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Foreign-sourced dividends, foreign branch profits and foreign-sourced service income remitted into Singapore on or after 1 June 2003 by a Singapore resident company will be tax exempt if: [5] the headline tax rate of the foreign country from which income is received is at least 15 percent in the year the income is received, and
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 government also argued that the Workfare Income Supplement, a wage subsidy, would provide significant support for lower-income workers on a continuing basis even after the GST offsets have been distributed. [9] The government also cut direct tax rates, continuing its practice of lowering direct tax rates since 1986. [10]
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 ...
There is a 5% tax on lodging and 5% tax on hotel room fees. New Brunswick: HST: 10: 15 The HST was increased two points to 10% with an overall tax of 15% on July 1, 2016. [6] Newfoundland and Labrador: HST: 10 15 The HST was increased two points to 10% with an overall tax of 15% on July 1, 2016. [7] Northwest Territories: GST: 0: 5 Nova Scotia ...
Tax collection assumed by federal government Personal tax collection resumed by province Corporate tax collection resumed by province Corporate tax collection resumed by federal government British Columbia: 1876: 1901: 1941 [it 1] Alberta: 1932 [it 2] 1932 [it 2] 1941 [it 1] 1981: Saskatchewan: 1932: 1932: 1941 [it 1] Manitoba: 1923: 1924: 1938 ...
Constitution of the Republic of Singapore (Amendment) Act 2010; Coroners Act 2010; Criminal Procedure Code 2010; Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2010; Electronic Transactions Act 2010; Estate Agents Act 2010; Goods and Services Tax (Amendment) Act 2010; Government Securities (Amendment) Act 2010
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 ...