Taxation is an obligatory financial charge on a taxpayer (individual or business) by a governmental organisation. Taxes are either direct (paid directly to the government, e.g. income tax) or indirect (passed onto another group or person who ultimately pays it, such as Goods and Services Tax (GST)). Some taxes are a flat percentage rate, whereas others are a progressive rate based on the taxable amount.
The tax authority in Singapore is the Inland Revenue Authority of Singapore (IRAS) – whose responsibilities include collecting personal income tax, corporate tax, GST, property tax, betting taxes and stamp duty.
According to the IRAS, income received from the different types of taxes is pooled together to fund Singapore’s development - "supporting Singapore's economic and social programmes to achieve quality growth and an inclusive society". Areas of key interest include healthcare services, education, infrastructure, defence and recreation.
WHAT IS TAX? COMPLETED. ✅
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