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Wednesday, 5 August 2020

Tax Authority’s electronic tax filing system will become mandatory for all companies by November

Your company looks likely to begin filing taxes electronically through the Tax Authority’s new online system as of November, according to a Finance Ministry statement. Companies will submit tax returns and sales receipts electronically on the system, which will also give businesses the ability to complete audit requests online, eliminating the requirement to maintain physical receipts of sales invoices. The platform will also facilitate tax refund procedures, the statement says. The ministry began beta testing on the system in June with more than 130 companies (pdf), which have been filing their taxes through the new platform.

About the platform: The new system is designed to streamline tax filing procedures, grant the taxman better oversight on commercial transactions, and bring informal businesses into the formal economy. This is part of the government’s planned unified digital tax payment system, which will enable businesses to file and pay income tax, stamp tax, VAT and real estate tax through a single online platform.

The Customs Authority is also getting an e-makeover under the new system, which will see 90% of exports and imports processed electronically by the end of December. Wait times for customs clearance are expected to be truncated to five days and precise parcel tracking will become possible as the system moves to a unified online platform. Estimated fees on incoming goods will also be disclosed ahead of time.

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