Introduction to Singapore T ax

Flashcards covering key vocabulary and concepts from the lecture on the Introduction to Singapore Tax.

Income Tax Act

The primary legislation governing tax in Singapore, enacted in 1947.

IRAS

Inland Revenue Authority of Singapore, the government agency responsible for tax administration.

Direct Taxes

Taxes imposed directly on income, such as income tax.

Indirect Taxes

Taxes imposed on goods and services, such as Goods and Services Tax (GST).

Tax Administration

The process by which tax laws are implemented and collected by the IRAS.

Tax Revenue

The income generated from taxes collected by the government.

Corporate Income Tax

A tax levied on the profits of corporations operating within Singapore.

GST

Goods and Services Tax, a consumption tax applied to the sale of goods and services.

Notice of Assessment (NOA)

A document issued by IRAS to inform taxpayers of the amount of tax payable.

Withholding Tax

A tax collected at the source, typically on payments to non-residents.

Voluntary Disclosure Program (VDP)

A program allowing taxpayers to voluntarily declare incorrect tax returns with reduced penalties.

Tax Resident

An individual who meets specific criteria regarding residency for tax purposes in Singapore.

Persons Chargeable

Individuals or entities that are liable to pay taxes in Singapore.

Recalcitrant Taxpayer

A taxpayer who is non-compliant with tax obligations.

Estimated Chargeable Income (ECI)

An estimate of a company's income used for tax assessments.

Basis of Assessment

The period from which a taxpayer's income is assessed for tax purposes.