Tax filing is also simplified for qualifying small companies. They can file their returns electronically, reducing paperwork and also need not submit their financial statements and tax computation unless requested by IRAS for audit.
The above are some of the Government measures being taken to support SMEs and discussed by our Senior Minister of State for Finance and Transport today in Parliament.
Other initiatives discussed includes the change of PIC application form to an electronic one to reduce errors during submission, the extension of the PIC scheme till YA2018 and also the benefits of the M&A scheme introduced in Budget 2010.