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Inland Revenue Authority of Singapore (IRAS)

Inland Revenue Authority of Singapore (IRAS)

Overview:

The Inland Revenue Authority of Singapore (IRAS) is the principal tax administrator to the Government of Singapore. It plays a critical role in tax collection, contributing significantly to the nation’s fiscal strategy and supporting the government’s efforts to achieve economic and social objectives. IRAS is responsible for administering various taxes that collectively generate a substantial portion of the government’s operating revenue.

Key Responsibilities:

  • Tax Collection: IRAS administers several key taxes, including Income Tax, Corporate Tax, Goods and Services Tax (GST), Property Tax, Stamp Duties, and Betting Tax. These taxes are essential for funding public services and national development projects.
  • Tax Legislation and Policy: It assists in drafting tax legislation and provides advice on property valuation, ensuring the tax system remains relevant and effective in supporting Singapore’s economic goals.
  • Taxpayer Services: Through digital platforms like the myTax Portal, IRAS offers comprehensive services for taxpayers, facilitating easy and efficient tax filing, payment, and compliance processes.
  • Audits and Compliance: Ensuring the accuracy of tax returns and compliance with tax laws is a cornerstone of IRAS’s work. It employs audits and other verification methods to maintain the integrity of the tax system.
  • Economic Research: IRAS conducts research to assess the impact of taxes on the economy, advising the government on tax policies that promote sustainable economic growth.

Impact on Real Estate:

For the real estate sector in Singapore, IRAS plays a pivotal role through the administration of Property Tax and Stamp Duties. These taxes affect homeowners, buyers, sellers, and investors, influencing decisions related to property investment, ownership, and transactions.

  • Property Tax: An annual tax on property ownership, calculated based on the property’s annual value.
  • Stamp Duties: Taxes levied on legal documents pertaining to property transactions, including sales, leases, and mortgages.

Districts

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