February 26, 2024

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New Digital Solution for SMEs to File Returns Online

Each year, companies are required to file Annual Returns with the Accounting and Corporate Regulatory Authority (ACRA) and Corporate Income Tax Returns with Inland Revenue Authority of Singapore (IRAS). Smaller companies can take up to about 9 hours to manually prepare these returns and file them with both agencies.

To reduce regulatory burden, ACRA and IRAS have partnered accounting software providers to incorporate ACRA and IRAS’ filing requirements into their accounting software.

ACRA and the IRAS have partnered accounting software providers to co-create a new digital solution that allows SMEs to automate the preparation and filing of statutory returns with IRAS and ACRA seamlessly.

This seamless filing solution is in line with the Smart Nation initiative to help SMEs stay relevant and competitive by equipping them with innovative solutions to digitalise their operations and improve productivity.

Ms Ang Siok Hui, ACRA’s Divisional Director for Customer Experience said, “The seamless filing solution is part of ACRA’s ongoing efforts to make compliance fuss-free and easy. Through private and public partnerships, ACRA plans to extend this seamless filing solution to more statutory filings in due course. We also hope this will encourage more SMEs to adopt digital solutions and make further progress in their digital transformation journey.”

The software automatically generates the required returns for companies with simple tax affairs and accounting transactions.

It is also linked to both ACRA and IRAS’ systems via APIs, to enable companies to file with both agencies without the need to log in to 2 separate portals – the ACRA’s BizFile+ and IRAS’ myTax Portal.

With this new seamless filing initiative, it now takes about half-an-hour for companies to prepare and file Corporate Income Tax Return (Form C-S) and Annual Return with Financial Statements in Simplified XBRL format with IRAS and ACRA respectively.

This translates to time saving of more than 90% for these companies. An estimated 200,000 SMEs can potentially benefit from this initiative.

Ms Chow Wai Yee, Assistant Commissioner of IRAS’ Corporate Tax Division said, “IRAS is always striving to improve our digital services so that taxpayers can meet their tax obligations with ease and at their convenience. The seamless filing solution will greatly simplify the filing process for small companies, and we encourage small companies to try it.”

Support to help SMEs adopt Digital Solutions

SMEs currently not using any accounting software for their operations are encouraged to digitise their accounting and tax records and improve their productivity. SMEs can tap on the following support schemes for funding of the accounting software:

Productivity Solutions Grant offered by the Enterprise Singapore where a funding support of up to 80% (from 1 April 2020 to 31 December 2020) will be made available on the purchase of pre-approved IT solutions.

Start Digital Pack offered by the Infocomm Media Development Authority (IMDA) to SMEs embarking on their first steps to go digital. SME can sign up for the accounting software at no cost for the first six months, with a minimum 18-month contract period.

Digital Resilience Bonus offered by IMDA where SMEs in the Food Services and Retail sectors may be eligible to receive payouts of up to $10,000. Apart from purchasing the accounting software, SMEs in these sectors also need to meet other conditions such as adopting PayNow Corporate, e-invoicing and HR/Payroll software in order to qualify for the bonus.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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