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Income Tax Act 1947
The Income Tax Act 1947 (ITA) is an Act of the Singaporean Parliament to impose a tax upon incomes and to regulate the collection thereof. It was commenced together with the formation of the Inland Revenue Authority of Singapore. Overview The ITA grants any person including Singaporeans in Singapore the right to pay income tax upon the income accruing in or derived from Singapore, or received in Singapore from outside Singapore. 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. 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. Fines of S$5,000 or three years of jail may also be awarded. Uses and Concerns Blogging A blog (a truncation of "weblog") is a discussion or informational website published on the World Wide Web consisting of disc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Singapore
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. Following the 2020 general election, 93 (currently 92) MPs and two NCMPs were elected to the 14th Parliament. Nine NMPs will usually be appointed by the president. The speaker of Parliament has overall charge of the administration of Parliament and its secretariat, and presides over parliamentary sittings. The leader of the house is an MP appointed by the prime minister to arrange government business and the legislative programme of Parliament, while the leader of the opposition is the MP who leads the largest political party not in the government. Some of Parliament's work is carried out b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Authority Of Singapore
The Inland Revenue Authority of Singapore (IRAS) is a statutory board under the Ministry of Finance of the Government of Singapore in charge of tax collection. History Early beginnings The Singapore Income Tax Department was created in 1947 to administer the Income Tax Ordinance enacted during that year. Actual assessing of tax only began in November 1948. In the first Year of Assessment, about 40,000 individual tax returns and 1,000 corporate returns were received. The total tax collected for the period 1 January 1948 to 31 December 1949 was $33.2 million. 1960s Following self-government in 1959, the Inland Revenue Department was formed in 1960 when various revenues administered and collected by a number of separate agencies were brought together. When Singapore attained independence on 9 August 1965, substantial changes were made to the Income Tax Act, which came into effect on 1 January 1966. 1970s By this time, the number of Acts that came under the Department's purview ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Singaporean
Singaporeans, or the Singaporean people, refers to citizens or people who identify with the sovereign island city-state of Singapore. Singapore is a multi-ethnic, multi-cultural and multi-lingual country. Singaporeans of Chinese, Malay, Indian and Eurasian descent have made up the vast majority of the population since the 19th century. The Singaporean diaspora is also far-reaching worldwide. In 1819, the port of Singapore was established by Sir Stamford Raffles, who opened it to free trade and free immigration on the island's south coast. Many immigrants from the region settled in Singapore. By 1827, the population of the island was composed of people from various ethnic groups. Singapore is a multilingual and multicultural society home to people of groups of many different ethnic, religious and national origins, with the majority of the population made up of Chinese, Malay, Indian and Eurasian descent. The Singaporean identity was fostered as a way for the different ethnic g ... [...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] |
Ministry Of Finance (Singapore)
The Ministry of Finance (MOF; ms, Kementerian Kewangan; zh, 财政部; ta, நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore. Responsibilities The authority's main regulatory statutes are Accountants Act, Accounting Standards Partnerships Act, Business Registration Act, Companies Act, Limited Partnerships Act and the Limited Liability Partnerships Act. The MOF ensures that businesses in Singapore are compatible with international standards and practices, in areas such as company law, accounting standards and corporate governance principles. Singapore Budget Every year, the MOF prepares the Singapore Budget and the Minister for Finance presents the Budget to the Parliament before the new financial year begins. The Budget includes the revised Government revenue and expenditure projections for the current financial year as well as the planned governmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Collection
A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged with tax collection, investigation of tax evasion, or carrying out audits. In certain instances, they also administer payments to certain relevant individuals (such as statutory sick pay, statutory maternity pay) as well as targeted financial support (welfare) to families and individuals (through payment of tax credits or transfer payments). The chief executive of the revenue agency is usually styled as Commissioner, Minister, Secretary or Director. Revenue services by jurisdiction }, AFIP) , — , - , , State Revenue Committee of Armenia ( hy, Պետական Եկամուտների Կոմիտե (ՊԵԿ)) , — , - , , Australian Taxation Office (ATO) , — , - , , National Board of Revenue , — , - , , Barbados Revenue Authoritybr>, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blogging
A blog (a truncation of "weblog") is a discussion or informational website published on the World Wide Web consisting of discrete, often informal diary-style text entries (posts). Posts are typically displayed in reverse chronological order so that the most recent post appears first, at the top of the web page. Until 2009, blogs were usually the work of a single individual, occasionally of a small group, and often covered a single subject or topic. In the 2010s, "multi-author blogs" (MABs) emerged, featuring the writing of multiple authors and sometimes professionally edited. MABs from newspapers, other media outlets, universities, think tanks, advocacy groups, and similar institutions account for an increasing quantity of blog traffic. The rise of Twitter and other "microblogging" systems helps integrate MABs and single-author blogs into the news media. ''Blog'' can also be used as a verb, meaning ''to maintain or add content to a blog''. The emergence and growth of blogs i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1947 In Law
It was the first year of the Cold War, which would last until 1991, ending with the dissolution of the Soviet Union. Events January * January– February – Winter of 1946–47 in the United Kingdom: The worst snowfall in the country in the 20th century causes extensive disruption of travel. Given the low ratio of private vehicle ownership at the time, it is mainly remembered in terms of its effects on the railway network. * January 1 - The Canadian Citizenship Act comes into effect. * January 4 – First issue of weekly magazine '' Der Spiegel'' published in Hanover, Germany, edited by Rudolf Augstein. * January 10 – The United Nations adopts a resolution to take control of the free city of Trieste. * January 15 – Elizabeth Short, an aspiring actress nicknamed the "Black Dahlia", is found brutally murdered in a vacant lot in Los Angeles; the mysterious case is never solved. * January 16 – Vincent Auriol is inaugurated as president of France. * January 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1947 In Singapore
It was the first year of the Cold War, which would last until 1991, ending with the dissolution of the Soviet Union. Events January * January–February – Winter of 1946–47 in the United Kingdom: The worst snowfall in the country in the 20th century causes extensive disruption of travel. Given the low ratio of private vehicle ownership at the time, it is mainly remembered in terms of its effects on the railway network. * January 1 - The Canadian Citizenship Act comes into effect. * January 4 – First issue of weekly magazine ''Der Spiegel'' published in Hanover, Germany, edited by Rudolf Augstein. * January 10 – The United Nations adopts a resolution to take control of the free city of Trieste. * January 15 – Elizabeth Short, an aspiring actress nicknamed the "Black Dahlia", is found brutally murdered in a vacant lot in Los Angeles; the mysterious case is never solved. * January 16 – Vincent Auriol is inaugurated as president of France. * January 19 – Ferry ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
