e-Services Seminar for Tax Agents

Presentation by Inland Revenue Authority of Singapore7 September 2017

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Agenda

Budget 2017 Highlights for Businesses Enhancing and Extending the Corporate Income Tax Rebate

Increase in Revenue Threshold for Form C-S Filing and ECI Waiver

Company’s Tax Filing Obligations

Accessing IRAS’ e-Services

Tax Agent (TA) e-Services Objectives of TA e-Services

Highlights of TA e-Services

Preview of TA e-Services

e-Filing for Estimated Chargeable Income (ECI) & Income Tax Return (Form C-S/ C) How to e-File ECI

Benefits of e-Filing ECI

How to e-File Form C-S/ C

Demo on e-Filing Form C-S/ C

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Agenda

Submit Document e-Service Types of Document to Upload

How to Access the Submit Document e-Service

Applying for e-COR How to Apply for e-COR

Things to Note When Applying for e-COR

Specific Circumstances to Apply for COR in Writing

e-Filing for PIC Cash Payout How to e-File PIC Cash Payout

Question & Answer

Budget 2017 Highlights for

Businesses

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Enhancing and Extending the Corporate Income Tax Rebate

• To help companies cope with economic uncertainty and continue restructuringObjective

• CIT rebate cap raised from $20,000 to $25,000 for YA 2017 (rebate rate unchanged at 50% of corporate tax payable)

• CIT rebate extended to YA 2018, at reduced rate of 20% of tax payable and capped at $10,000

Budget Change

Administratively: Companies need not factor in the CIT Rebate when filing the Estimated

Chargeable Income and the Income Tax Return (Form C-S/ C) as IRAS will compute and allow it automatically.

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Increase in revenue threshold for Form C-S Filing and ECI Waiver

• To reduce compliance costs for businessesObjective

• IRAS has increased the annual revenue threshold for simplified filing from the current $1 million to $5 million:

• Form C-S (simplified tax return):

• Effective YA 2017, companies with annual revenue of $5 million and below may file Form C-S

• All other conditions remain unchanged

• Waiver to file ECI

• Coy’s FYE in or before Jun 2017 – Annual revenue <= $1 million and ECI NIL

• Coy’s FYE in or after Jul 2017 – Annual revenue <= $5 million and ECI NIL

Budget Change

Company’s Tax Filing Obligations

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Company’s Tax Filing Obligations

Estimated Chargeable Income (ECI)

Income Tax Return (Form C-S/ C)

When to file e-File# within 3 months after end of financial year

Waiver of ECI filing: You do not need to file ECI for a particular financial year if:

a) annual revenue is not more than $5 million*; and

b) ECI is nil

*For company with financial year ending in or before June 2017, the annual revenue threshold is $1 million

If you are filing Form C

Submit a complete tax return comprising of the following:

- Form C and appendix (Form IRIN 301) - audited/unaudited financial statements and

detailed P/L- tax computation and supporting schedules- relevant forms

e-File# Form C by 15 Dec each year

If you are filing Form C-S

e-File# Form C-S by 15 Dec each year

Notification of filing requirement

Company will receive a reminder letter to file the ECI in the last month of the financial year

An e-Filing notification letter will be sent to the company’s registered address by May of each year

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Company’s Tax Filing Obligations

Estimated Chargeable Income (ECI)

Income Tax Return (Form C-S/ C)

Failure to file Estimated assessment may be raised* Estimated assessment may be raised* Letter of Composition and/or Summons may

be issued

If you are in a tax loss position

A NIL ECI (ECI = 0) is required unless the company has met the qualifying conditions for waiver of ECI filing

You are still required to submit an Income Tax Return (Form C-S/ C)

# Please authorise yourself/third party as an “Approver” for Corporate Tax Matters via the e-Services Authorisation System (EASY)

* If you disagree with the estimated tax assessment, please lodge an objection within two months from the date of the Notice of Assessment with your reasons for not filing on time and grounds of objection

Accessing IRAS’ e-Services

Corporate Tax e-Services at mytax.iras.gov.sg

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Types of e-Services

Tax Agent e-Services New! • Overview of clients’ corporate tax matters• Perform transactions on behalf of clients• View latest correspondences/ notices issued

Filing e-Services • File Estimated Chargeable Income (ECI)• File Income Tax Return (Form C-S/ C, Dormant Company)• Section 45 (Withholding Tax) e-Services

Object/ Revise Assessment • Lodge an objection to the Notice of Assessment or make amendments to the ECI and/ or Form C-S/ C filed

Application e-Services • PIC Cash Payout• Certificate of Residence (COR)• Waiver to Submit Income Tax Return by a Dormant Company

Viewing Communications/ Status

• View Corporate Tax Notices• View Return Status• View Donations• View Officer-in-charge• View Document Identification Number (DIN)

Payment e-Services • Payment via internet banking

Update Corporate Profile/ Contact Details

• Update company’s particulars, contact details and financial year end

How to Access IRAS’ e-Services?

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Company Administrator

e-Services Authorisation System (EASY)

Company Staff/ Tax Agent

Login to mytax.iras.gov.sg

*Access Code is a unique password issued and sent to company’s registered address shortly after its incorporation. Please request a new Access Code if you have misplaced your access code or its existing Access Code is no longer valid. The request form is available at IRAS website: www.iras.gov.sg > e-Services > Businesses > Companies > EASY

Access code* and SingPass/IRAS Pin

Perform the SingPass 2-Step Verification (2FA)

START!

Use e-Services

2FA ready?

SingPass/

IRAS Pin

Authorise

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e-Services Authorisation System (EASY)

Online system that allows organisations to authorise their employees/ third party to access e-Services on their behalfAll authorisations of staff and directors/ tax agent must be done atEASY Tax agent firms will also need to authorise their individual staff via EASY before

they can access the e-Services of specific clients.

Log in to EASY using your company’s Access Code

Access Code application form

Log in using your individual SingPass OR IRAS Pin

For guidance,

refer to User

Guides on IRAS’

website at

iras.gov.sg

- e-Services >

Others > EASY

>Getting

Started

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e-Services Authorisation System (EASY)

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e-Services Authorisation System (EASY)

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e-Services Authorisation System (EASY)

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e-Services Authorisation System (EASY)

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e-Services Authorisation System (EASY)

Preparer

Approver IRAS

• A Preparer prepares the application/ form for submission to an Approver

• The Preparer does not have the rights to submit directly to IRAS

• An Approver will approve or edit, and submit the application/ form to IRAS

• The Approver can also prepare the application/ form and submit it to IRAS (for companies without the Preparer role)

Tax Agent (TA) e-Services

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Objectives of TA e-Services

Current e-Services designed with taxpayers in mind and may not fully meet the needs of TAs

Lack summary overview of all clients – TAs need to enter individual client’s UENO number to check status/ correspondences

TAs call us on routine matters instead of self-help

TA e-Services will help you better manage your portfolio of clients:

Providing information from the perspective of a TA staff

Summary overview of the outstanding ECIs and Form C-S/ C of all clients the staff is authorised to view

Include recent notices/ correspondence sent by IRAS

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Highlights of TA e-Services

- Summary listing of the authorised TA staff’s clients

- Company dashboard which provides information on each client’s filing/ assessment status, GIRO, financial year-end

- Viewing of latest Notices/ Correspondences/ myTax Mail

- Overview of all clients’ filing/ assessment status for ECIs and Form C-S/ C

- Provides information on Last Completed Year of Assessment

- Links to perform transactions to e-File ECI and Form C-S/ C

Preview of TA e-Services

Get ready for compulsory e-Filing!

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Forms Filing Form C-S/ C,

Filing ECI

Withholding

tax

PIC Cash

Payout

Certificate of

Residence

Effective date to

move to 100%

e-Filing

YA2018: Companies

with revenue > $10

million in YA 2017

YA2019: Companies

with revenue > $1 million

in YA 2018

YA2020: All companies

Compulsory

w.e.f. 1 Jul

2016

Compulsory

w.e.f. 1 Aug

2016

Paper

applications

not accepted

from Jun 2017

• With e-Filing, all businesses can benefit from reduced compliance costs and productivity gains while enjoying the convenience of going paperless.

• In line with Government's direction for more cost effective delivery of public services and the Smart Nation vision to harness technology to enhance productivity, compulsory e-Filing of Corporate Tax returns (ECI, Form C-S/ C) will be implemented in phases starting from YA 2018. Other IRAS e-Services have also moved to 100% e-Filing.

e-Filing of ECI

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How to e-File ECI?

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How to e-File ECI?

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How to e-File ECI?

TEST_CLIENT X123456789D

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How to e-File ECI?

1

2

4

3

TEST_CLIENT Y123456799D

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How to e-File ECI?

5123456799D

TEST_CLIENT Y

200,000

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How to e-File ECI?

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7

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How to e-File ECI?

TEST_CLIENT Y

123456799D

S$200,000

Test_TA

8

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How to e-File ECI?

Test_TA

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Benefits of e-Filing ECI

1. Instant acknowledgement upon successful e-Filing

2. Greater number of instalments to pay the Company’s estimated tax

YA 2018 ECI filed by

e-Filers YA 2018 ECI filed by

Paper-Filers

26 Jan 2018 10 26 Jan 2018 5

26 Feb 2018 8 26 Feb 2018 4

26 Mar 2018 6 26 Mar 2018 3

After 26 Mar No instalments After 26 Mar No instalments

* A company must sign up for GIRO to enjoy paying its estimated tax by instalments. The first few instalments could be combined and deducted on the first GIRO deduction date, depending on the date of filing of ECI.

e-File by 26th of the month to enjoy more instalments* topay your estimated tax

E.g. Company’s financial year ended on 31 Dec 2017

e-Filing of Income Tax Return

Types of Income Tax Return

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File Form C and Appendix on Additional Information on Income & Deductions (Form IRIN 301)

File Form C-S (Simplified Tax Filing for Small Companies)

For companies that meet qualifying conditions

OR

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Qualifying Conditions for Filing Form C-S

Company:Does not claim any of the following:

• Is incorporated in Singapore • Has an annual revenue* of

$5 million or below • Derives only income taxable

at 17%

• Carry-back of Current Year Capital Allowances/ Losses

• Group Relief• Investment Allowance • Foreign Tax Credit and

Tax Deducted at Source

*Revenue of a company refers to the gross amount of its income derived from its principal activities

excluding separate source income such as interest. Effective YA 2017, the annual revenue threshold for filing Form C-S is increased from $1 million to $5 million.

Note: Companies that do not meet the conditions have to submit to IRAS a full set of tax returncomprising the Form C, financial statements, detailed profit and loss statement, tax computation andsupporting schedules.

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e-Filing of Form C-S at mytax.iras.gov.sg

Form C-S is a shortened 3-page Income Tax Return for smallcompanies

Not required to submit financial statements, tax computation andsupporting schedules with Form C-S but still need to prepare andsubmit to IRAS upon request

You can e-File Form C-S for YA 2017 via mytax.iras.gov.sg

New! Effective YA 2017, companies claiming writing-down allowancesfor Intellectual Property Rights under S19B are required to submit theDeclaration Form* to IRAS at the time of lodgment of the Form C-S

You can submit the Declaration Form to IRAS via the ‘SubmitDocument’ e-Service at mytax.iras.gov.sg

*The ‘Declaration for the Purpose of Claiming Writing-Down Allowances for Intellectual Property Rights (IPRs) under Section 19B of the Income Tax Act’ form is available on IRAS’ website under Home > Quick Links > Forms > Businesses > Corporate Tax forms.

Demo on e-Filing Form C-S

Refer to IRAS’ website at iras.gov.sg

Businesses > Companies > Filing Taxes (Form C-S/ C) > Guidance on Completing Form C-S/ C

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Filing of Form C

Companies that do not meet the conditions for filing Form C-S have to submit Form C

A complete set of Income Tax Return (Form C) consists of:

Form C

Form IRIN 301 (Additional Information on Income & Deductions)

Audited/ Unaudited financial statements

Not required to be submitted if full set of financial statements has been filed with ACRA in XBRL format

Detailed profit and loss statement

Tax computation and supporting schedules

Relevant forms (e.g. group relief form, R&D claim form, S19B declaration form)

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3 Modes of e-Filing of Form C

Implemented 3 modes of filing:

Online Form C (similar to e-Form C-S)Complete the Form C template online and upload the relevant attachments at mytax.iras.gov.sg

Form C (Upload)Download from IRAS’ website a softcopy of Form C (PDF version) onto your PC/ laptopComplete it at your convenienceUpload the completed Form C and relevant attachments at mytax.iras.gov.sg

External Value NetworkBulk submission by tax agent through a dedicated platform, which bypasses EASY

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e-Filing of Form C (Upload)

1. Download Form C (Upload) (PDF format) file from our website and complete it at your own time and convenience, in your local machine

2. Log in to www.mytax.iras.gov.sg(Ensure you are authorised via EASY system)

3. Upload these documents online

Form C (Upload)* tax computation audited/ unaudited financial statements detailed profit or loss statement other supporting documents

* Do not upload scanned copy of Form C

4. Click ‘Submit’

Demo on e-Filing of Form C

Refer to IRAS’ website at iras.gov.sg

Businesses > Companies > Filing Taxes (Form C-S/ C) > Guidance on Completing Form C-S/ C

Basic Tax Calculator (BTC)

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BTC is an excel workbook that is intended to help companies/ taxagents prepare tax computations and supporting tax schedules

Includes explanatory notes and validation checks against commonerrors

Companies filing Form C are required to submit their taxcomputation and supporting schedules with the Form C to IRAS.Companies filing Form C-S are required to prepare and retain thesedocuments and submit to IRAS only upon request.

Submit Document e-Service

Types of Document to Upload

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*For any amendment to the tax computation subsequent to filing of Form C, please use the ‘Object/ Revise Assessment’ e-Service to submit the revised tax computation.

Audited/ Unaudited financial statements

Tax computation, detailed P&L and supporting schedules for the

current YA

Revised tax computation and supporting schedules for carry-back of

current YA’s capital allowances/ losses and income not previously

reported*

R&D claim form

S19B declaration form

How to Access the Submit Document e-Service

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1. e-Filing of Form C > Confirmation tab

How to Access the Submit Document e-Service

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1. e-Filing of Form C > Submit Document tab

How to Access the Submit Document e-Service

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2. Corporate Tax menu > Submit Document

How to Access the Submit Document e-Service

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2. Corporate Tax menu > Submit Document

Applying for e-COR

How to Apply for e-COR

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1. Log in to myTax Portal (https://mytax.iras.gov.sg)

2. Select My Client’s Tax Matters

3. Log in with your (a) SingPass or (b) IRAS PIN by clicking the

respective buttons

No paper applications from

Jun 2017!

How to Apply for e-COR

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4. Click on Corporate Tax > Apply for Certificate of Residence on the top menu

For more information on applying for e-COR, please refer to our user guides at IRAS’ website Home > Businesses > Companies > Working out Corporate Income Taxes > Applying for COR/ Tax Reclaim Form

Things to Note When Applying for e-COR

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Application for e-COR will be available for:

Current YA;

Next YA; or

Up to 4 back YAs

Example: In 2017, companies may apply for e-COR for YA 2017, YA 2018 and YAs 2013 to 2016

IRAS will process the e-COR application within 7 working days of receiving the application and mail the e-COR to company’s registered address. Please allow up to 4 working days to receive it in the mail.

A duplicate copy of the e-COR will also be made available in mytax.iras.gov.sg. You will also have the option to print or download the approved COR.

Specific Circumstances to Apply for COR in Writing

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Only applicable for companies that are:

Applying COR for a sole-proprietorship business owned by the company

Applying COR for a partnership business of which the company is a partner

Claiming benefits under Limited Treaties

Non-SG incorporated companies

These companies may write to IRAS and provide the requisite information as stated on IRAS’ website (e.g. reason(s) for requesting the COR, YA for which the COR is required, name of treaty country, etc.)

Specific Circumstances to Apply for COR in Writing

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IRAS will process the application within 14 working days from the day we receive the completed information. Processing time may take longer for complex cases.

All COR will be mailed to the company’s registered address. Please allow 4 working days to receive it in the mail.

Once your application is processed, a duplicate copy of the approved COR will be made available in mytax.iras.gov.sg. You will also have the option to print or download the approved COR.

e-Filing of PIC Cash Payout

How to e-File PIC Cash Payout

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1. Log in to myTax Portal (https://mytax.iras.gov.sg)

2. Select My Client’s Tax Matters

3. Log in with your (a) SingPass or (b) IRAS PIN by clicking the

respective buttons

How to e-File PIC Cash Payout

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4. Click on More > Apply for PIC Cash Payout on the top menu to start with the PIC cash payout application

Learn how to do a quick submission of your PIC cash payout application by viewing this PIC Cash Payout e-Submission Video

Assistance and Service Channels

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Home > e-Services > Businesses > Companies

• Email us at myTax Mail

• For companies: 1800-356-8622

• 8.00am to 5.00pm from Mondays to Fridays• Best time to call: 8.30am – 10.30am• Best day to call: Friday

Websitewww.iras.gov.sg

Email

Helpline

Social Media Twitter.com/IRAS_SG

Facebook.com/irassg

THANK YOU

© 2017 Inland Revenue Authority of Singapore. All rights reserved.59

The information presented in the slides aims to provide a better general

understanding of taxpayers’ tax obligations and is not intended to comprehensively

address all possible tax issues that may arise. This information is correct as at the

date of presentation. While every effort has been made to ensure that this information

is consistent with existing law and practice, should there be any changes, IRAS

reserves the right to vary its position accordingly.