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Thursday 5 August 2021
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Doing Business in Singapore: The Inland Revenue Authority of Singapore (IRAS)

The Inland Revenue Authority of Singapore (IRAS) is the Singaporean Government Agency responsible for collecting taxes in the country. It provides funding for the Government’s Economic and Social Program.

Whenever there are tax treaty negotiations, draft tax legislation, and other concerns regarding tax, the IRAS is the one representing the government.

Mission, Vision, Values of the Inland Revenue Authority of Singapore (IRAS)

IRAS in Singapore works on a Mission basis. Their mission is stated on their website. It goes as follows*:

“Act as an agent of the Government and provide service in the administration of taxes Advise the Government, and represent Singapore internationally, on matters relating to taxation”

The above-mentioned clause clearly explains what IRAS Singapore is supposed to do working with the Government.

If IRAS has a Mission, they have a Vision as well. They are as follows*:

“The leading revenue authority in the world. A partner of the community in nation-building and inclusive growth. A dynamic team of competent and committed people”

IRAS in Singapore sees itself for the years to come to be a leader in the world when it comes to tax implementation. They further explained that they can do it through training and developing people to be competent in their field of work.

IRAS in Singapore also has Corporate Goals and Core Values. We’ll be discussing first the Corporate Goals and later, the Core Values. The Corporate Goals are stated as follows*:

  • Foster a competitive tax environment that supports inclusive growth
  • Provide excellent service
  • Maximise voluntary compliance
  • Enhance organisational and staff productivity
  • Achieve a high level of staff competence and satisfaction

The abovementioned clause is the specific measures that the IRAS in Singapore will execute in the realization of their Mission and Vision.

Last but not least, IRAS in Singapore has Core Values. They are as follows*:

“FAIRNESS

Treat everyone in the same circumstances equally

INTEGRITY

Do what is right without fear or favour in all circumstances

PROFESSIONALISM

Serve our nation responsively, with competence, pride, commitment and empathy

TEAMWORK

Work with one another with mutual trust and respect to achieve Whole-of-IRAS and Whole-of-Government outcomes

INNOVATION

Continuously seek new ways to do our work better”

*This is taken from the official website of IRAS.

The abovementioned clause explains what kind of values and leadership IRAS need to have in order to be successful in their endeavours. All companies are required to submit two Corporate Income Tax Returns to IRAS every year:

Incorporating Business in Singapore and Tax Payment to IRAS

Every company in Singapore is required to submit two Corporate Income Tax Returns to IRAS every year. The following are the forms that must be submitted together with its schedule and details:

  1. Estimated Chargeable Income (ECI). This must be accomplished within 3 months from the end of the financial year. (This is for companies who are mandated to submit)
  2. Form C-S/C. This must be submitted on 15 Dec for YA 2020, 30 Nov From YA 2021 onwards.

Do you need further information about IRAS and Business Taxes in Singapore?

You can contact 3E Accounting Singapore to know more about taxes and corporate regulations in Singapore. They are among those known CSPs that can help with Setting Up a Company in Singapore.