The history of Tax Administration goes all the way back to 1947 when the Income Tax Ordinance was enacted. The Singapore Tax Administration was then known as the Inland Revenue Department (IRD) of the Ministry of Finance.
In September 1992, IRD converted to a statutory board known as the Inland Revenue Authority of Singapore (IRAS). The new status provided IRAS the financial and personnel autonomy to run its operations. This enabled IRAS to be more responsive to taxpayer's needs. This is possible as IRAS now has the autonomy to recruit, promote and train her staff so that the organisation can remain competitive with the private sector and ensure continual improvement in the quality of tax administration in Singapore.
IRAS presently administers 7 major taxes in Singapore and ensures the effective assessment, collection and enforcement of:-
- Income Tax;
- Property Tax;
- Goods and Services Tax;
- Stamp Duty;
- Estate Duty;
- Betting & Sweepstakes Duties; and
- Private Lotteries.
Singapore maintains a wide network of tax treaties for the avoidance of double taxation so as to facilitate economic investments and growth. A Double Taxation Agreement (DTA) is a bilateral agreement between two countries that seeks to reduce or eliminate the double taxation burden of businesses and individuals. To date, Singapore has DTAs with more than 40 countries.
IRAS fosters the exchange of knowledge and experience with other tax administrations by actively hosting and participating in international conferences and hosting visits by foreign guests.