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The GST rate was increased from 3% to 4% on 1 January 2003, and to 5% on 1 January 2004. Each increase was accompanied by an offset package that was designed to make the average Singaporean household overall better off, even after accounting for the additional costs imposed by the increase in GST rates.
2 April – Joseph Schooling, who won Singapore's first ever Olympic gold medal, retires from swimming at 28. [25]15 April – Lee Hsien Loong announces his resignation as the Prime Minister of Singapore effective on 15 May 2024, paving the way for the assumption of Deputy Prime Minister and Finance Minister Lawrence Wong as the next Prime Minister of Singapore.
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 February 2025. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) Fiscal year 1 April – 31 March Trade organisations WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others Country group Developed/Advanced High-income economy Statistics Population 6,040,000 (2024 ...
UOB economist Barnabas Gan expects Singapore GST will rise to 9% from as early as 1 July, adding revenue of S$1.8 billion for 2022.
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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.
Foreign-sourced dividends, foreign branch profits and foreign-sourced service income remitted into Singapore on or after 1 June 2003 by a Singapore resident company will be tax exempt if: [5] the headline tax rate of the foreign country from which income is received is at least 15 percent in the year the income is received, and
Singapore's debts are under the responsibility of MAS. As of 2022, the Singapore Government debt exceeds the country's GDP at about 150%. However, these are not net debts, but gross external debts, which can be traced to the debt liabilities in Singapore's banking sector—a reflection of the country's stature as a major global financial hub.