IRAS introduces changes to filing of income tax returns

• sbst275

  17 Feb 05, 14:35

  SINGAPORE : Some 50,000 taxpayers will no longer need to file an income tax return.
  
  The Inland Revenue Authority of Singapore says it will stop sending paper returns to those earning less than $22,000 a year.
  
  This follows its move to raise the taxable income threshold for salaried employees from $20,000 to $22,000 from 2005.
  
  They will join the pool of more than 300,000 non-taxable Singaporean residents who earn less than $20,000.
  
  However, any taxpayer who is issued with a paper return or PIN mailer must still submit their return by April 15, the filing due date.
  
  This is one of three changes the IRAS has made to the filing of individual income tax returns.
  
  From this year, taxpayers who have previously submitted their tax forms online will be given a permanent personal indentification number (PIN).
  
  They should be receiving the paper returns as well as the PIN mailers from Thursday.
  
  Those who do not get their paper returns or PIN mailers by March 15 can use their SingPass to e-file, or call 1800-356 8300 (for salaried employers) and 1800-356 8611 (for self-employed) for assistance.
  
  Also from this year, a married woman will be issued an income tax return and PIN mailer separately from her husband.
  
  This means married female taxpayers no longer need to elect for separate assessment when they file their return.
  
  The IRAS says it is making this change in response to the societal shift where more married women are working.
  
  It is generally more advantageous for spouses to be taxed separately as their individual incomes would attract a lower marginal tax rate. - CNA
• sbst275

  17 Feb 05, 17:37

  Good... More ppl need not be taxed
• Qitai

  17 Feb 05, 18:39

  Looks like they just leak out one the the changes that should have been announced tomorrow in the Budget speech. The raising of the minimum taxable income from 20,000 to 22,000 has not been officially announced, I believe. Given previous promises, this may well means the highest income tax rate may drop from 22% to 20%.
• sbst275

  17 Feb 05, 20:19

  Originally posted by Qitai:

  Looks like they just leak out one the the changes that should have been announced tomorrow in the Budget speech. The raising of the minimum taxable income from 20,000 to 22,000 has not been officially announced, I believe. Given previous promises, this may well means the highest income tax rate may drop from 22% to 20%.

  Ya hor...