Singapore Collected SGD43.4bn in Tax Revenues in 2014–15
The Inland Revenue Authority of Singapore (IRAS) is responsible for collecting taxes from the individual taxpayers and the companies operating in Singapore. According to the latest annual report published by the IRAS for the FY 2014-15, it collected a total of SGD43.4bn in tax revenues.
It is a record-high collection for a country known for giving tax exemptions to the existing and startup Singapore company setup. A little bit of credit, also go to the Singapore incorporation services. They provide one-stop corporate services to the Singapore businesses. These firms, acting as the company secretary for their clients, keep track of all the due dates and assist their clients with the statutory filing.
The main contributor to the record tax revenue is the income tax, which stood at SGD23.4bn. The term covers corporate and personal income tax and withholding tax. Both corporate and personal income tax saw an increase in the collection of revenues. The 2014-15 also saw the rise in the number of taxpayers who opted for voluntary compliance of on-time payment of their taxes.
IRAS has also reported an increase in the Goods and Services Tax collected because of the slight increase in the consumption. The SGD2.6bn was collected in betting tax revenues. It also reported a decrease in the collection of stamp duty.
The IRAS officials do not look kindly upon the entities involved in tax evasion. The guilty are punished with the fines and imprisonment. Appointing a competent corporate services provider like SBS Consulting takes care of the statutory filing of the company.