Inland Revenue Authority of Singapore (IRAS)
The Inland Revenue Authority of Singapore (IRAS) is the government’s major tax collector. The Singapore Income Tax Department and the Inland Revenue Department previously performed this obligation.
History of IRAS
The Singapore Income Tax Department was established in 1947 to manage the Income Tax Ordinance. Thus, following self-government in 1959, the Inland Revenue Department was established in 1960.
When Singapore gained independence on August 9, 1965, it enacted revisions to the Income Tax Act, which took effect on January 1, 1966.
The Inland Revenue Authority of Singapore (IRAS) was constituted as a statutory board under the Ministry of Finance on September 1, 1992.
The Inland Revenue Authority of Singapore Act was enacted to incorporate IRAS to take over the tasks previously handled by the Inland Revenue Department.
Role of IRAS
The goal of the conversion was to provide IRAS with more autonomy and flexibility in managing its staff and finances.
Taxes Collected by IRAS
IRAS collects Income Tax, Goods and Services Tax (GST), Property Tax, Estate Duty, Betting and Sweepstakes Duties, Stamp Duties, and Casino Taxes on behalf of the Singapore government. Under section 10 (1) (a) of the Income Tax Act 1947, blogging is taxable in Singapore if it results in earnings or profits from a trade or enterprise (ITA).
IRAS does not collect the following taxes in Singapore:
- Vehicle-related taxes (Land Transport Authority)
- Duties on customs and excise (Singapore Customs)
- Levy on foreign workers (Ministry of Manpower)
- Tariffs on water conservation (Public Utilities Board)