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Following self-government in 1959, the Inland Revenue Department was formed in 1960 when various revenues administered and collected by a number of separate agencies were brought together. When Singapore attained independence on 9 August 1965, substantial changes were made to the Income Tax Act, which came into effect on 1 January 1966.
Ian Kuperus, an accountant and former IRD employee, is credited with coming up with the idea of tax pooling. He identified the opportunity for taxpayers to trade their under- and overpayments of tax and take advantage of the interest rate differential while leading the tax division at the National Bank, after the government introduced use of money interest in 1988.
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.
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 ...
Law in Singapore, by the C.J. Koh Law Library, National University of Singapore; LawNet; Singaporelaw.sg, by the Singapore Academy of Law; Singapore Law Watch, by the Singapore Academy of Law; Singapore Laws on the Internet from WWLegal.com – contains a list of Singapore legal resources on the Internet (published 15 January 2005)
Some key components of Harris’s plan include up to $25,000 in down payment assistance for first-time homebuyers and a $10,000 tax credit for first-time buyers; tax incentives for builders who ...
Income Tax (Amendment) Act 2005; Inland Revenue Authority of Singapore (Amendment) Act 2005; Moneylenders (Amendment) Act 2005; Legal Profession (Amendment) Act 2005; Limited Liability Partnerships Act 2005; Money-changing and Remittance Businesses (Amendment) Act 2005; Nanyang Technological University (Corporatisation) Act 2005
The Council for Estate Agencies (CEA) was established on 22 October 2010 as a statutory board of the Ministry of National Development to regulate and develop the real estate agency industry in Singapore.