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As the Singapore Government's principal revenue collection body, IRAS collects Income Tax, Goods and Services Tax (GST), Property Tax, Estate Duty, Betting and Sweepstakes Duties, Stamp Duties and Casino Tax.
Individual income tax in Singapore is payable on an annual basis, it is currently based on the progressive tax system (for local residents and tax residents), with taxes ranging from 0% to 22% since Year of Assessment 2017.
IRAS warns recipients against providing their personal details in response to a scam email about income tax returns.
The Income Tax Act 1947 (ITA) is an Act of the Singaporean Parliament to impose a tax upon incomes and to regulate the collection thereof. It was commenced together with the formation of the Inland Revenue Authority of Singapore.
The MOF oversees 3 statutory boards, which are the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), Singapore Customs [2] and VITAL.
The Government Technology Agency (GovTech) is a statutory board of the Government of Singapore, under the Prime Minister's Office. It was restructured from Infocomm Development Authority of Singapore (IMDA) in 2016, and officially legislated in Parliament on 18 August that year.
Several types of investment accounts offer tax-deferred benefits to holders, each with their own benefits and eligibility criteria. Here are a few examples: Traditional IRAs
Goods and Services Tax (GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. [1]
Without following the proper guidelines, there can be negative tax implications for investors using a self-directed IRA. With no custodian to guide you, it’s usually best to open a...
Goods and Services Tax (GST) Refund for Tourists. The Customs of Singapore is assisting on behalf of the Inland Revenue Authority of Singapore (IRAS) to administer the GST endorsement for the Tourist Refund Scheme (TRS) at Changi Airport Terminals 1-4.