Empower the Comptroller to To empower the Comptroller to require information to be furnished Sections 8A and 65B obtain information through through e-services provided by the Comptroller. This will increase [Clauses 4 and 38] electronic services IRAS’ efficiency and effectiveness in revenue administration and help to streamline tax compliance for taxpayers. Impose compulsory e-filing To make electronic-filing of withholding tax compulsory for filings Sections 8A, 45 and for withholding tax made from 1 July 2016 and to empower the Comptroller to exempt 45D any person from compulsory e-filing under certain circumstances. [Clauses 4, 35 and 37] This is in line with the Government’s direction for more cost effective delivery of public services. Amend the provisions To facilitate FATCA implementation, the ITA will be amended to: Sections 105L, 105N relating to implementation Clarify that Reporting Singaporean Financial Institutions and 105PA of Foreign Account Tax are allowed to collect, use and disclose data for [Clauses 44, 45 and Compliance Act (“FATCA”) FATCA purposes; 46] Clarify that Reporting are allowed to disclose information on payments to Non-participating Financial Institutions to their immediate payers; Clarify that IRAS has the power to extend the deadline for Reporting SGFIs to submit FATCA data, subject to certain terms and conditions as it may impose; and Provide IRAS with the power to engage third parties to perform FATCA related due-diligence inspections on SGFIs. Allow the Comptroller to To provide a statutory exception to enable the Comptroller to share Section 6 share income information income information of taxpayers/ employers with IRAS for the [Clause 3] with IRAS for preventing purpose of preventing abuse of the WCS or other non-tax grant abuse of Wage Credit schemes administered by IRAS.
Empower the Comptroller to obtain information through electronic services To empower the Comptroller to require information to be furnished through e-services provided by the Comptroller. This will increase IRAS’ efficiency and effectiveness in revenue administration and help to streamline tax compliance for taxpayers. Sections 8A and 65B [Clauses 4 and 38] Impose compulsory e-filing for withholding tax To make electronic-filing of withholding tax compulsory for filings made from 1 July 2016 and to empower the Comptroller to exempt any person from compulsory e-filing under certain circumstances. This is in line with the Government’s direction for more cost effective delivery of public services. Sections 8A, 45 and 45D [Clauses 4, 35 and 37] Amend the provisions relating to implementation of Foreign Account Tax Compliance Act (“FATCA”) To facilitate FATCA implementation, the ITA will be amended to: Clarify that Reporting Singaporean Financial Institutions are allowed to collect, use and disclose data for FATCA purposes; Clarify that Reporting are allowed to disclose information on payments to Non-participating Financial Institutions to their immediate payers; Clarify that IRAS has the power to extend the deadline for Reporting SGFIs to submit FATCA data, subject to certain terms and conditions as it may impose; and Provide IRAS with the power to engage third parties to perform FATCA related due-diligence inspections on SGFIs. Sections 105L, 105N and 105PA [Clauses 44, 45 and 46] Allow the Comptroller to share income information with IRAS for preventing abuse of Wage Credit To provide a statutory exception to enable the Comptroller to share income information of taxpayers/ employers with IRAS for the purpose of preventing abuse of the WCS or other non-tax grant schemes administered by IRAS. Section 6 [Clause 3]
ITA2015_NBC_SummaryTable.docx