New initiative by IRAS, ACRA allows SMEs to seamlessly prepare, file returns.
SMALL and medium enterprises can now automate the preparation and filing of their statutory returns with the Inland Revenue Authority of Singapore and the Accounting and Corporate Regulatory Authority using dedicated accounting software, the agencies said in a joint statement on Thursday.
IRAS and ACRA have partnered accounting software providers to incorporate regulatory filing requirements into providers' software, which will automatically generate the required returns for companies with simple tax affairs and accounting transactions. The software is also linked to the agencies' systems via application programming interfaces, enabling companies to file their returns without having to log in to two separate portals, namely ACRA's BizFile+ and IRAS's myTax Portal.
The initiative is in line with Singapore's Smart Nation push to help SMEs stay relevant and competitive by equipping them with innovative solutions to digitalise their operations and improve productivity, ACRA and IRAS said. The automatic filing capability is currently available on two software, Netiquette O2O Business Suite and SME Cloud Exchange Network. It will be made available progressively on other software, including AutoCount Accounting, Realtimme Cloud Solutions and Deskera ERP.
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