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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 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.
Corporate income tax like individual income tax is payable on an annual basis. However, foreign income earned by a Singapore company may require dual taxation once in the income origin country and in Singapore. In such a case, companies can claim Foreign Tax Credit (FTC) payable on the same income.
IRAS warns recipients against providing their personal details in response to a scam email about income tax returns.
Using the 6-digit postal code to look up the Central Public Lirbary in the OneMap application. Due to Singapore being a small city-state and most buildings having singular, dedicated delivery points, the postal code can be used as a succinct and precise identifier of buildings in Singapore, akin to a geocode.
The International Telecommunication Union (ITU) publishes a recommendation entitled Notation for national and international telephone numbers, e-mail addresses and Web addresses. Recommendation E.123 specifies the format of telephone numbers assigned to telephones and similar communication endpoints in national telephone numbering plans.
The MOF oversees 3 statutory boards, which are the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), Singapore Customs [2] and VITAL.