The Pioneer of Seamless Filing
Netiquette is introducing a brand new feature with new functions and capabilities. With Netiquette’s Seamless Filing solution, you can now easily complete your yearly statutory filing on your own. We have partnered with ACRA and IRAS to make this solution possible. Moreover, Netiquette is also proud to be one of the two selected pioneer software vendors in Singapore to be part of this Seamless Filing project.
What is Seamless Filing?
Currently, all companies are required to file statutory returns to ACRA and IRAS yearly. The preparation and submission of statutory returns by smaller companies are largely manual. Some would go through multiple submissions on multiple portals to different agencies and having to engage multiple service providers can be costly. To streamline the entire process, ACRA and IRAS have proposed a combined seamless filing solution that will enable companies to generate draft submissions and file them directly from companies’ natural systems.
Netiquette has integrated its software to generate draft forms of the following documents for users’ review:
- Annual Return for ACRA
- Financial Statements in Simplified XBRL format for ACRA
- Income Tax Return (Form C-S) for IRAS
To enhance security, the solution is able to perform authentication of users via CorpPass. Ultimately through Seamless Filing, SMEs can submit directly to ACRA for Annual Return and Simplified XBRL, as well as to IRAS for Form C-S after review. Further, this will also enable users to make annual filing payments directly and conveniently. This way it simplifies the entire process.
Why choose Seamless Filing?
The aim is to reduce companies’ compliance cost in fulfilling their statutory filing obligations and improve productivity through digitalization. On average, time spent on preparing and filing for the above statutory statements will be reduced from approximately 9 hours to 35 minutes only. This will naturally vary depending on the company size and other complications. We are essentially promoting a one system solution that integrates with a company’s overall natural system to automate tax and financial reporting. Some of the immediate benefits include:
- Get more done with less
- Free from complications and all the hassles
- Reduce compliance costs
- Time saving
- Increase productivity, effectiveness and efficiency
- Avoid rushing through your clients’ filing deadline (if you are handling hundreds or even thousands of clients’ filing at the same time)
A company can file Annual Return and Financial Statements (in Simplified XBRL format) with ACRA using the accounting software if it meets the following conditions:
- The company has revenue of S$500,0001 or less for the current financial year;
- The company has total assets of S$500,0001 or less as at the current financial year-end; and
- The company is NOT
- listed or is in the process of issuing its debt or equity instruments for trading on a securities exchange in Singapore;
- listed on a securities exchange outside Singapore; and
- a financial
1 The amount threshold of S$500,000 is determined based on the current financial year in the financial statements or (where the company is a parent company) consolidated financial statements as required to be prepared under the Companies Act, regardless of the number of months in that current financial year.
A company can file Annual Return with ACRA using the accounting software if it meets the following condition:
- The company is either:
- filing financial statements in PDF format as company limited by guarantee; or
- not required to file financial statements with ACRA as a solvent exempt private company or a dormant relevant company.
A company can file tax returns to IRAS using the accounting software if it meets the following conditions:
- The company must qualify to file Form C-S, e.
- Incorporated in Singapore;
- Has an annual revenue of S$5 million or below in the preceding financial year;
- Derives income taxable at prevailing corporate tax rate of 17%;
- Not claiming or utilising carry-back of current year capital allowances or losses, group relief, investment allowance or foreign tax credit and tax deducted at source;
- The company maintains Singapore dollar as its functional and presentation currency;
- The company is not an investment holding company or a service company that provides only related party services; and
- The company does not own subsidiaries, associates or joint ventures, and has no investment in intangibles.
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