IRAS launches tools to simplify tax filing for businesses
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The Inland Revenue Authority of Singapore (IRAS) introduced new digital tools to streamline corporate income tax filing for over 323,000 companies, starting with the 2026 year of assessment.
IRAS also designed the tools to assist the more than 37,000 newly incorporated companies in Singapore. The new resources include checks for filing requirements, record keeping, eligible expenses, and troubleshooting for the myTax Portal, as well as status updates on payments and objections.
IRAS reported that about 80% of eligible companies used a simpler tax return in 2025, reducing the required fields from three pages to six. Companies may also receive benefits like the CIT Rebate and SME Cash Grant 2026. Additionally, businesses investing in artificial intelligence may qualify for tax deductions of up to 400% on $50,000 of qualifying expenditures through the Enterprise Innovation Scheme for the 2027 and 2028 years of assessment.
