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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%.
A stock statement is a business statement that provides information on the value and quantity of stock-related transactions.This statement describes how much stock was purchased at what value and when, and is a matter of accounts and finance supplied by the cash credit account holder (e.g. a private limited company) to banks providing loans at a regular interval.
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.
A withholding system may be put into place in order to approximate the average tax liability, smoothing payments. It is difficult for many taxpayers to pay no tax all year, only to face a large year-end tax bill. Andrews notes the inherent problem with housing. Renters necessarily "consume" housing, so they would be taxed on the expenditure of ...
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 goods and services tax (GST) was a proposed value-added tax in Hong Kong. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy.
As a result, Hong Kong is considered to be favourable for profit shifting and conducting re-invoicing activities. In July 2006, a Proposal of Legislation of Goods and Services Tax (“GST”) was made by the Government, who argued that tax base in Hong Kong was urged to be broadened.
In 1996, three of the four Atlantic provinces—New Brunswick, Newfoundland and Labrador, and Nova Scotia—entered into an agreement with the Government of Canada to implement what was initially termed the "blended sales tax" (renamed to "harmonized sales tax") which would combine the 7% federal GST with the provincial sales taxes of those provinces; as part of this project, the PST portion ...