From calculating your property tax payable to the one-off rebate you may be entitled to, here are all the things you need to know about your 2024 property tax bill.
- The Government will provide a one-off property tax rebate of up to 100% for all owner-occupied residential properties.
- All one- and two-room HDB owner-occupiers will continue to pay no property tax in 2024.
-For the rest of the owner occupiers in other HDB flat types and private properties, the rebate will be automatically offset against any property tax payable in 2024.
👉 More details at https://www.iras.gov.sg/news-events/newsroom/property-tax-rebate-for-all-owner-occupied-residential-properties-in-2024
#PropertyTax2024
- The Government will provide a one-off property tax rebate of up to 100% for all owner-occupied residential properties.
- All one- and two-room HDB owner-occupiers will continue to pay no property tax in 2024.
-For the rest of the owner occupiers in other HDB flat types and private properties, the rebate will be automatically offset against any property tax payable in 2024.
👉 More details at https://www.iras.gov.sg/news-events/newsroom/property-tax-rebate-for-all-owner-occupied-residential-properties-in-2024
#PropertyTax2024
Oops❗️Spotted a mistake in your #CorporateIncomeTax2023 Return? Taxpayers who come forward voluntarily to correct errors in their tax returns may have their penalties reduced under the Voluntary Disclosure Programme if they meet the qualifying conditions.
Find out more here 👈🏻
Watch this video 👀
Find out more here 👈🏻
Watch this video 👀
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IRAS | Voluntary Disclosure of Errors for Reduced Penalties
The IRAS Voluntary Disclosure Programme (VDP) encourages taxpayers who have made errors in their tax returns to come forward voluntarily, in a timely manner, to correct their errors.
Did you know: IRAS reviews the Annual Value (AV) of residential properties regularly to help ensure that all properties are fairly assessed on a yearly basis. 🏠
To determine the AV of a residential property, IRAS valuers analyse market rents of comparable properties within its development.
👉 More details at https://www.iras.gov.sg/news-events/newsroom/property-tax-rebate-for-all-owner-occupied-residential-properties-in-2024
#PropertyTax2024 #UnderstandingAV #AnnualValue
To determine the AV of a residential property, IRAS valuers analyse market rents of comparable properties within its development.
👉 More details at https://www.iras.gov.sg/news-events/newsroom/property-tax-rebate-for-all-owner-occupied-residential-properties-in-2024
#PropertyTax2024 #UnderstandingAV #AnnualValue
Last week, Singapore participated in the meetings of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Portugal, Lisbon. The 16th Global Forum Plenary Meeting was attended by 420 participants from 115 jurisdictions.
As a panellist at the 16th Global Forum Plenary Meeting, Mrs Chia-Tern Huey Min, IRAS’ Deputy Commissioner, attributed the success of the multilateral tax transparency forum to its inclusiveness. Members participate on equal footing and decisions are made on the basis of consensus, thereby giving its work broad-based legitimacy. She also shared her thoughts on the future processes of the Global Forum. Singapore has been participating in the Global Forum since its inception in 2009. From 2016 to 2022, Singapore served as the Chair of Peer Review Group, and prior to that, as its Vice-Chair. Singapore is currently a member of the Steering Group.
As a panellist at the 16th Global Forum Plenary Meeting, Mrs Chia-Tern Huey Min, IRAS’ Deputy Commissioner, attributed the success of the multilateral tax transparency forum to its inclusiveness. Members participate on equal footing and decisions are made on the basis of consensus, thereby giving its work broad-based legitimacy. She also shared her thoughts on the future processes of the Global Forum. Singapore has been participating in the Global Forum since its inception in 2009. From 2016 to 2022, Singapore served as the Chair of Peer Review Group, and prior to that, as its Vice-Chair. Singapore is currently a member of the Steering Group.
At the end of the Plenary Meeting, Ms Zayda Manatta, the Global Forum Head of Secretariat, thanked Huey Min for her active role in the Global Forum, appreciating her constructive and balanced views that contributed to fair and equitable outcomes.
The Global Forum is a key international tax transparency platform, and IRAS will continue to actively participate and contribute to global developments in tax transparency.
The Global Forum is a key international tax transparency platform, and IRAS will continue to actively participate and contribute to global developments in tax transparency.
#GSTRateChange Only GST-registered businesses can charge GST from their effective date of GST registration. You can check if a business is GST-registered at https://go.gov.sg/gst-registered-business-search.
Non-GST registered businesses are not allowed to charge GST.
Non-GST registered businesses are not allowed to charge GST.
Watch this video to find out how businesses and individuals can benefit from eGuarantee@Gov! 🙌
Learn more at www.eguarantee.gov.sg
Learn more at www.eguarantee.gov.sg
YouTube
eGuarantee@Gov
eGuarantee@Gov is an initiative to digitalise the process to provide banker’s guarantees and insurance bonds to government agencies.
How do businesses and individuals benefit from eGuarantee@Gov? Watch to find out ⬆️
For more details, visit www.eguarantee.gov.sg
How do businesses and individuals benefit from eGuarantee@Gov? Watch to find out ⬆️
For more details, visit www.eguarantee.gov.sg
#ICYMI, companies must pay the tax stated in the Notice of Assessment (NOA) within 1 month from the date of the NOA. Any objections must be filed via the “Revise/ Object to Assessment” digital service at myTax Portal within 2 months from the date of the NOA. 🔍#CorporateIncomeTax2023
More on tax payment 👈🏻
More on what happens after filing Form C-S/ Form C-S (Lite)/ Form C
More on tax payment 👈🏻
More on what happens after filing Form C-S/ Form C-S (Lite)/ Form C
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Is delulu the solulu? At least, she gained some tax tips on Supplementary Retirement Scheme (SRS) contributions! 💰🤣
Grow your savings by contributing to your SRS Account today! You will be eligible for tax reliefs in Year of Assessment 2024 if you make contribution to your SRS Account by 31 Dec 2023*.
SRS contributions are capped yearly at $15,300 for Singapore Citizens and Permanent Residents and $35,700 for foreigners.
Do note that there is an overall cap of $80,000 on the total amount of all tax reliefs that can be claimed (including any relief on SRS contributions) for a year.
Details and qualifying conditions:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/srs-contributions
*You are advised to check with your SRS bank operator about the cut-off date for SRS contributions.
#taxtips #retirement #invest #skit #girlsvsguys #irassg #iras
Grow your savings by contributing to your SRS Account today! You will be eligible for tax reliefs in Year of Assessment 2024 if you make contribution to your SRS Account by 31 Dec 2023*.
SRS contributions are capped yearly at $15,300 for Singapore Citizens and Permanent Residents and $35,700 for foreigners.
Do note that there is an overall cap of $80,000 on the total amount of all tax reliefs that can be claimed (including any relief on SRS contributions) for a year.
Details and qualifying conditions:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/srs-contributions
*You are advised to check with your SRS bank operator about the cut-off date for SRS contributions.
#taxtips #retirement #invest #skit #girlsvsguys #irassg #iras
If you own two or more properties, the good news is you’re able to conveniently view the property tax information of all your properties in one dashboard. 🏡🏠
Make payment at mytax.iras.gov.sg today.
#PropertyTax2024
Make payment at mytax.iras.gov.sg today.
#PropertyTax2024
🤔 How do you spot the common signs that an individual or company is attempting tax fraud?
At the recent ISCA Flagship Conference 2023, auditors, business leaders, tech implementors, and forensics, valuation and sustainability specialists discussed significant and emerging trends, including leveraging AI for the accounting industry and adaptive fraud prevention.
Director Lawrence Eng, who leads IRAS’ digital forensics, tactical intelligence and field operations teams under the Investigation and Forensics Division, shared on the various tax fraud schemes and cases that IRAS has uncovered, as well as how accounting and finance professionals could identify the tell-tale signs of tax fraud to protect their company and clients.
👉🏼 If you are aware of someone who has evaded tax in Singapore or have information about tax-related fraudulent activities, you may provide information to IRAS here
At the recent ISCA Flagship Conference 2023, auditors, business leaders, tech implementors, and forensics, valuation and sustainability specialists discussed significant and emerging trends, including leveraging AI for the accounting industry and adaptive fraud prevention.
Director Lawrence Eng, who leads IRAS’ digital forensics, tactical intelligence and field operations teams under the Investigation and Forensics Division, shared on the various tax fraud schemes and cases that IRAS has uncovered, as well as how accounting and finance professionals could identify the tell-tale signs of tax fraud to protect their company and clients.
👉🏼 If you are aware of someone who has evaded tax in Singapore or have information about tax-related fraudulent activities, you may provide information to IRAS here
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Spread some year-end cheer while saving on your taxes! 🥳✨
Enjoy tax deductions of 2.5 times the qualifying donation amount in Year of Assessment 2024 when you donate to any approved Institution of a Public Character (IPC) by 31 Dec 2023.
You will not need to declare the donation amount in your Income Tax Return as tax deductions for qualifying donations will be automatically reflected in your tax assessments based on information from the IPC.
Details and qualifying conditions:
https://www.iras.gov.sg/taxes/other-taxes/charities/donations-tax-deductions
#taxtips #donations #spreadjoy #seasonsgreetings #skit #irassg #iras
Enjoy tax deductions of 2.5 times the qualifying donation amount in Year of Assessment 2024 when you donate to any approved Institution of a Public Character (IPC) by 31 Dec 2023.
You will not need to declare the donation amount in your Income Tax Return as tax deductions for qualifying donations will be automatically reflected in your tax assessments based on information from the IPC.
Details and qualifying conditions:
https://www.iras.gov.sg/taxes/other-taxes/charities/donations-tax-deductions
#taxtips #donations #spreadjoy #seasonsgreetings #skit #irassg #iras
Annual Value (AV) is used to determine the amount of property tax you need to pay for your residential property. 🏠
It is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees.
📌 Property owners can check out the AV of their property on the Combined Valuation Notice and/or property tax bill, which they would receive from Dec 2023.
👉 More details at https://www.iras.gov.sg/news-events/newsroom/property-tax-rebate-for-all-owner-occupied-residential-properties-in-2024
It is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees.
📌 Property owners can check out the AV of their property on the Combined Valuation Notice and/or property tax bill, which they would receive from Dec 2023.
👉 More details at https://www.iras.gov.sg/news-events/newsroom/property-tax-rebate-for-all-owner-occupied-residential-properties-in-2024
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Looking for a meaningful career in public service? From its fun-loving colleagues to the warm culture, IRAS is a place that supports your growth professionally and personally. 🙌
Whether you’re a fresh graduate looking to kickstart a purposeful career or a mid-careerist looking for a refreshing change, IRAS may be what you’re looking for.
👉 More details and job opportunities at go.gov.sg/lifeatiras.
Whether you’re a fresh graduate looking to kickstart a purposeful career or a mid-careerist looking for a refreshing change, IRAS may be what you’re looking for.
👉 More details and job opportunities at go.gov.sg/lifeatiras.