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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.
IRAS collected S$47 billion in tax revenue in FY2016/17. [7] Tax arrears remained low at 0.68% of net tax assessed and cost of collection was also kept low at 0.84 cents for every dollar collected. In FY2016/17, IRAS uncovered 10,626 non-compliant cases and recovered about $332 million in taxes and penalties through rigorous audits and ...
This is a somewhat complete list of all Singapore Acts of Parliament which have been passed - the entire list of acts passed is available online at the Singapore Attorney-General's Chambers website, at Singapore Statutes. Approved Budgets and annual debates may be found at the Supply Act.
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 ...
A Supply Bill, Supplementary Supply Bill or Final Supply Bill for any financial year if, in the President's opinion, the estimates of revenue and expenditure for that year, the supplementary estimates or the statement of excess, as the case may be, are likely to lead to a drawing on the reserves that were not accumulated by the Government ...
They indicated that property assessments for the 2022 and 2023 property tax years will continue to be based on the fully phased-on January 1, 2016, current values. In August 2023, the Ontario government announced that it was postponing a provincewide property reassessment as it conducts a new review of the accuracy and fairness of the system.
Bill 198 amends Part CXXIII.1 of the Ontario Securities Act. As budgetary legislation, it touched on many different aspects of government operation. Provisions included measures about corporate disclosure, auto insurance and tax. Thus, only a small portion of Bill 198 was relevant to "Sarbanes–Oxley" issues.
The bill was passed in Parliament the same day, at around 11:15 pm; 75 Members of Parliament (all 70 from the People's Action Party and 5 Nominated Members of Parliament) voted in favour of the legislation, whereas 11 from the Workers' Party and the Progress Singapore Party objected with 2 abstentions (all NMPs).