Search results
Results from the WOW.Com Content Network
The Singapore government has argued that reducing the rate of GST would benefit the wealthy more than the poor, as the bulk of GST is collected from foreigners and higher-income earners. In 2010, 84.2% of all GST paid was collected from foreigners and the top 40% of Singaporean households, while the bottom 20% of households contributed only 4% ...
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
The GST applies nationally. The HST includes the provincial portion of the sales tax but is administered by the Canada Revenue Agency (CRA) and is applied under the same legislation as the GST. The HST is in effect in Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island. Every province except Alberta has ...
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.
A withholding system may be put into place in order to approximate the average tax liability, smoothing payments. It is difficult for many taxpayers to pay no tax all year, only to face a large year-end tax bill. Andrews notes the inherent problem with housing. Renters necessarily "consume" housing, so they would be taxed on the expenditure of ...
The provincial government committed to exempting some items while critics noted that electricity would see an increase from 5% GST to 14% HST; prior to the HST, electricity was not taxed by the PST. The HST was introduced to Prince Edward Island on April 1, 2013 which dropped the tax on goods to 14% from 15.5% and raised the tax on services ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
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.