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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.
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.
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]
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 Government of Singapore is defined by the Constitution of the Republic of Singapore to consist of the President and the Executive. Executive authority of Singapore is vested in the President but exercised on the advice of the Cabinet led by the Prime Minister.
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.
Identified as a tax haven, Singapore is the only country in Asia with a AAA sovereign credit rating from all major rating agencies. It is a major aviation, financial, and maritime shipping hub and has consistently been ranked as one of the most expensive cities to live in for expatriates and foreign workers.
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.
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