As part of Singapore’s Smart Nation initiative, ACRA and IRAS have worked with accounting software providers to create a digital solution that helps SMEs stay competitive and efficient.
This seamless filing solution allows SMEs to automate the preparation and submission of their tax and annual returns directly through accounting software. The software includes all the necessary requirements for filing, so businesses can record transactions and generate the needed filings in one place.
Using APIs (Application Programming Interfaces), the software connects directly to ACRA and IRAS, eliminating the need to log in separately to their portals. This makes the entire process faster, easier, and more efficient for businesses.
Smaller companies currently spend up to 9 hours manually preparing and submitting their annual and tax returns to ACRA and IRAS. With the new seamless filing initiative, this process now takes just 30 minutes. Companies can file their Annual Return (in Simplified XBRL format) and Corporate Income Tax Return (Form C-S) at the same time, saving over 90% of the time needed.
This solution not only boosts efficiency and productivity but also reduces errors. Since the filings are auto-generated using accounting data from the software and submitted directly to both agencies, the process is faster, smoother, and more accurate.
The seamless filing solution is designed for smaller companies with straightforward tax and accounting needs. It is ideal for companies that have simple financial transactions and tax matters, making it easy for them to adopt and benefit from this solution.
A company can use accounting software to file its Annual Return and Financial Statements (in Simplified XBRL format) with ACRA if it meets these conditions:
Note: The S$500,000 limit is based on the company’s current financial statements (or consolidated financial statements for parent companies) as required by the Companies Act, regardless of the financial year’s length.
A company can file its Annual Return with ACRA (without XBRL) using the accounting software if:
To file tax returns with IRAS using accounting software, a company must meet these conditions:
SMEs can make use of government grants like the Productivity Solutions Grant, SMEs Go Digital Programme, and Digital Resilience Bonus to help them go digital. For more information, please reach out to the relevant agencies or visit their websites.
While ACRA and IRAS both work with businesses, they have different roles and responsibilities. ACRA mainly focuses on registering and overseeing businesses in Singapore, whereas IRAS ensures that all businesses pay their taxes correctly. Both agencies are essential for Singapore's economic success.
If you need help with accounting services for small businesses in Singapore to meet ACRA and IRAS requirements, Clooud Consulting is here to assist you! We are a trusted provider of corporate secretarial services, offering everything from business incorporation and secretarial support to accounting and corporate tax filing. Our services can help ensure your business's long-term financial success. Contact us today to learn more about how Clooud can support your business!
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