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IRAS collected S$47 billion in tax revenue in FY2016/17. [7] Tax arrears remained low at 0.68% of net tax assessed and cost of collection was also kept low at 0.84 cents for every dollar collected. In FY2016/17, IRAS uncovered 10,626 non-compliant cases and recovered about $332 million in taxes and penalties through rigorous audits and ...
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient.
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.
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 ...
Singapore assesses a 17% corporate income tax, not including tax incentives, and the city-state does not tax dividends. According to the ITEP, more than 40% of Fortune 500 companies operated a ...
Agency ID T08GA0013E The Ministry of Finance ( MOF ; Malay : Kementerian Kewangan ; Chinese : 财政部 ; Tamil : நிதி அமைச்சு ) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore .
Income tax in Singapore; Inland Revenue Authority of Singapore This page was last edited on 27 November 2022, at 08:52 (UTC). Text is available under the Creative ...
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