taxBytes@iras

IRAS Annual Report 2016/17: Singapore’s tax revenue up 5%, high on-time filing rates across tax types, and service enhancements to partner taxpayers and facilitate compliance

• Taxes for Nation Building: In FY2016/17, IRAS collected $47.0 billion in tax revenue, close to 5% more than the collection in FY2015/16.
• New initiatives and system enhancements to help taxpayers file and pay on time: New service initiatives contributed to taxpayers’ ease of filing and paying of taxes, and overall high on-time filing and payment rates.
• Deterring non-compliance: IRAS audited and investigated some 10,626 non-compliant cases and recovered about $322 million in taxes and penalties in FY2016/17.

Record-Keeping Tips for Self-Employed

Learn how you can improve tax compliance and enhance the overall record-keeping standards for your business. 

• Keeping records the healthy way
• Keeping proper records
• Commonly-made mistakes

Business revenue for the past 4 quarters exceeds $1 million?

Register for GST if your taxable turnover for the past four quarters (i.e. from Oct 2016 to Sep 2017) exceeds $1 million. You can monitor your turnover using the GST registration calculator. 

GST registration liability is assessed on a quarterly basis.