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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.
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 ...
The deadline for new applications to complete online tax returns was in October, though it is still possible to get in touch with HMRC to discuss options to pay an expected tax bill before the 31 ...
A tax return usually includes the following components. Income consists of the sources of a citizen's revenue, excluding items which are exempt from tax by law.Wages, salaries, income from retirement plans, dividends, interest and capital gains or losses should be considered as a source of revenue.
1 August – HometeamNS Country Club in Khatib is progressively opened with a bowling alley, indoor shooting arena, Peranakan theme T-Play kids playground, and Adventure HQ@HometeamNS before its official opening on 10 April 2021. 5 August – 2020 dengue outbreak: the number of dengue fever cases reported reached 22,403, surpassing the previous ...
The MOF oversees 3 statutory boards, which are the Accounting and Corporate Regulatory Authority (ACRA), Inland Revenue Authority of Singapore (IRAS) and Tote Board. It also had 3 departments, the Accountant-General's Department (AGD), Singapore Customs [2] and VITAL.