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On 1 September 1992, the Inland Revenue Authority of Singapore (IRAS) was established by legislation as a statutory board [3] under the Ministry of Finance. With this conversion, IRAS was incorporated by the Inland Revenue Authority of Singapore Act to take over the functions previously performed by the Inland Revenue Department.
The ITA grants any person including Singaporeans in Singapore the right to pay income tax upon the income accruing in or derived from Singapore, or received in Singapore from outside Singapore. The Inland Revenue Authority of Singapore under Ministry of Finance (Singapore) is in charge of tax collection .
Any income arising from sources outside Singapore and received in Singapore on or after 1 January 2004 by an individual (other than partners of a partnership) is exempt from tax. This system has the potential to allow for tax avoidance practiced by individuals who derive income from abroad, gain tax exemptions via their non-resident status ...
The Inland Revenue Authority of Singapore (IRAS) cautioned the public against WhatsApp calls impersonating the authority, its third such advisory in less than a week. What should you do?
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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.
Singapore is a country known for its highly efficient and centralised government system largely due to these statutory boards. [2] They play a significant role in the development and implementation of policies and programs in various sectors of the country.
The Government of Singapore consists of several departments, known as ministries and statutory boards in Singapore.Ministries are led by a member of the Cabinet and deal with state matters that require direct political oversight.