Iras Review

About Iras

Iras: The Inland Revenue Authority of Singapore

The Inland Revenue Authority of Singapore (IRAS) is a government agency that is responsible for the administration of taxes and enterprise disbursement schemes in Singapore. Established in 1992, IRAS has been instrumental in ensuring that the tax system in Singapore is fair, efficient, and transparent.

As one of the most important government agencies in Singapore, IRAS plays a crucial role in ensuring that businesses and individuals comply with their tax obligations. The agency also provides valuable support to businesses by offering various incentives and schemes to help them grow and expand.

In this article, we will take a closer look at IRAS – its history, functions, services offered, and how it helps businesses thrive.

History

IRAS was established on 1st April 1992 as an independent statutory board under the Ministry of Finance. Prior to this date, tax administration was handled by various departments within the Ministry of Finance.

The establishment of IRAS marked a significant milestone for tax administration in Singapore as it brought together all aspects of taxation under one roof. This move helped to streamline processes and improve efficiency while ensuring that taxpayers received consistent treatment across all areas.

Functions

IRAS has several key functions which include:

1. Tax Administration – This involves collecting taxes from individuals and businesses based on their income or profits earned during a financial year. It also involves enforcing compliance with tax laws through audits and investigations.

2. Enterprise Disbursement Schemes – This involves administering various grants and incentives aimed at promoting business growth and development within Singapore.

3. Property Tax Administration – This involves assessing property values for taxation purposes as well as administering property-related taxes such as stamp duty.

4. Goods & Services Tax (GST) Administration – This involves administering GST which is a consumption-based tax levied on goods imported into or sold within Singapore.

Services Offered

IRAS offers several services aimed at helping taxpayers comply with their obligations while making it easier for them to access information about taxation matters:

1. e-Services Portal – This portal allows taxpayers to file their returns online securely without having to visit an IRAS office physically.

2. Taxpayer Service Centre (TSC) - The TSC provides assistance to taxpayers who require help with filing returns or have queries about taxation matters.

3.Taxpayer Feedback Unit - The unit receives feedback from taxpayers regarding any issues they may have encountered when dealing with IRAS staff or systems.

4.Tax Academy - The academy offers training courses aimed at improving knowledge about taxation matters among professionals such as accountants or lawyers.

5.Tax Library - The library contains resources such as books, journals, articles related to taxation matters available for reference by members of the public free-of-charge.


How Iras Helps Businesses Thrive?

One way that IRAS helps businesses thrive is through its Enterprise Development Grant (EDG). Under this scheme eligible companies can receive funding support up-to 80% for qualifying project costs ranging from consultancy fees; software purchase; equipment cost etc., capped at $300k per company per year till March 2023.The grant aims at supporting companies looking towards innovation & productivity improvements; market access expansion; human capital development etc., thereby enhancing competitiveness & sustainability over long-term horizon.


Conclusion

In conclusion ,the Inland Revenue Authority Of Singapre(IRAs) plays an important role not only collecting taxes but also providing valuable support services like grants,incentives,schemes etc.,to promote business growth & development .With its focus on fairness ,efficiency & transparency ,it ensures compliance among individuals & organizations alike .Through its e-services portal,Taxpayer service centre(TSC),Tax Academy,Tax Library etc,it makes sure that information related to taxation matter are easily accessible .Overall,it's contribution towards building strong economy cannot be ignored!