Getting to Know the Singapore Taxation System
As a rule, in every nation, citizens are required to give contribution to the state coffers of revenues in the form of a tax. The public funds collected are aimed at financing different projects and programs for the betterment of the country. Taxes are levied by the government from a worker's income, business profits, and even form the cost of some goods, services, and transactions. The same is also applied to the Singapore taxation system. It also has its rules and policies every citizen is following. Let us discuss some of them. What are the Tax Returns and Compliance? Under the Singapore taxation system , the tax return is due every April 15. The tax year runs from January 1 to 31 December annually. Individuals receive a letter, tax return or a text message every February or March from the Inland Revenue Authority of Singapore (IRAS), signaling them to file their returns. They can accomplish these either via electronic platforms or paper filing. The details for employ...