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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 ...
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 ...
SCP was established in 1992 to consolidate technical assistance initiatives offered by Singapore since the 1960s. [1] Technical assistance focuses on training and increasing the skills of a nation. As a country whose only resource is its people, Singapore believes human resource development is vital for economic and social progress.
With the vision of 'Limited Land, Unlimited Space', SLA is responsible for maximising Singapore's land resources, by: [4] Optimising land and space utilisation, Safeguarding property ownership, and; Promoting the use of land-space data through geospatial. SLA has two functional roles: developmental and regulatory.
Capital allowances is the practice of allowing tax payers to get tax relief on capital expenditure by allowing it to be deducted against their annual taxable income. . Generally, expenditure qualifying for capital allowances will be incurred on specified capital assets, with the deduction available normally spread over ma
On Dec. 26, 2004, a 9.2-magnitude earthquake shook Southeast Asia, triggering the worst tsunami in recorded history. According to United Nations estimates, more than 220,000 people were killed ...
By 1991, 10% of Singapore was reclaimed land. [3] By that year, industrial land on Singapore's mainland had again grown scarce, and it was decided that seven islets south of Jurong would be merged to form one large island, Jurong Island. By 2008, Singapore was one of the top three oil trading and refining hubs globally. [10]
62% (This consists of 40% income tax on the GBP 100k–125k band, an effective 20% due to the phase-out of the personal allowance, and 2% employee National Insurance). The marginal rate then drops to 47% for income above GBP 125k (45% income tax plus 2% employee National Insurance) [ 237 ] [ 238 ]