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The Government of Singapore consists of several departments, known as ministries and statutory boards in Singapore. Ministries are led by a member of the Cabinet and deal with state matters that require direct political oversight. The member of the Cabinet heading the ministry is known as the minister, who is supported by a junior minister ...
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.
The Government of Singapore is defined by the Constitution of the Republic of Singapore to consist of the President and the Executive. Executive authority of Singapore is vested in the President but exercised on the advice of the Cabinet led by the Prime Minister. The President, acting as the Head of State, may only act in their discretion in ...
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 structure of the economy of Singapore .
The statutes define the purpose, rights and powers of each authority. These organisations would usually subsequently report to one specific ministry. This list includes both current and new statutory boards formed. Singapore is a country known for its highly efficient and centralised government system largely due to these statutory boards.
The Cabinet of Singapore forms the executive branch of the Government of Singapore together with the President. It is led by the Prime Minister who is the head of government. The prime minister is a Member of Parliament (MP) appointed by the president who in the president's judgment is likely to command the confidence of the majority of the ...
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 ...
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]