Most taxes in Singapore are collected by IRAS. These taxes include personal income tax, corporate income tax, and property tax. However, not all taxes in Singapore are collected by IRAS because some are not under its jurisdiction.

Taxes not Collected by IRAS

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.

Want to Start business in Singapore
Want to Start business in Singapore

Taxes Which Are Not Collected by IRAS

Not every form of taxation which exists in Singapore today is collected by IRAS. There are also taxes collected by other government agencies. These taxes which are collected by other agencies include motor vehicle taxes, customs and excise duties, and foreign worker levy. Motor vehicle taxes are collected by the Land Transport Authority. Motor vehicle taxes in Singapore vary depending on the type of vehicle which has been purchased. Customs and excise duties are collected by Singapore Customs. Customs duties are imposed on all goods which have been imported into Singapore. Excise duties are imposed on all goods which have either been manufactured in or imported into Singapore. Only goods which have been deemed to be dutiable are subject to customs and excise duties. Another tax imposed in Singapore which is not collected by IRAS is the foreign worker levy. This tax is collected by the Ministry of Manpower. The foreign worker levy has been imposed by the government of Singapore in order to regulate the number of foreigners who work in the country. The amount of money to be paid in order to satisfy the requirements of the foreign worker levy depends on the workers’ qualifications as well as the number of Work Permit or S Pass holders who have been hired by the company in question.