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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.
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 ...
Sport Singapore, as well as the Singapore National Olympic Council and the Singapore Swimming Association have also planned further action based on investigations. [85] [86] 31 August – GXS Bank, a consortium by Grab and Singtel, is launched Singapore's first digital bank for consumers and businesses. Its first product is a savings account ...
[15] [16] Since then, the Government plans to increase the Assurance Package by $1.4 billion due to inflation, bringing the total to $8.040 billion. The GST was eventually announced by Finance Minister Lawrence Wong during Budget 2022 (18 February 2022) to be increased in 2 phases, one percentage point each time on 1 January 2023 and 1 January ...
Every year, the MOF prepares the Singapore Budget and the Minister for Finance presents the Budget to the Parliament before the new financial year begins. The Budget includes the revised Government revenue and expenditure projections for the current financial year as well as the planned government revenue and expenditures for the following ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 31 January 2025. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) 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 Act provided for a drawing on the Past Reserves of a sum not exceeding S$11,010,000,000 [18] to alleviate the continuing adverse economic effects caused by the COVID-19 pandemic in Singapore. On 23 March 2022, President Halimah Yacob assented to the Supply Act 2022 after passage in the 14th Parliament and following its introduction by ...
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. [ 1 ]