taxBytes@iras is a quarterly e-newsletter that keeps you up-to-date on the latest tax developments and other revenue matters!
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Issue 17: Jul - Sep 2016 |
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IRAS Annual Report 2015/16: Singapore’s Tax Revenue Up 3.2%, High On-Time Filing and Payment Rates Across Tax Types, Low Tax Arrears at 0.62%
- Taxes for Nation-Building
In Financial Year (FY) 2015/16, IRAS collected $44.8 billion in tax revenue, 3.2% more than the collection in FY 2014/15.
- Excellent Service and New Initiatives Helped in Enhancing Voluntary Compliance
New service initiatives, as well as system and process enhancements, contributed to taxpayers’ ease of filing and paying taxes.
- Deterring Non-Compliance
IRAS audited and investigated some 11,450 taxpayers and recovered over $411 million in taxes and penalties in FY2015/16.
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Does Your Turnover Exceed $1 million?
Register for GST if your taxable turnover for the past four quarters (i.e. from Oct 2015 to Sep 2016) exceeds $1 million. You can monitor your turnover using the GST registration calculator.
GST registration liability is assessed on a quarterly basis.
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Common GST Errors to Avoid When Claiming Input Tax
You may have incurred GST (input tax) when purchasing from GST-registered suppliers or importing goods into Singapore. You can claim input tax incurred when you satisfy all of the conditions.
Do not claim input tax on the following disallowed expenses:
- Staff's medical expenses and medical/accident insurance premiums (unless they are mandatory under the Work Injury Compensation Act)
- Club subscription fees
- Cost and running expenses of motor cars
- Benefits such as gifts provided to staff's family
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