What is IRAS and what does it do?
The Inland Revenue Authority of Singapore (IRAS) is a government agency under the Ministry of Finance which provides tax administration services in Singapore.
IRAS was established as a statutory board in 1992, taking over the responsibilities of the previously formed Inland Revenue Department. The aim of this conversion was to provide IRAS with more autonomy and to allow it to manage its own personnel and financial resources.
IRAS Roles and responsibilities
IRAS is in charge of tax collection and administration in Singapore, including the collection of income tax, property tax, betting taxes and goods & services tax.
IRAS also looks after income disbursement schemes for companies and individuals, including the following:
- Double Tax Deduction for Internationalisation Scheme
- Business and IPC Partnership Scheme
- Productivity and Innovation Credit (PIC) Scheme
- Small Business Recovery Grant (SBRG)
- Jobs Growth Incentive (JGI)
- Wage Credit Scheme (WCS)
- Jobs Support Scheme (JSS)
- SkillsFuture Enterprise Credit
- Auto Inclusion Scheme (AIS)
Tax policy and government acts in Singapore
When it comes to tax policy, the IRAS plays an important role in policy creation as well as providing technical and administrative advice. The IRAS actively monitors, reviews and administers the following tax-related Acts in Singapore:
- Income Tax Act
- Economic Expansion Incentives (Relief from Income Tax) Act
- Property Tax Act
- Goods & Services Tax Act
- Betting & Sweepstake Duties Act
- Private Lotteries Act
- Stamp Duties Act
- Casino Control Act – Part IX (Casino Tax)
- Estate Duty Act
Need help with your tax or payroll matters?
We understand that payroll or tax matters can be confusing for business owners in Singapore. That is why Employment Hero is IRAS compliant and is here to help you streamline CPF calculations and SDL deductions, so you can feel confident each payroll run.
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Disclaimer: The information in this article is current as at 26-Oct-2022, and has been prepared by Employment Hero Pty Ltd (ABN 11 160 047 709) and its related corporate bodies (Employment Hero). The views expressed in this article are general information only, are provided in good faith to assist employers and their employees, and should not be relied on as professional advice. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified, and no warranties are given that it is complete, accurate, up-to-date or fit for the purpose for which it is required. Employment Hero does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising directly or indirectly as a result of reliance on, use of or inability to use any information provided in this article. You should undertake your own research and seek professional advice before making any decisions or relying on the information in this article.
