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Published: 20 March 2015

Over 85,000 employers in Singapore will receive about $1.4 billion in Wage Credit Scheme (WCS) WCS payouts by 31 March 2015. SMEs will receive about three quarters of the sum disbursed.

The WCS was introduced in 2013 as part of the Transition Support Package. It is intended to help businesses cope with rising wage costs so that they can free up resources to invest in productivity, and share their productivity gains with their employees.

The second tranche of WCS payouts in March 2015 co-funds 40% of the wage increases given in 2013 and 2014 to more than 650,000 eligible Singaporean employees who earned a gross monthly wage[1] of $4,000 and below. Eligible employers will receive a notification letter from the Inland Revenue Authority of Singapore (IRAS) by 31 March 2015, informing them of their total payout. Employers can also check their eligibility HERE from 20 March 2015 onwards. The payout will be made via direct credit to their GIRO bank account used for income tax and GST purposes, or by cheque.

Appeals regarding the second tranche of payouts must be submitted to IRAS by 30 June 2015 for consideration on a case-by-case basis.

For further information and assistance on the WCS , please visit the IRAS website (www.iras.gov.sg/irasHome/wcs.aspx) or contact IRAS at 1800-352-4727 or This email address is being protected from spambots. You need JavaScript enabled to view it..

[1]  Gross monthly wage is defined as total wage of the employee paid by the employer in the calendar year (including basic salary, overtime pay and bonuses), divided by the number of months of CPF contribution.

Source: MOF, IRAS

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Published: 27 February 2015

You can file your individual income tax returns from 1 Mar to 18 Apr 2015 with your SingPass. SingPass is a common password which allows you access to IRAS and other Singapore Government portals. If you do not have a SingPass, you can check your eligibility and request a SingPass online HERE.

Need help to file?
See TIPS and HELP on filing
View the e-Learning Guides HERE.

Personal income tax rebate for resident individual taxpayersNew!
As part of SG50 Jubilee celebration, all tax resident individuals will receive an income tax rebate of 50% of net tax payable, up to a cap of $1,000, for the Year of Assessment 2015.

You do not need to apply for this rebate as IRAS will compute this rebate automatically for all tax residents.

Estimate your 2015 income tax
Use the Tax Calculator to estimate your tax payable in 2015

For payment of income tax by GIRO, the Provisional Installment Plan (PIP) will start in May 2015. If you wish to revise your monthly deduction amount, please log in and email IRAS via myTax Portal or SMS “Call <followed by your name>” (Example: Call John Tan) to 9107 6902. The officer will return your call by the next working day.

Your feedback
You may share with IRAS on how they can improve your e-Filing experience.

Source: IRAS

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Published: 24 February 2015

Building Our Future, Strengthening Social Security

Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam, delivered the Budget Statement for FY2015 in Parliament on Monday, 23 February 2015, 3:30pm.

Click HERE for Singapore Budget 2015 Budget Speech Video
Click HERE for FY2015 Budget Statement
Click HERE for Budget in Brief
Click HERE for Measures for Businesses
Click HERE for Measures for Households
Click HERE for Annex A-1_Wages In The Leading Asian Economies
Click HERE for Annex A-2_Summary of SkillsFuture Initiative
Click HERE for Annex A-3_Support for Businesses as they Continue to Restructure
Click HERE for Annex A-4_Enhancements to Support Innovation and Internationalisation
Click HERE for Annex A-5_Changes to Foreign Worker Levies
Click HERE for Annex A-6_Tax Changes
Click HERE for Annex B-1_Retirement Adequacy Measures
Click HERE for Annex B-2_Transfers to Households
Click HERE for Annex B-3_Summary of Benefits for Singaporean Families
Click HERE for Annex C_Fiscal Position in FY2015

Source: MOF  #SGBudget2015

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Published: 23 February 2015

Increase in personal income tax rate – What does this mean to an individual?

 
Source: MOF  #‎SGBudget2015‬

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Published: 23 February 2015

Singapore adopts a progressive tax rate system.
In Budget 2010, our first move was to make our property tax regime more progressive.
This year’s Budget will see a 2% raise in personal income tax rates of higher income earners with a chargeable income above $320,000, with effect from YA 2017.

 
Source: MOF  #‎SGBudget2015‬