
Announcement to File Quarterly and Annual Returns via E-filing Management System
September 28, 2021The Internal Revenue Department (“IRD”) has launched an e-filing management system aimed at increasing the convenience of quarterly and annual return filings. As taxpayers will no longer be required to go to their relevant tax offices to lodge the returns in person, this will lead to reduced costs and time spent on filing the returns.
According to the IRD’s announcement, taxpayers that have obtained Taxpayers’ Registration Numbers under the Large Taxpayers’ Office and Medium Taxpayers’ Offices 1 to 5 are required to file quarterly and annual returns via the e-filing management system from 1 December 2021.
Tax returns will be considered as filed on the date it is received electronically by the IRD. If the date falls on a public holiday, the return will be considered received on the following day upon which the IRD is open for business.
Annual tax return filings for FY2020-21 is due within three months after end of each financial year i.e., by the end of December 2021. Due to public holidays, the deadline for annual tax return filings of FY2020-21 will be tentatively postponed to 3 January 2022. It is important to catch up with all taxes to be paid by end of this financial year i.e., by 30 September 2021 and all annual tax returns must be lodged before its deadline in order to minimise potential late payment exposure and late tax return filing penalties.
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