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GST was implemented at a single rate of 3% on 1 April 1994, with an assurance that it would not be raised for at least five years. To cushion the impact of GST on Singaporean households, an offset package was also introduced. Simultaneously, corporate tax rate was cut by 3% to 27%, and the top marginal personal income tax rate was cut by 3% to 30%.
The Parliament of Singapore is the unicameral legislature of the Republic of Singapore, which governs the country alongside the president of Singapore.Largely based upon the Westminster system, the Parliament is made up of Members of Parliament (MPs) who are elected, as well as Non-constituency Members of Parliament (NCMPs) and Nominated Members of Parliament (NMPs) who are appointed.
The elections will be the nineteenth in Singapore since 1948 and the fourteenth since independence. For the first time since the 2006 general election , Lee Hsien Loong will not be leading the governing People's Action Party (PAP) into this election, as he was succeeded by Lawrence Wong as Prime Minister on 15 May 2024, [ 1 ] and PAP's ...
The Constitution of Singapore states that the Parliament of Singapore shall consist of eighty-nine members who are elected by the people, up to nine Non-constituency Members of Parliament (NCMPs) [1] and up to nine Nominated Members of Parliament (NMPs), [2] following changes to the Constitution enacted on 26 April 2010. [3]
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On 1 September 1992, the Inland Revenue Authority of Singapore (IRAS) was established by legislation as a statutory board [3] under the Ministry of Finance. With this conversion, IRAS was incorporated by the Inland Revenue Authority of Singapore Act to take over the functions previously performed by the Inland Revenue Department.
MADRID (AP) — Kylian Mbappé made some peace with Real Madrid’s fans. Mbappé scored in Madrid's 2-0 win over Getafe in the Spanish league on Sunday to help ease the pressure on the France star.
The PAP has been the only ruling party to form the government since then. Singapore joined the Federation of Malaysia in 1963 and gained independence in 1965 after being expelled. [3] Singapore has consistently been rated as the least-corrupt country in Asia and amongst the top ten cleanest in the world by Transparency International.