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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 ...
The Inland Revenue Authority of Singapore under Ministry of Finance (Singapore) is in charge of tax collection. The latest amendment bill is still being made as of March 2016. [1] Under Section 95 of the ITA, convicted taxpayers are subjected to a penalty of up to 200% of the amount of tax undercharged in cases of incorrect tax returns.
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
IRAs; Roth IRAs; Executor of an estate; Guardian of a ward; For example, if an investor had two Roth IRAS of $400,000 each, and an individual (non-IRA) account with $500,000, the two Roth IRAs would be considered a single "capacity" and the $800,000 sum would only be covered to the $500,000 limit (so $300,000 would be lost).
tax register — a register used for the purpose of revenue collection, including taxes, duties such as tariffs or excise, as well as mandatory social insurance and health insurance contributions; such a register includes all taxable entities, as well as their tax liabilities, including tax liens.
The U.S. has two kinds of so-called death taxes: the estate tax, which is levied by the federal government and certain states, and the inheritance tax, which is levied by a number of other states.
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.
The Kamala Harris campaign has made one of its first concrete policy proposals this week with a tax plan. The centerpiece of the plan is a series of high-end tax increases on corporations and ...