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The Singapore government has argued that reducing the rate of GST would benefit the wealthy more than the poor, as the bulk of GST is collected from foreigners and higher-income earners. In 2010, 84.2% of all GST paid was collected from foreigners and the top 40% of Singaporean households, while the bottom 20% of households contributed only 4% ...
The Singapore Customs is a government agency under the Ministry of Finance of the Government of Singapore. Singapore Customs was reconstituted on 1 April 2003, after the Customs and Excise Department and the Trade Facilitation Division and Statistics Audit Unit of International Enterprise Singapore (IE Singapore) were merged. [ 1 ]
Following self-government in 1959, the Inland Revenue Department was formed in 1960 when various revenues administered and collected by a number of separate agencies were brought together. When Singapore attained independence on 9 August 1965, substantial changes were made to the Income Tax Act, which came into effect on 1 January 1966.
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. [ 87 ]
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The GST Subvention is disbursed to the town council every quarter [1] and has been used to offset the increase in GST on the S&CC costs for residents at least since December 2002, when then-Minister for Finance Lee Hsien Loong announced an increase in GST from 3% to 4%. [20]
The system was first conceived by the Pro-Enterprise Panel, a joint public-private sector panel chaired by the Head of Civil Service, Singapore. The panel received business feedback to cut red-tape in making it easy to start businesses in Singapore. Small and medium enterprises were the main target of the OBLS project due to their large number.
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