taxBytes@iras

$50.2 billion in tax revenue collected

• IRAS collected $50.2 billion in tax revenue in Financial Year (FY) 2017/18. This is an increase of 6.8% from the previous FY and came on the back of better-than-expected economic expansion of 3.6% in 2017.
• The increase in revenue collection was attributed mainly to higher Corporate Income Tax collection from improved corporate earnings; and higher Stamp Duty collection due to a higher number of property transactions.
• The cost of tax collection remained low at 0.84 cents for every dollar collected.
• Tax revenue collected supported funding of key Government programmes to build an innovative and connected economy, a quality living environment and a caring and inclusive society.

Tax-savvy record-keeping tips for the self-employed

Ever wondered what is good record-keeping and why it is important for your business? As a self-employed, keeping proper records the digital way can bring about greater convenience for your business and make tax filing simpler for you.  

Watch these videos to find out more!

Tips for Better Business Record-Keeping

Keeping Proper Records

Commonly Made Mistakes 

En-bloc sellers, pay your property tax before sales completion

Selling your property through an en-bloc sale? If you are paying your property tax by GIRO, make full payment before the sale completion.  

To get a reimbursement of the share of property tax due to you by the purchaser-developer, your lawyer should assist you with this.  

Click here for more information.

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We want to make paying taxes a breeze for you

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Tip: Did you know there are more than 10 ways to pay your taxes electronically? Learn the full list here.

Online GST registration - video guide

GST Registration will only be available online at myTax Portal from Oct 2018. Watch this video for a step-by-step guide on registering for GST online.

e-Filing your GST returns or Form C-S/C?

Ensure that you have been authorised to access IRAS’ digital services via CorpPass.