Option to share parent relief among new features for 2015 tax season

SINGAPORE — For the first time, this year’s tax season will allow eligible taxpayers to share the parent relief among claimants.

This was announced in a statement from the Inland Revenue Authority of Singapore (IRAS) today (March 3).

The maximum quantum for parent relief has also increased by between $1,000 and $3,000, depending on the type of parent relief taxpayers are claiming.

Other benefits taxpayers will get to enjoy include lower taxes with a personal income tax rebate of 50 per cent, capped at $1,000, which was announced at this year’s Budget Speech. The rebate will be automatically granted to eligible taxpayers and will be reflected in Notices of Assessment.

From this year, some 65,000 people who earn commissions, for example property and insurance agents and multi-level marketers, will also have an easier tax filing process. With the e-Submission of Commission Income Scheme, IRAS pre-fills the information on commission.

So far, a total of 110 commission-paying companies have already joined the scheme.

According to IRAS, this year, 3 in 5 taxpayers will not need to file a tax return. Under the No-Filing Service (NFS), 1.3 million taxpayers, including 26,000 first-time taxpayers will benefit from this scheme.

All eligible taxpayers have been notified by IRAS and will be able to preview their tax bills online starting from March 1.

Taxpayers who did not qualify for NFS are encouraged to file their tax returns by April 18. They may do so via myTax.iras.gov.sg.