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Foreign-sourced dividends, foreign branch profits and foreign-sourced service income remitted into Singapore on or after 1 June 2003 by a Singapore resident company will be tax exempt if: [5] the headline tax rate of the foreign country from which income is received is at least 15 percent in the year the income is received, and
The H-1B visa is a dual intent visa, i.e., people who arrive on this visa may have partial immigrant intent. On the other hand, the H-1B1 visa is a non-immigrant intent visa, and applicants for the visa must clearly demonstrate such intent by demonstrating the following three things: [7] [irrelevant citation] [citation needed] has a residence ...
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
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 equalization is a policy applied by some international companies under which employees who are hired in one country and later accept a (temporary) assignment in another country do not have their total after-tax ("take-home") compensation changed depending on the tax regimes of the country they move to. If the employee is assigned to a ...
High-net-worth or skilled immigrants worldwide are also attracted to Singapore's low tax rates (e.g. no capital gains tax) and ease of doing business. Immigration is historically the main impetus for population growth in the country since the founding of modern Singapore in the early 19th century due to its strategic location.
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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.