Income Tax Act 1947

Income Tax Act 1947
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.

Overview

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.[1]

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.[2]

Uses and Concerns

Blogging is taxable in Singapore if it constitute gains or profits from a trade or a business under section 10(1)(a) of the ITA.[3]

References

  1. ↑ Huang, Claire (18 November 2015). "MOF accepts 31 suggestions on draft income tax Bill 2016". Retrieved 16 March 2016.
  2. ↑ Tan, Angela. "Iras recovers S$217m in taxes and penalties after reviews, issues filing guide". Retrieved 16 March 2016.
  3. ↑ Yap, Jacky. "Taxman knocks on bloggers' doors". Vulcan Post. Retrieved 16 March 2016.

External links

This article is issued from Wikipedia - version of the 3/17/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.