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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]
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 list of official business registers around the world. [1] [2]There are many types of official business registers, usually maintained for various purposes by a state authority, such as a government agency, or a court of law.
A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit. The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST ...
Since 1983, [149] the Revenue Commissioners have published a quarterly list of tax defaulters. [150] The list includes the name, address and settlement details for every case where a settlement exceeded €50,000, and where the taxpayer did not meet other criteria such as making a qualifying disclosure. [151] [152]
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.
When GST is combined with progressive taxes, and the revenues distributed to the poor, the total fiscal structure can be progressive. [25] The preceding months before the GST became active saw a spike in consumption as consumers rushed to purchase goods that they perceived would be substantially more expensive with the GST.
For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. [2] Tax revenue refers to compulsory transfers to the central government for public purposes.