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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 business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...
As the Singapore Government's principal revenue collection body, IRAS collects Income Tax, Goods and Services Tax (GST), [4] Property Tax, Estate Duty, Betting and Sweepstakes Duties, Stamp Duties and Casino Tax. Blogging is taxable in Singapore if it constitute gains or profits from a trade or a business under section 10(1)(a) of the Income ...
Companies are free to set their own per diem rates or maximum allowances that employees are reimbursed for expenses incurred while on business trip. The portion of per diem allowance in excess of 700 ₽ for travel in Russia and 2,500 ₽ for travel outside Russia is deemed employee's taxable income.
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.
The Ministry of Finance (MOF; Malay: Kementerian Kewangan; Chinese: 财政部; Tamil: நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore.
The Customs Department was founded when Singapore was the British Empire's Straits Settlements and later Crown Colony.Established in 1910 under the name Government Monopolies Department, Customs is one of the oldest tax-collecting organisations in modern Singapore to increase the country's state coffers to help fund national programmes.
Goods and Services Tax (GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. [ 1 ]