Tag Archives: Income Tax

Why does IRAS make ‘provisional’ tax deductions?

Posted on 27 May 2013 | Comments Off on Why does IRAS make ‘provisional’ tax deductions?

While doing a check of my bank account, I realised deductions were made this month by the Inland Revenue Authority of Singapore (IRAS) under its GIRO scheme. The sum deducted was the same as my monthly instalments for the Year of Assessment 2012.

Due to these deductions (which would presumably continue until the 2013 assessment is completed next month or July), I am now in a net credit position with the IRAS. This also happened in 2011 and last year, but I did not notice the deductions then.

This policy seems questionable. IRAS has also made no interest payments on these “advance payments” made or informed me of these deductions.

FROM HUANG WENSHAN

Source – Today : 27 May 2013

 

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Posted in Tax Matters / Property Tax

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Tax proposals on property: MOF replies

Posted on 28 Aug 2009 | Comments Off on Tax proposals on property: MOF replies

TUESDAY’S editorial, ‘About the ‘right’ property behaviour tax’, was wrong on the facts of the recent public consultation on income tax treatment for individuals who sold their properties.

There was no proposal that had the effect of ‘making more property deals taxable’. The proposed change was not aimed at doing so, and would not have resulted in more individuals having to pay income tax on gains from selling their properties.

The proposed change, following feedback received over the years, had sought to provide certainty of non-taxation for one group of individual owners (those who had not sold any other property in the preceding four years) without any implications for taxation of other individuals.

For all these other cases, whether the gains from a property sale are subject to income tax would have continued to depend on the facts and circumstances of the case – as has been the longstanding practice of the tax authorities in Singapore as well as many other jurisdictions. Continue reading →

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