Iras unveils new digital tools for easier corporate income tax filing
More than 323,000 companies, including over 37,000 newly incorporated companies, will benefit
The Inland Revenue Authority of Singapore (Iras) has introduced a range of new digital tools aimed at simplifying the process of filing corporate income tax (CIT) for over 323,000 companies, including more than 37,000 newly incorporated companies. These tools are designed to enhance certainty and minimize the need for follow-up actions during the tax filing process. Iras emphasized that clear and seamless tax processes are crucial for companies, allowing them to concentrate on running and expanding their business.
Among the new tools provided by Iras are a filing obligation check specifically for newly incorporated companies (NICs), a record keeping assistant, a business expense deductibility checker, a myTax Portal troubleshooting assistant, a payment status checker, and an objection status checker.
Iras noted that previous efforts to simplify tax filing have been successful, with about 80% of eligible companies utilizing a simplified tax return in the 2025 year of assessment. This reduction in filing requirements from three pages to six essential fields for certain companies is set to continue in 2026. Additionally, companies may now be eligible for various rebates and grants, including the CIT Rebate, CIT Rebate Cash Grant, and SME Cash Grant 2026, as announced in the latest budget and support measures.
Furthermore, companies planning to invest in artificial intelligence (AI) expenditures may also benefit from expanded support under the Enterprise Innovation Scheme (EIS) for qualifying AI expenditure in the 2027 and 2028 years of assessment. Under this scheme, businesses can claim up to 400% tax deductions on qualifying AI expenditure of up to S$50,000 per year of assessment.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
