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In view of uncertainty due to the COVID-19 pandemic, the GST increase [14] will be deferred to after year 2022, with a S$6 billion Assurance Package proposed in 2020 to cushion the impact when the hike kicks in. The GST increase is later deferred again, with the increase taking place in two stages, 8% on 1 January 2023 and 9% on 1 January 2024.
In FY2016/17, IRAS uncovered 10,626 non-compliant cases and recovered about $332 million in taxes and penalties through rigorous audits and investigation. IRAS collected S$50.2 billion in tax revenue in FY2017/2018, which was an increase of 6.8 per cent from FY2016/2017. [8]
Goods and Services Tax (GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. [ 87 ]
This is an accepted version of this page This is the latest accepted revision, reviewed on 27 February 2025. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) Fiscal year 1 April – 31 March Trade organisations WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others Country group Developed/Advanced High-income economy Statistics Population 6,040,000 (2024 ...
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.
10 August 1970 Lee K. III: Hon Sui Sen MP for Havelock (1916–1983) 11 August 1970 14 October 1983 Lee K. IV: Lee K. V: Lee K. VI: Tony Tan MP for Sembawang (born 1940) 24 October 1983 1 January 1985 Richard Hu MP for Kreta Ayer SMC (until 1996) MP for Kreta Ayer–Tanglin GRC (from 1997) (1926–2023) 2 January 1985 9 November 2001 Lee K. VII ...
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 ...
Vehicle registration numbers can be retained on new or old vehicles owned by the same person, with a validity of 1 year or with extensions of 6 months thereafter. Vehicle owners are also able to replace and bid for a new registration number for existing vehicles with proper documentations and fees paid for bidding or number retention. [2]