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The Singapore Income Tax Department was created in 1947 to administer the Income Tax Ordinance enacted during that year. Actual assessing of tax only began in November 1948. In the first Year of Assessment, about 40,000 individual tax returns and 1,000 corporate returns were received.
Individual income tax. Individual income tax in Singapore is payable on an annual basis, it is currently based on the progressive tax system (for local residents and tax residents), with taxes ranging from 0% to 22% since Year of Assessment 2017. The Year of Assessment (YA) is based on the calendar year commencing 1 January to 31 December, and ...
In Comptroller of Income Tax v. ACC (2010), [46] the respondent, a locally incorporated company, had arranged to enter into interest rate swap agreements with Singapore banks or Singapore branches of foreign banks on behalf of its offshore subsidiaries.
An Act to impose a tax upon incomes and to regulate the collection thereof. Status: In force. The Income Tax Act 1947 (ITA) is an Act of the Singaporean Parliament to impose a tax upon incomes and to regulate the collection thereof. It was commenced together with the formation of the Inland Revenue Authority of Singapore .
The Lines International conditions were approved by the Court of Appeal in JD Ltd. v. Comptroller of Income Tax (2005). Non-statutory rules or policies are "often drafted in a more flexible and less formalistic and precise way than statutory rules, thus leaving more leeway in their application". Such policies are often referred to as "soft law".
Accountant-General's Department. Singapore Customs. VITAL. Website. Official website. www .singaporebudget .gov .sg. The Ministry of Finance ( MOF; Malay: Kementerian Kewangan; Chinese: 财政部; Tamil: நிதி அமைச்சு) is a ministry of the Government of Singapore responsible for managing the fiscal policies and the ...
Taxation. An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income ). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.
This approach was also adopted in Comptroller of Income Tax v. ACC (2010). [107] The Court of Appeal held it is trite law that a quashing order will not lie unless a public authority has done something that a court can quash or, in other words, deprive of legal effect. [108]