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Goods And Services Tax (Singapore)
Goods and Services Tax (GST) in Singapore is a broad-based value added tax levied on import of goods, as well as nearly all supplies of goods and services. The only exemptions are for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. Export of goods and international services are zero-rated. Background Prior to 1986, Singapore's corporate income tax rate and top marginal personal income tax rate both stood at 40%. Such high rates were deemed to be uncompetitive. On the recommendation of the 1986 Economic Committee, the Singapore Government decided that it needed to shift from direct to indirect taxes, to maintain its international competitiveness in attracting investments, and to sustain its economic growth to create well-paying jobs for Singaporeans. Implementation 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. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south, the South China Sea to the east, and the Straits of Johor to the north. The country's territory is composed of one main island, 63 satellite islands and islets, and one outlying islet; the combined area of these has increased by 25% since the country's independence as a result of extensive land reclamation projects. It has the third highest population density in the world. With a multicultural population and recognising the need to respect cultural identities of the major ethnic groups within the nation, Singapore has four official languages: English, Malay, Mandarin, and Tamil. English is the lingua franca and numerous public services are available only in Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Bureau Of Fiscal Documentation
International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The Three Degrees album), 1975 *''International'', 2018 album by L'Algérino Songs * The Internationale, the left-wing anthem * "International" (Chase & Status song), 2014 * "International", by Adventures in Stereo from ''Monomania'', 2000 * "International", by Brass Construction from ''Renegades'', 1984 * "International", by Thomas Leer from ''The Scale of Ten'', 1985 * "International", by Kevin Michael from ''International'' (Kevin Michael album), 2011 * "International", by McGuinness Flint from ''McGuinness Flint'', 1970 * "International", by Orchestral Manoeuvres in the Dark from '' Dazzle Ships'', 1983 * "International (Serious)", by Estelle from '' All of Me'', 2012 Politics * Political international, any transnational organization of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tharman Shanmugaratnam
Tharman Shanmugaratnam (Tamil: தர்மன் சண்முகரத்தினம்; born 25 February 1957) is a Singaporean politician and economist who has been serving as Senior Minister of Singapore since 2019 and has also been Coordinating Minister for Social Policies since 2015 and also chairman of the Monetary Authority of Singapore since 2011. A member of the governing People's Action Party, he has been the Member of Parliament (MP) representing the Taman Jurong division of Jurong GRC since 2001. He has also been serving as Deputy Chairman of GIC. An economist by profession, Tharman had worked in both the public and private sectors, both domestic and abroad. He has spent most of his working life in public service, in roles principally related to economic and social policies. Tharman previously led the G20 Eminent Persons Group on Global Financial Governance and had chaired the International Monetary and Financial Committee (IMFC), the International Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heng Swee Keat
Heng Swee Keat (; born 15 April 1961) is a Singaporean politician, former police officer and civil servant who has been serving as Deputy Prime Minister of Singapore since 2019 and Coordinating Minister for Economic Policies since 2020 and also chairman of the People's Action Party since 2022. He has been the Member of Parliament (MP) representing the Bedok division of East Coast GRC since 2020. Heng had previously served as Minister for Education between 2011 and 2015 and Minister for Finance between 2015 and 2021. Prior to entering politics, Heng worked in the Singapore Police Force (SPF), Ministry of Education (MOE), Ministry of Trade and Industry (MTI), and Monetary Authority of Singapore (MAS). He was also the principal private secretary to Senior Minister Lee Kuan Yew between 1997 and 2001. He made his political debut in the 2011 general election as part of a five-member PAP team contesting in Tampines GRC and won with 57.22% of the vote. He then elected as a Member ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AsiaOne
AsiaOne is Singapore's first pure play digital content platform, serving readers primarily in Singapore, Malaysia, and Hong Kong. AsiaOne was first launched in 1995 by Singapore Press Holdings and is currently a joint venture between mm2 Asia and SPH Media Trust. On 5 June 2000, SPH AsiaOne Ltd was listed on the Singapore Exchange. It was delisted on 24 January 2002. AsiaOne was revamped in July 2021, focusing on being "Off Centre, On Trend", that is, offering the reader a fresh perspective of what's happening packaged in a relatable way that matters. The website is one of the top news and information websites in Singapore by readership. AsiaOne's won the Silver award for the Best News Website Or Mobile Service for its NewsLite service in 2021 at the WAN-IFRA Digital Media Awards Asia 2021. Content AsiaOne initially started as a news aggregator covering news from across the Southeast Asian region. Today, over 90% of its content is organically created by a team of in-hous ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Spending
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Government spending can be financed by government borrowing, taxes, custom duties, the sale or lease of natural resources, and various fees like national park entry fees or licensing fees. When Governments choose to borrow money, they have to pay interest on the money borro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ageing Population
Population ageing is an increasing median age in a population because of declining fertility rates and rising life expectancy. Most countries have rising life expectancy and an ageing population, trends that emerged first in developed countries but are now seen in virtually all developing countries. That is the case for every country in the world except the 18 countries designated as "demographic outliers" by the United Nations. The aged population is currently at its highest level in human history.World Population Ageing: 1950-2050 United Nations Population Division. The UN predicts the rate of population ageing in the 21st century will exceed that of the previous century. The number of people aged 60 years and over has tripled since 1950 and reached 600 million ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic In Singapore
The COVID-19 pandemic in Singapore is part of the worldwide pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 (). The first case in :Singapore was confirmed on 23 January 2020. Early cases were primarily imported until local transmission began to develop in February and March. In late March and April, COVID-19 clusters were detected at multiple migrant worker dormitories, which soon contributed to an overwhelming proportion of new cases in the country. To stem the tide of infections, strict circuit breaker lockdown measures were implemented from 7 April to 1 June 2020, after which restrictions have been gradually lifted as conditions permitted. A mass vaccination campaign was launched, and has been successful in achieving a very high vaccination rate, with more than 96% of the eligible populace having completed their vaccination regimen as of June 2022. Various measures have been taken to mass test the population for the vi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regressive Tax
A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. "Regressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from high to low, so that the average tax rate exceeds the marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA In terms of individual income and wealth, a regressive tax imposes a greater burden (relative to resources) on the poor than on the rich: there is an inverse relationship between the tax rate and the taxpayer's ability to pay, as measured by assets, consumption, or income. These taxes tend to reduce the tax burden of the people with a higher ability to pay, as they shift the relative burden increasingly to those with a lower ability to pay. The regressivity ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proportional Tax
A proportional tax is a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases. The amount of the tax is in proportion to the amount subject to taxation. "Proportional" describes a distribution effect on income or expenditure, referring to the way the rate remains consistent (does not progress from "low to high" or "high to low" as income or consumption changes), where the marginal tax rate is equal to the average tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA It can be applied to individual taxes or to a tax system as a whole; a year, multi-year, or lifetime. Proportional taxes maintain equal tax incidence regardless of the ability-to-pay and do not shift the incidence disproportionately to those with a higher or lower economic well-being. Flat tax ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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