- Advanced data analytic tools lead to higher recoveries from erroneous tax returns, with S$79 million regained between July 2020 and June 2023.
- IRAS utilises these tools to identify and address compliance risks, selecting two-thirds of audited cases.
- The Seamless Filing From Software (SFFS) is highly recommended by IRAS to reduce potential tax filing errors, promoting better productivity savings.
According to a report by IRAS, these tools not only detect anomalies in Corporate Income Tax (CIT) Returns for review but also lead to three times more recoveries on average per case compared to traditional methods.
The Evolution of Advanced Data Analytics
How did we get here?
Call it the era of big data.
An influx of powerful tools evolved out of this revolution.
These advanced data analytic tools are our allies.
They sift through gigabytes of data with ease.
Uncover patterns.
In the hands of tax men, they fetch lost taxes back home.
Tools for the Trade
Data analytics tools.
Advanced analytics software.
These are new soldiers in the tax field.
They crunch large volumes of data.
Sniff out anomalies in tax returns.
When finely tuned, they deliver:
Efficiency.
Precision.
Revenue.
Real Life Applications
Take IRAS.
They’re using these tools in compliance audit programmes.
A staggering S$79 million recovered in taxes and penalties.
That’s between July 2020 and June 2023.
All thanks to their advanced data analytic tools.
Avoidable Tax Filing Mistakes
But the tools help in more ways.
They shed light on common tax filing mistakes.
Omission of income.
Incorrect asset claims.
Lacking record-keeping.
Among others.
These sneak-thieves slice away at tax returns.
The tools bring them to light.
Look Ahead: The Future of Advanced Analytics
Imagine real-time data analytics.
Advanced analysis techniques honed by AI.
It’s all on the horizon.
These future advancements promise to revolutionise business intelligence, data mining and more.
More finesse.
More power.
More efficiency.
That’s the promise of the future.
In the words of IRAS, “Companies can enjoy productivity savings of up to 95% (from 8 hours to 15 minutes for preparing and filing of CIT Return) by using #SFFS.”
Indeed, the future of business and efficient tax processing lies with embracing technology.
Are you ready for it?
