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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.
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]
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.
Postal codes in Singapore have consisted of six digits since 1995, replacing the four-digit system introduced in 1979. They are administered by Singapore Post.
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers.
Established in 1910 under the name Government Monopolies Department, Customs is one of the oldest tax-collecting organisations in modern Singapore to increase the country's state coffers to help fund national programmes.
Income tax in Singapore. Inland Revenue Authority of Singapore. Categories: Economy of Singapore. Singapore government policies. Singaporean law by issue. Taxation by country. Public finance of Singapore.
As of October 2022, the Singaporean government offers tax rebates of up to S$45,000 for electric vehicle purchases. As of November 2022 [update] , the government offers a 45% rebate on car registration fees for electric cars.
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