|Income Tax Act 1947|
|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 ITA grants any person including Singaporeans in Singapore the right to pay income tax upon the income accruing in or derived from Singapore, or received in Singapore from outside Singapore. The Inland Revenue Authority of Singapore under Ministry of Finance (Singapore) is in charge of tax collection.
The latest amendment bill is still being made as of March 2016.
Under Section 95 of the ITA, convicted taxpayers are subjected to a penalty of up to 200% of the amount of tax undercharged in cases of incorrect tax returns. Fines of S$5,000 or three years of jail may also be awarded.
Uses and Concerns
This section needs expansion. You can help by adding to it. (March 2016)
- Huang, Claire (18 November 2015). "MOF accepts 31 suggestions on draft income tax Bill 2016". Retrieved 16 March 2016.
- Tan, Angela. "Iras recovers S$217m in taxes and penalties after reviews, issues filing guide". Retrieved 16 March 2016.
- Yap, Jacky. "Taxman knocks on bloggers' doors". Vulcan Post. Retrieved 16 March 2016.