Government Releases New Updates On Federal Tax Singapore And Here What You Need

Posted by Hayden T Joseph on July 4th, 2019

It’s time to maintain a record of all your financial transactions and work on coming year income tax return. Just make sure before filing you have gone through the new changes in federal tax Singapore introduced by the Government and understand its every term clearly. Here are the highlights of the new tax law changes and what you can expect as you prepare your tax return.

• One of the major changes that Government introduces in Federal Taxcompliance is increasing the rate of standard deductions for single and married filers.

• There is no more eligibility to claim for personal and dependent exemptions for yourself, spouse or any of your dependents.

• It becomes compulsory for investors and bank account holders to get their account FATCA banks Singapore compliant and provide a self-certification about 'tax residency' to their respective financial institutions.

• Another change that is important to notice in the recent update is that individual income rates have fallen.

• To incorporate the certification of pre-existing accounts (COPA) and periodic certification process, IRS has updated the Foreign Account Tax Compliance Act, in short, FATCA compliance Singapore as well as issued Global Intermediary Identification Number (GIIN).

• The new tax law has also boosted the child tax credit amount for each child under the age of 17.

However, the IRS has also granted a reprieve for taxpayers in its recent updates in which it waives the penalty for filers who will pay at least 85 percent of their total tax liability throughout the year. These are some of the latest updates in Federal tax Singapore which you need to keep up while filing your tax returns. But you don’t have to do it all alone because you can use the expertise of professional tax preparers who keep themselves always updated with tax changes.