The Inland Revenue Authority of Singapore (IRAS) is Singapore’s foremost tax authority. It is one of the Singaporean government’s statutory boards. It functions under the auspices of the Ministry of Finance and is in charge of imposing many of the different kinds of taxes which are to be paid by Singapore’s taxpayers. It is also tasked with enforcing the tax laws of the country. Since 1992, IRAS has performed the functions which were once to be performed by the former Inland Revenue Department.
Some who are to pay taxes in Singapore might not completely understand their tax obligations because of the complexity and intricacy of Singapore’s tax system. Fortunately for such people, we at Paul Hype Page & Co have a tax team possessing a deep understanding about the country’s tax system and much knowledge about the inner workings of taxation in Singapore today. Should you require any assistance regarding the reduction of your tax burden, we can arrange a meeting with you so that we can discuss that matter as well.
Taxes Which Are Collected by IRAS
The vast majority of all taxes which are imposed in Singapore are collected by IRAS. Among the most notable of the taxes which are collected by IRAS include personal income tax, corporate income tax, property tax, Goods and Services Tax (GST), stamp duties, and betting taxes. Personal income tax is the most well-known of all taxes collected in Singapore. The highest possible personal income tax rate which may be imposed on taxpayers in Singapore is 22%. Singapore’s corporate income tax is one of the lowest in the world. All companies in Singapore are taxed at just 17%. Furthermore, certain companies based in Singapore which have fulfilled certain criteria may benefit from one or more tax exemptions which have been introduced by the government of Singapore. The maximum property tax rate in Singapore is either 16% or 20% depending on whether the owner of the property currently occupies that property. The current GST rate in Singapore is 7%; however, at some point in the future, it will be raised to 9%. Stamp duties in Singapore are divided into Buyer Stamp Duty and Additional Buyer Stamp Duty; both are related to the purchase and lease of any property in Singapore. Betting taxes in Singapore include Casino Tax, Private Lotteries Duty, and Betting Duty; all three are related to gambling activities conducted in Singapore.