Tax collection

Additional revenues from the top-up taxes will be used to enhance the local business environment.

The government collected $68.6b in tax revenue for the period.

The government is gearing up to help lower-income households deal with inflation, reports Bloomberg.

A total of $12.6b are from GST collections.

The frameworks were co-developed with the Big 4 accounting firms.

The KPMG analyst said it’s necessary to retain petrol and diesel taxes.   An expert from KPMG countered calls for a petrol tax holiday amidst rising fuel costs.

This is in order to attract businesses despite the decline in economic activity. 

Covered by this bill are updated measures in response to the pandemic.   The Ministry of Finance (MOF) announced today via a press release updated tax measures as a response to both the pandemic and feedback received from public consultation. 

The value was published in a release by IRAS.

This is due to reduced business activities due to COVID-19.