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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.
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 is payable on a ...
American Civil War (1861–65) George S. Boutwell was the first Commissioner of Internal Revenue under President Abraham Lincoln.. In July 1862, during the American Civil War, President Abraham Lincoln and Congress passed the Revenue Act of 1862, creating the office of Commissioner of Internal Revenue and enacting a temporary income tax to pay war expenses.
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 .
Early life The eldest child of Lee Kuan Yew and Kwa Geok Choo and the patriline grandson of a retired storekeeper-turned- salesman, Lee Chin Koon (1903–1995) and Chua Jim Neo (1905–1980), a chef, Lee Hsien Loong was born at KK Women's and Children's Hospital in Singapore on 10 February 1952, when Singapore was a British colony. His mother has ancestry from Tong'an District and Longhu while ...
There are three general sources of Singapore law: legislation, judicial precedents ( case law ), and custom. [1] Legislation is divided into statutes and subsidiary legislation. Statutes are written laws enacted by the Singapore Parliament, as well as by other bodies that had power to pass laws for Singapore in the past.
Tax on Rental Income The tax on rental income depends on the residence, the use of the space and other specifics. Rental income tax for non-residents in Indonesia is imposed in a flat rate of 20% of gross income. For income gained by companies, they are taxed by a flat rate of 25% of net income.
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.