Government Grants for Accounting Solutions

Government Grants for Accounting Solutions

Don’t worry if you cannot spare any extra fund on new accounting solutions. Qualifying companies can take advantage of various government grants. So, have a look at the following grants and learn how you can afford the digital solution without going over your business budget. 

Start Digital Pack

The Start Digital Pack by IMDA helps companies take the first step towards digitalization. Newly incorporated SMEs or those recently using new technology can benefit from this software for the first six months without paying a single penny. It is to be noted that the software comes with a minimum 18-month contract period.

Digital Resilience Bonus

Also offered by IMDA, the Digital Resilience Bonus offers up to $10,000 grants to SMEs in the Food Services and Retail industry. In order to qualify, SMEs need to purchase the accounting solutions and also adopt e-invoicing, PayNow Corporate, and HR/payroll software.

Productivity Solutions Grant

Offered by ESG, the PSG for Xero software offers up to 80% funding support. Companies can reap the benefits of this by using this grant to purchase pre-approved digital solutions.

Recent Tax Changes related to accounting solutions

The Singapore government has taken some measures to aid companies to enhance their cash flow in YA 2021. A few of them have been mentioned below:

  • The Loss Carry-Back Relief Scheme has been extended to YA2021 for qualifying deductions as a way to continue supporting businesses. The parameters will remain the same. 
  • The 250% tax deduction on specific donations has been extended. This will encourage Singapore residents to give back to the community.

Tips for Filing Corporate Tax Return

There are several factors you must keep in mind when submitting your YA 2021 Corporate Income Tax Return. First and foremost, make sure all the information provided is accurate and complete. Note that incorrect information when filing a tax return form may lead to a penalty of up to 200% of the undercharged tax amount.

In case you discover a mistake, be sure to inform IRAS as soon as possible. You may make voluntary disclosures through IRAS’ Voluntary Disclosure Programme. Note that no penalties will apply if you voluntarily disclose mistakes in your file before the first anniversary of the statutory filing date. After this one-year grace period, a reduce penalty may apply in case of disclosures.

Furthermore, do not ignore your tax responsibilities if your company is inactive. Even dormant companies are require to e-file their corporate tax return. The only exception to this is if an Income Tax Return Submission waiver is grant to the company.

Finally, all companies are expect to e-File their Tax Returns by 30 November from 2021. Previously, there was an extend deadline until 15 December for paper submission. This extended deadline will no longer apply. IRAS will alert companies with reminders as the due date approaches to ensure that companies do not fail the single filing deadline.

The Bottom Line of accounting solutions

E-filing of corporate income tax is a welcome change for Singapore companies. It makes the process easy, effortless, and error-free. Moreover, it can also significantly reduce time spent filing tax returns. Best of all, small companies that cannot afford digitization through accounting software can take advantage of various grants offer by the Singapore government.

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