CATEGORY: NEWS AND ANNOUNCEMENTS
ACRA and the Inland Revenue Authority of Singapore (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.
The seamless filing solution incorporates ACRA and IRAS’ filing requirements into the accounting software, to auto-generate the required returns for companies with simple tax affairs and accounting transactions. The software is also linked to both ACRA and IRAS’ systems via APIs, which enables 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 the new seamless filing solution, what used to take hours now only takes 30 minutes for smaller companies to prepare and file Annual Return with Financial Statements in Simplified XBRL format with ACRA, and Corporate Income Tax Return (Form C-S) with IRAS., down from 9 hours. This translates into time savings of more than 90% for these companies, enabling them to improve efficiency and productivity. SMEs can tap on various government support schemes to apply for accounting software at subsidised rates.
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