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The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA is also responsible for developing the accountancy sector and setting the ...
The Singapore Income Tax Department was created in 1947 to administer the Income Tax Ordinance enacted during that year. [1] 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.
In such a case, companies can claim Foreign Tax Credit (FTC) payable on the same income. As companies are taxed only on the preceding year, there is a need for business owners to truly understand the difference between "year of assessment" [3] and "basis period". Companies are taxed at a flat rate of 17% of their chargeable income. This applies ...
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. [1] 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.
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The Singapore High Court stated in Lines International Holding (S) Pte. Ltd. v. Singapore Tourist Promotion Board (1997) [89] that the adoption of a general policy by a body exercising an administrative discretion is perfectly valid provided the following conditions are satisfied: [90]
If your tax information was amended or corrected and indicates that you are owed a refund, you might not receive a dime through no fault of your own, but because your account has not been updated ...
A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries.