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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.
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 ...
Goods and Services Tax (GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. [ 1 ]
This is a somewhat complete list of all Singapore Acts of Parliament which have been passed - the entire list of acts passed is available online at the Singapore Attorney-General's Chambers website, at Singapore Statutes. Approved Budgets and annual debates may be found at the Supply Act.
The Statutes of the Republic of Singapore, a series that consists of all Acts of the Singapore Parliament and English statutes that are currently in force in Singapore. There are three general sources of Singapore law: legislation, judicial precedents , and custom. [1] Legislation is divided into statutes and subsidiary legislation.
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 Legislative Assembly of the State of Singapore was the legislature of the Government of Singapore from 1955 to 1965 and is the predecessor of the Parliament of Singapore. [1] The Rendel Constitution , proposed in 1953, sought to give the local population more self-governance as the Merdeka independence movement grew.