Only 2 in 5 taxpayers need to file tax

The annual tax filing season starts today, but only two in five taxpayers need to do so. 

The Inland Revenue Authority of Singapore (IRAS) says more than 1.13 million, or nearly 60 per cent of the 1.92 million taxpayer base, are eligible for the No-Filing Service (NFS). 

First introduced in 2007 to 45 thousand taxpayers, the NFS has grown in scale to benefit 25 times as many taxpayers this year. 

Taxpayers who have been informed by IRAS of their eligibility for NFS this year will not need to file a tax return, unless they have additional income to declare or changes to make to their personal reliefs. 

The remaining 40 per cent of taxpayers who are not on NFS would have received a letter or SMS notification informing them to file by the 18th of April.

In his 2013 Budget Speech, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam has announced that all individuals who are tax resident in Singapore will enjoy a personal income tax rebate for Year of Assessment 2013. 

But they do not need to apply for the personal income tax rebate. 

IRAS will automatically grant the rebate to all eligible taxpayers and reflect the amount in their tax bill.