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 21: Jul - Sep 2017 |
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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.
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Record-Keeping Tips for Self-Employed
Learn how you can improve tax compliance and enhance the overall record-keeping standards for your business.
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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.

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