All you need to know about IRAS' achievements in FY2023/24

How many policies did IRAS review?

30 tax policies were reviewed for a competitive and progressive tax system.

One example was the implementation of the Income Inclusion Rule and Domestic Top-up Tax under Pillar Two of the Base Erosion and Profit Shifting 2.0 initiative.

Why it matters? Policy reviews help to create an environment to promote enterprise, enhance tax certainty and strengthen the resilience of our tax system.

What’s new for taxpayers?

More taxpayer-friendly initiatives with IRAS partnering ServicesSG to provide Individual Income Tax filing assistance, responses to general enquiries, and explanation of tax bill computations at the ServiceSG Centres.

Emerging digital tools were used to enhance the search engine and readability of the IRAS website so that taxpayers can find the information they need easily.

Live Chat was introduced as an additional mode of contact for employers with queries on payout schemes.

Electronic refunds via PayNow for Property Tax was implemented. Businesses and individual taxpayers can now enjoy fast, secure and seamless e-refunds for Property Tax, in addition to Goods & Service Tax, Corporate Income Tax, Individual Income Tax and Stamp Duty.

Why it matters? New initiatives redefine taxpayers' experiences. For our ongoing efforts to provide excellent service to taxpayers, IRAS achieved a 98% overall satisfaction rate for the IRAS Taxpayer Survey 2023.

How has IRAS helped taxpayers with their tax obligations?

The Fixed Expense Deduction Ratios (FEDRs) was extended to delivery workers from Year of Assessment (YA) 2024 to simplify their tax filing by enabling them to claim tax deductions on deemed expenses based on a fixed percentage of gross income earned.

We successfully piloted the One-Stop Payroll initiative together with CPF Board and the Ministry of Manpower. With this, employers can transmit employee-related data to all three organisations seamlessly from their payroll software.

The second phase of the Goods & Services Tax rate and Property Tax rate changes, which took effect on 1 January 2024, were smoothly implemented. IRAS proactively engaged GST-registered businesses and property owners to prepare them for the change. A one-off tiered Property Tax rebate for all owner-occupied residential properties to mitigate the impact of the increase in Property Tax rates.

Why it matters? Voluntary compliance is maximised. IRAS also remained committed in our efforts to combat tax fraud and ensure compliance. In FY2023, we audited and investigated 9,590 taxpayers and successfully recovered over $857 million in taxes and penalties.

What’s been done to boost IRAS’ capabilities?

IRAS continued with Phase 3 of the redevelopment of our IT system to modernise the system functionalities of various tax types.

We also commenced the upgrade of our Unified Data Platform with enhanced and more scalable cloud-based data technologies. This will enable us to deploy Artificial Intelligence (AI) solutions and analytics applications across IRAS more quickly and cost-effectively.

A dedicated Community of Practice focused on Generative AI and Large Language Models was established to upskill employees. A Generative AI hackathon was organised to create solutions and build a vibrant digital workplace.

A new Investigation Expert Track to upskill competencies of our investigation officers in tackling syndicated and complex crime cases was rolled out. The tax competency framework for tax specialists was also refreshed.

Why it matters? By boosting our organisational capabilities and productivity, IRAS is better able to serve taxpayers.

Read more on IRAS Annual Report 2023/24.