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 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 t ...

Overview

The ITA grants any person including

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, India ...

s in

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, borde ...

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) 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 Sin ...

is in charge of

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 ...

. 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 discrete, often informal diary-style text entries (posts). Posts are typically displayed in reverse chronological order ...

is taxable in Singapore if it constitute gains or profits from a trade or a business under section 10(1)(a) of the ITA.

References

External links

Income Tax Act (CHAPTER 134)
{{Law of Singapore 1947 in law 1947 in Singapore Singaporean legislation