Q: What is Seamless Filing?
A: The seamless filing initiative by ACRA and IRAS enables companies to automate the preparation of and easily file their Annual Returns, Financial Statement in simplified XBRL format and/or Corporate Taxes via third party software solutions (e.g. accounting software).
Q: Who are the software vendors that currently provide the seamless filing solution?
A: Companies interested in the seamless filing solution can contact a vendor from the list of software vendors (PDF, 169KB). The list will be updated periodically to include more software solutions that integrate the seamless filing feature.
Q: Which companies can benefit from the seamless filing solution to file Annual Returns and/or Financial Statement in simplified XBRL format?
A: The seamless filing solution is suitable for smaller companies. Companies that are not required to file financial statements (i.e. solvent exempt private companies) or allowed to file financial statements in Simplified XBRL format (i.e. smaller and non-publicly accountable companies) can use the seamless filing solution.
‘Smaller company’ refers to a company whose revenue for the current financial year do not exceed S$500,000 and total assets as of current financial year-end do not exceed S$500,000.
A non-publicly accountable company refers to a company that is not:
- A company that is listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore;
- A company whose securities are listed on an exchange outside Singapore;
- A specified financial institution.
For more details on the type of companies that can file Simplified XBRL, please refer to Practice Direction No. 2 of 2020.
Q: Is it safe to use such software? What if the filing fails?
A: Filings of Annual Returns and Corporate Taxes made through the software will be authenticated as companies will need to login using Corppass. The entire filing process including Corpass and payment of filing fees is linked back to ACRA’s or IRAS’ systems via Application Programming Interfaces (APIs) which act as intermediaries that allow two applications to talk to each other. An acknowledgement for successful filings will be generated for companies to print / keep as soft copy for record purposes.
Q: Do I need to pay the lodgement fee when using the feature to seamlessly file in the accounting software?
A: Yes. All filing fees continue to be applicable, whether you are filing from your company's accounting software or ACRA’s BizFile+ / IRAS’ MyTax portal.
Q: After filing the Annual Returns using the accounting software, will I be able to view the submitted information immediately on BizFile+?
A: Yes. The submitted information will be immediately available on BizFile+.
Q: Is it mandatory to use the seamless filing solution to file Annual Returns?
A: No, it is not mandatory. Companies can continue to file Annual Returns via BizFile+. Companies are encouraged to adopt these digital solutions to increase productivity.
Q: Will ACRA’s transactional APIs be made available to accounting software providers who are keen to incorporate the seamless filing feature?
A: Currently, the project is in its pilot phase and ACRA and IRAS are working with selected vendors to ensure that the APIs and solutions can meet the requirements.
Q: Are there any government funding for me in purchasing the seamless filing solutions?
A: SMEs currently not using any accounting software for their operations are encouraged to do so to digitise their accounting and tax records and improve their productivity. SMEs can tap on the following support schemes to apply for accounting software at subsidised rates:
(a) Start Digital Pack offered by the Infocomm Media Development Authority 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.
(b) Productivity Solutions Grant offered by the Enterprise Singapore where a maximum 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.
(c) 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.
For more information, please visit the agencies’ website.