ Tax Agents:

Productivity and Innovation Credit (PIC)Productivity and Innovation Credit (PIC)

Withholding Tax


PICTop Queries - Informational

Q1. Does my equipment qualify for PIC?

You can refer to the:

Prescribed list of equipment on IRAS’ website

h f b h d b ( New equipment search function our website. This database (non-exhaustive) will tell the business whether the equipment falls in/ our of the prescribed list, and whether it is a commonly approved equipment under the case-by-case route

Specific examples of qualifying equipment (including those approved Spec c e a p es o qua y g equ p e t ( c ud g t ose app o edon a case-by-case basis) on our website



Q2. Does website development cost qualify for PIC?

From YA 2014 to YA 2018, PIC benefits can be claimed on capital expenditure incurred on developing a website, including costs incurred for the one-time registration of a domain name for the website.

The following are not PIC-qualifying website development costs:The following are not PIC qualifying website development costs:

- Renewal of domain name- Online advertising / marketing services (e g Search EngineOnline advertising / marketing services (e.g. Search Engine

Optimization (SEO),Search Engine Marketing (SEM), etc);- Routine updates; and

Maintenance and support services- Maintenance and support services



Q3. Does the cost to revamp a website qualify for PIC?

The revamping of an existing website does not qualify for PIC as it is not provision of a new website. However, if there are costs incurred on dditi f f ti t th b it h i it taddition of e-commerce functions to the website or enhancing it to

become mobile responsive, these costs will be eligible for PIC.

Q4. Does web hosting fee qualify for PIC?

Fees paid for web hosting services do not qualify for PIC benefits. However, if you are able to provide a breakdown of the web hosting fees, PIC benefits may be granted on costs incurred for the acquisition/ leasingy g q / gof PIC IT and Automation Equipment such as software and server.



Q5. Will my client be able to claim PIC cash payout if the PIC IT and Automation equipment is not in use? q p

From YA 2016, to qualify for cash payout on PIC IT and Automation equipment businesses will need to show that the equipment is in useequipment, businesses will need to show that the equipment is in use by the business at the point when they elect for cash payout.

Thi diti i f th bj ti f i b i tThis condition reinforces the objective of encouraging businesses to increase their productivity by using automation equipment in their businesses.


Withholding Tax

Top Queries - Informational

Q6. Do I need to withhold tax if my company engages the services of a foreign company?

Yes, you are required to withhold tax based on prevailing corporate tax rate if the services is rendered in Singapore. However, if the payment israte if the services is rendered in Singapore. However, if the payment is made to a resident of a Avoidance of Double Taxation Agreements (DTAs) jurisdiction, the provisions under the DTA shall applyapply.

No, if the services are rendered outside Singapore, it is not subject to ithh ldi twithholding tax.


T F tli Q iTop Frontline Queries

- Informational- Informational

- Transactional


Top Queries – Transactional Top Queries - Transactional

Usually related to status checks or procedures:

PIC cash payout application matters

Return/ assessment status

GIRO/ Instalment plan status/ p

Certificate of Residence (COR) proceduresCertificate of Residence (COR) procedures


PIC Cash Payout Application MattersTop Queries - Transactional

Q7. How do I apply for PIC Cash Payout on my client’s behalf?Q8. Has my client’s PIC cash payout application been processed?processed?Q9. Could you send my client a copy of the PIC cash payout notice?

With the new PIC cash payout e-Services, you can now log in to mytax.iras.gov.sg to help your client to: • “Apply for PIC Cash Payout”• “View PIC Cash Payout Application status”• “View PIC Cash Payout Correspondence/ Notices”y p /

Note:• To apply for PIC cash payout and view the application status you mustTo apply for PIC cash payout and view the application status, you must

be authorised for “PIC Cash Payout Matters”.• Firms that are already authorised for “Corporate Tax Matters” can

access PIC Cash Payout Correspondence/ Notices without being


access PIC Cash Payout Correspondence/ Notices without being authorised for “PIC Cash Payout Matters”.

Return/Assessment StatusTop Queries - Transactional

Q10. What is the status of my client’s YA YYYY tax assessment?

You can check the status via:1) mytax.iras.gov.sg “View Return Status”; or ) y g g

2) 24-hr toll-free automated answering services (1800-3568622) “Corporate Tax Integrated Phone System”:Corporate Tax Integrated Phone System : Assessment status (Option 1); Status of Form C or Form C-S & Accounts (Option 2);

For details, refer to the IRAS website.

You can use these services to find out the submission and processingYou can use these services to find out the submission and processing status of your client’s ECI and Form C-S/ C filed.


GIRO/ Instalment Plan Status Top Queries - Transactional

Q11. How do I request for an instalment plan for my client’s outstanding corporate tax due?

Instalment plan is only granted for payment of current year taxes arising from the filing of Estimated Chargeable Income and if the company has g g p ya GIRO arrangement to pay its Corporate Tax.

To join GIRO, please complete and post the original GIRO applicationTo join GIRO, please complete and post the original GIRO application form to us.

For details refer to the IRAS websiteFor details, refer to the IRAS website.


GIRO/ Instalment Plan StatusTop Queries - Transactional

Q12. What is my client's GIRO and Instalment Plan status?

All GIRO applications will be processed within 14 days. We will write to you when the GIRO application has been processed.

You can view your instalment plan details by logging in to mytax.iras.gov.sg “Payment Services > View Payment Plan”.


COR ProceduresTop Queries - Transactional

Q13. How do I apply for a Certificate of Residence (COR) forQ13. How do I apply for a Certificate of Residence (COR) for my client?

Th f b i COR i l f i i iThe faster way to obtain a COR is to apply for it via mytax.iras.gov.sg.We will process your application within 7 working days.

For details, refer to the IRAS website.


COR ProceduresTop Queries - Transactional

Q14. How do I obtain IRAS’ endorsement of the Indonesian Tax Reclaim Form (Form-DGT 1)?

The completed original copy of the Form-DGT 1 (two pages) should be sent p g py ( p g )to IRAS by mail. Facsimile, photocopy or scanned copy of the said form will not be accepted.

We will usually process and endorse the Form within 14 working days, which will then be sent to the company’s registered address. There may be instances where IRAS raises queries to ascertain the control and management of the

h F k l h 14 dcompany; these Forms may take longer than 14 days to process.

According to Indonesia’s guidelines, each Form-DGT 1 is valid for a period of 12 th f th d t d t if12 months from the endorsement date if:a. The income is paid by the same Indonesian Withholding Agent; andb. The name and address of the income recipient are not changed.

If there are subsequent transactions with the same Indonesia Withholding Agent within the 12-month period, you only need to furnish Page 2 of the Form to the Indonesian Tax Authority You do not need to obtain another


to the Indonesian Tax Authority. You do not need to obtain another endorsement from IRAS.

IRAS-Tax Agent Relationshipp


IRAS-Tax Agent Relationship

• Tax agents are our partners in the administration of the Singapore tax system and in facilitating tax compliancePartnership

• To have sound and effective tax policies that help taxpayers grow their business and wealthTo encourage maximum voluntary compliance

CommonGoals • To encourage maximum voluntary complianceGoals

• IRAS disseminates latest information via email updates regularly

• Complete a simple form “Profile of Tax Agents” to include yourself in our database

• Form will also include details that will help us understand

Understand & Communicate

Form will also include details that will help us understand your specific profile and needs better

Send the completed “Profile of Tax Agents” form to us via:Send the completed Profile of Tax Agents form to us via: • Fax: 63514360 or• Email: [email protected].


Refer to IRAS website for more information:Home > Quick Links > Tax Agents > IRAS-Tax Agent Relationship > Enhanced IRAS-Tax Agent Relationship

Assistance and Service Channels

Website• Home > Schemes > Businesses > Productivity and

Innovation CreditWebsitewww.iras.gov.sg • Home > News & Events > Budget 2015 – Overview

of Tax Changes

• [email protected] for general tax matters• [email protected] for payment matters

i dit@i f P d ti it d I tiEmailEmail • [email protected] for Productivity and Innovation

Credit

aEmail

• For companies: 1800-356-8622• 8.00am to 5.00pm from Mondays to FridaysHelpline


Please complete our online Feedback Form here after the seminar:https://www.iras.gov.sg/irashome/Feedback/Corporate-Tax-Seminar-For-https://www.iras.gov.sg/irashome/Feedback/Corporate Tax Seminar ForTax-Agents/

Your feedback will assist us in planning and organising our future seminars.

This information aims to provide a better general understanding of IRAS’ practices and is not intended tocomprehensively address all possible tax issues that may arise. This information is correct as 1 July 2015.While every effort has been made to ensure that this information is consistent with existing law and practice,should there be any changes, IRAS reserves the right to vary our position accordingly.


should there be any changes, IRAS reserves the right to vary our position accordingly.

AnnexesAnnexes


(1) Points to Note When e-Filing


Points to Note When e-Filing

Filing DeadlineFiling Deadline• Extended filing deadline of 15 Dec, instead of 30 Nov

when you e-File Form C-S/C

Online Helpp• Click on the iHelp icon < >; or• Click on " Ask IRAS" at the top of the page

i

Save Draft Facility• If you are not able to complete your filing in one

session, please save the Form C-S/C as ‘draft’ and access it anytime till 15 Dec Th d ft ill b t i d i T P t l t 15 D


• The draft will be retained in myTax Portal up to 15 Dec


Timeout

• The session will expire if you leave it idle for more than 20 minutes

• You will be required to log in to mytax iras gov sg again• You will be required to log in to mytax.iras.gov.sg again if the session expire

New Companies Filing First Tax Return

• If the company’s first set of financial accounts covers a• If the company s first set of financial accounts covers a period of more than 12 months from its date of incorporation, please indicate “Yes” in the “For Newly Incorporated Companies filing its first Tax Return” section of General Information

• You will need to attribute the company’s adjusted profit/ losses to two YAs and complete the fields required for two YAs as the basis period for each YA should generally


two YAs as the basis period for each YA should generally not exceed 12 months


Acknowledgement of Successful e‐Filingg g

• Upon successful e-Filing, you will receive an instant acknowledgement of receipt

• The same acknowledgement will also be available at mytax.iras.gov.sg


(2) Statistics and Feedback on(2) Statistics and Feedback on Form C-S


ili i iForm C-S e-Filing Statistics

Statistics on YA 2014 Form C-S e-Filing rate

IRAS actively monitors the Form C-S e-Filing rate, particularlyy g , p ythat of tax agents

In YA 2014, the number of companies (represented by taxIn YA 2014, the number of companies (represented by taxagents) using e-Form C-S increased by 48% compared to YA2013


Feedback on e-Filing Form C-S

Arising from IRAS’ YA 2014 e-Filing Incentives for Tax Agents, theT 15 T A h l b d Fili f F C S i YA

Feedback on e Filing Form C S

Top 15 Tax Agents who strongly embraced e-Filing of Form C-S in YA2014 were featured on IRAS website

Feedback from 3 of the Top 15 tax agents on e-Filing FormC-S:

“The online Form C-S is easy to use and requires minimal training. Itgenerally helps to cut down time spent on updating basic informationof the client No more worrying whether the hard copy Form C-S canof the client. No more worrying whether the hard copy Form C S canreach us on time for the tax return filing! The ease and convenienceof e-Filing anytime and anywhere, especially appeals to our clientsand us in this highly digital and mobile age With e Filing of Form Cand us in this highly digital and mobile age. With e-Filing of Form C-S, we can definitely accomplish more in less time!”

P G T S i Pt Ltd


- P G Tax Services Pte. Ltd.Top 5 with the most improved Form C-S e-Filing rate in YA 2014

“

db k iliFeedback on e-Filing Form C-S

Feedback from 3 of the Top 15 tax agents on e-FilingForm C-S:

“E-Filing with built-in validations helped us to minimise errors. TheE-Filing portal is available 24 hours a day and has given us theflexibility to file at our own convenience It is easier to manage aflexibility to file at our own convenience. It is easier to manage aclient's file as there is less paper work as compared to paper-based filing where we need to make photocopies. The draft

i f F C S h d j b i d f tversion of Form C-S has made our job easier and faster as we useit to get the client's approval for submission. The processing timeof the finalisation of assessments is faster when we e-Filed thetax return.”

- Kreston David Yeung PACTop 5 with the highest number of Form C-S clients e-Filed in YA 2014


Top 5 with the highest number of Form C S clients e Filed in YA 2014

db k iliFeedback on e-Filing Form C-S

Feedback from 3 of the Top 15 tax agents on e-FilingForm C-S:

“SOAS took on e-Filing of Form C-S as a deliberate choice to saveman hours, paper and work documentation. SOAS staff found e-Filing to be a smooth and flexible process as it has enabled themFiling to be a smooth and flexible process as it has enabled themto submit tax filing either at SOAS or at the client's office at anytime. E-Filing minimises paper handling and is in line with internalprocesses and work environment of SOAS Submissions of taxprocesses and work environment of SOAS. Submissions of taxreturns are acknowledged promptly after each e-Filing iscompleted which is not the case for postal submissions. SOASl k f d t IRAS i t d i Fili f F C f Y flooks forward to IRAS introducing e-Filing of Form C for Year ofAssessment 2015 this year.

- SOAS Pte LtdT 5 ith th hi h t t f F C S li t Fil d i YA 2014


Top 5 with the highest percentage of Form C-S clients e-Filed in YA 2014

(3) Administrative Procedures to(3) Administrative Procedures to Objection & Appeal (O&A)

PProcess





Obj i SObjection Stage



Obj i SObjection Stage


B d t 2015 Hi hli ht &Budget 2015 Highlights & …...Due date for filing tax return for YA 2015: 30 Nov 2015 N t i f ti b d 30 N 2015No extension of time beyond 30 Nov 2015 Exception:

Documents