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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] |
Government Of Singapore
The Government of Singapore is defined by the Constitution of Singapore to mean the executive branch of the state, which is made up of the president and the Cabinet. Although the president acts in their personal discretion in the exercise of certain functions as a check on the Cabinet and the Parliament, their role is largely ceremonial. It is the Cabinet, composed of the prime minister and other ministers appointed on their advice by the president, that have the general direction and control of the government. The Cabinet is formed by the political party that gains a simple majority in each general election. A statutory board is an autonomous agency of the Government that is established by an Act of Parliament and overseen by a government ministry. Unlike ministries and government departments that are subdivisions of ministries, statutory boards are not staffed by civil servants and have greater independence and flexibility in their operations. There are five Community ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In Singapore
Income tax in Singapore involves both individual income tax and corporate income tax. Income earned both inside and outside the country for individuals and corporate entities is taxed Individual income tax Individual income tax in Singapore is payable on an annual basis, it is currently based on the progressive tax system (for local residents and tax residents), with taxes ranging from 0% to 22% since Year of Assessment 2017. The Year of Assessment (YA) is based on the calendar year commencing 1 January to 31 December, and is payable on a preceding year basis, whereby taxes payable per year of assessment is based on income earned in the preceding calendar year. Taxation is based on the source principle, in which only income earned at source, in this case in Singapore, or those derived from overseas but received in Singapore, are taxable. 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 p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Services
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] |
Organisations Of The Singapore Government
The Government of Singapore consists of several departments, known as ministries and statutory boards in Singapore. Ministries are led by a member of the Cabinet and deal with state matters that require direct political oversight. The member of the Cabinet heading the ministry is known as the minister, who is supported by a junior minister known as minister of state in Singapore. The administrative management of the ministry is led by a senior civil servant known as permanent secretary. Ministry of Culture, Community and Youth (MCCY) Committees/Councils * Hindu Advisory Board * Hindu Endowments Board * National Integration Council * Sikh Advisory Board Departments/Divisions * Arts and Heritage Division * Charities Unit * Community Relations and Engagement Division * Corporate Communications Division * Development and Corporate Administration Division * Human Resource and Organisation Development * Information Technology Division * Internal Audit Division * Legal Unit * National ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Novena, Singapore
Novena is a planning area located within the Central Region of Singapore. Novena is bounded by Toa Payoh to the north, Bukit Timah to the west, Tanglin to the south and Kallang to the east. While Novena is not classified as a "new town" by the Housing and Development Board (HDB), the estate of Whampoa within the subzone of Balestier constitutes part of the Kallang/Whampoa New Town. Tan Tock Seng Hospital, set up by philanthropist Tan Tock Seng in 1844, one of the oldest and busiest hospitals in Singapore, is located in this area. Etymology Novena and its associated roads, buildings and Mass Rapid Transit station are named after Novena Church (canonically the Church of Saint Alphonsus Liguori) located in the area. Balestier Road was named after Joseph Balestier, an American diplomat who served in Singapore in the 1800s. Housing Land in Novena is very expensive because of its close proximity to the Central Area. There are few HDB flats in Novena; most houses in the area ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Agencies Established In 1992
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mixed governm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1992 Establishments In Singapore
Year 199 ( CXCIX) was a common year starting on Monday (link will display the full calendar) of the Julian calendar. At the time, it was sometimes known as year 952 ''Ab urbe condita''. The denomination 199 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Mesopotamia is partitioned into two Roman provinces divided by the Euphrates, Mesopotamia and Osroene. * Emperor Septimius Severus lays siege to the city-state Hatra in Central-Mesopotamia, but fails to capture the city despite breaching the walls. * Two new legions, I Parthica and III Parthica, are formed as a permanent garrison. China * Battle of Yijing: Chinese warlord Yuan Shao defeats Gongsun Zan. Korea * Geodeung succeeds Suro of Geumgwan Gaya, as king of the Korean kingdom of Gaya (traditional date). By topic Religion * Pope Zephyrinus succeeds Pope Victor I, as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1992 In Singapore
Events from the year 1992 in Singapore. Incumbents *President: Wee Kim Wee *Prime Minister: Goh Chok Tong Events January * 3 January – Singapore bans the sale of chewing gum in a bid to prevent disruption to MRT services and reduce gum litter-related issues. This came after two incidents where MRT doors were unable to close fully due to gum. In 2004, the ban is partially lifted for gums with medicinal value. * 10 January – The Ministry of Education announced the Trim and Fit scheme for overweight children. * 28 January – The ASEAN Free Trade Area agreement is signed. February * 18 February – The International Business Park is launched in Jurong, making it the first business park in Singapore. April * April - The Jurong Bird Park Panorail starts operations. * 1 April - **The Institute of Technical Education is established from the previous Vocational and Industrial Training Board (VITB) to improve vocational education, a day after its launch. **Nanyang Polytechnic i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Stamps Of Singapore
Singapore issued revenue stamps from 1948 to 1999. There were various types of fiscal stamps for different taxes. Revenue From the nineteenth century Singapore used revenues of the Straits Settlements. In 1948, the first revenue stamps exclusively for use in Singapore were issued. Three values were issued - $25, $50 and $100 - and the stamps portrayed King George VI. The $25 and $100 were reprinted in 1951 and 1953 respectively using a different perforation. In 1954, these three values were reissued with the portrait of Queen Elizabeth II following her father's death. These were then reissued about ten years later with a new watermark. Following Singapore's separation from Malaysia in 1965, revenue stamps were issued a year later showing the coat of arms. Seven values were issued, ranging from 5c to $5. Between 1969 and 1982 various high-value designs also showing the coat of arms were issued. There are various settings when it comes to perforation, watermark, paper and size, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Singapore Customs
The Singapore Customs is a government agency under the Ministry of Finance of the Government of Singapore. Singapore Customs was reconstituted on 1 April 2003, after the Customs and Excise Department and the Trade Facilitation Division and Statistics Audit Unit of International Enterprise Singapore (IE Singapore) were merged. The border function's at the land, air and sea checkpoints were also simultaneously transferred to Immigration and Checkpoints Authority (ICA). Singapore Customs became the lead agency on trade facilitation and revenue enforcement matters. It is also responsible for the implementation of customs and trade enforcement measures including those related to Free Trade Agreements and strategic goods. The headquarters is located in Revenue House along Newton Road, Novena. Goods and Services Tax (GST) Refund for Tourists The Customs of Singapore is assisting on behalf of the Inland Revenue Authority of Singapore (IRAS) to administer the GST endorsement for the Tou ... [...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] |
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] |
