Banking Act

Banking Act

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Banking Act (Cap 19, 2008 Rev Ed)

https://sso.agc.gov.sg/Act/BA1970

The Banking Act (“BA”) primarily governs the licensing and regulation of banking business in Singapore. In this connection, no banking business can be carried out in Singapore except by a company with a valid licence and the contravention of this requirement attracts criminal responsibility: see s 4 of the BA.

The scope of the BA, inter alia, includes the following:

(a) requirements for licensing of banks (Part III);

(b) provisions relating to reserve funds, dividends, balance-sheets and disclose of interest by directors (Part IV);

(c) prohibited banking businesses (Part V);

(d) minimum asset requirements to be met by banks (Part VI);

(e) powers of control over banks, including the duties and responsibilities of bank officers (Part VII);

(f) voluntary transfer of banking business (Part VIIA); and

(g) regulation of credit card and charge card businesses (Part VIII).

Arbitration Act

Arbitration Act

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Arbitration Act (Cap 10, 2002 Rev Ed)

https://sso.agc.gov.sg/Act/AA2001

Domestic arbitration in Singapore is governed by the Arbitration Act (Cap 10, 2002 Rev Ed). It applies to any arbitration where the place of arbitration is Singapore and where the International Arbitration Act (Cap 143A, 2002 Rev Ed) does not apply to that arbitration.

The Arbitration Act makes provision for many procedures leading up to, during, and following the conduct of the actual arbitration. It provides for the parties’ rights, the tribunal’s powers, and the court’s powers in such situations. It also crystallises fundamental principles of arbitration law, such as the separability of the arbitration agreement from the principal contract, and the jurisdiction of the tribunal to hear challenges to its own jurisdiction.

Under the Arbitration Act, the court has supervisory jurisdiction over the arbitration and this is shown in several respects:

(a) Where one party to the arbitration agreement institutes proceedings in any court where it should have gone to arbitration instead, the court may (on the application of the other party) stay the court proceedings in favour of arbitration. Unlike the International Arbitration Act, the court is not compelled to grant a stay, but has the discretion to do so.

(b) The court can hear challenges from the tribunal’s decision on jurisdiction, whether the tribunal decides that it has jurisdiction or not.

(c) The court can hear applications to set aside the award or to resist its enforcement in Singapore.

(d) Tthe court may determine a question of law arising out of an award in the proceedings. This power is only available to the court under the Arbitration Act, and not the International Arbitration Act. The parties may exclude this power.

Court Procedure and Court Processes

Court Procedure and Court Processes

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Civil and criminal matters are dealt with differently in Singapore, although both are dealt with by the State Courts and by the Supreme Court.

Civil matters

For civil matters, legal proceedings are commenced either by a Writ of Summons or an Originating Summons. A Writ of Summons is mandatory for proceedings concerning a substantial dispute of fact, while Originating Summonses are generally more appropriate for disputes concerning matters of law. Should it later emerge that there are substantial disputes of fact, an Originating Summons can be converted into a Writ of Summons.

To commence a writ action, the plaintiff must file the writ with the Court Registry. It is typically valid for six months but where it is to be served out of jurisdiction, it is valid for 12 months. The writ must be served personally on each defendant. The plaintiff can do so by leaving the writ at the defendant’s registered address or through the defendant’s solicitor. Leave must be granted by the court if the plaintiff wishes to serve the writ out of Singapore.

Litigants should consider several matters before commencing their action. First, an action must be commenced within the limitation periods prescribed by law. Generally speaking actions in contract and tort have a limitation period of six years, personal injury actions have a limitation period of three years, and actions to recover land have a limitation period of 12 years. Second, Singapore must be the appropriate forum for trying the dispute, or that it is in the interests of justice to try the dispute in Singapore. Otherwise the court may stay the dispute for it to be tried elsewhere.

Once an action is commenced, the plaintiff must prepare and endorse a statement of claim. This statement of claim can be endorsed together with the writ or separately. The statement of claim specifies the nature of the claim and the relief sought. The defendants may make a statement of defence to the claim, and may file a counterclaim to the original claim. The plaintiff may reply or file his own defence to the counterclaim. 14 days after the last reply, the pleadings close.

The parties may apply to court to dispose of the matter without trial. The plaintiff may apply for a default judgment if the defendant fails to enter an appearance or file his defence, or for a summary judgment if it believes that there are no issues to be tried. The defendant may apply to strike out the plaintiff’s pleadings if it believes that the plaintiff’s case discloses no reasonable cause of action, is scandalous, frivolous or vexatious, or is otherwise an abuse of the court’s process. Either party may discontinue his action, defence, or counterclaim. Depending on the stage of proceedings this may require the court’s leave.

At any stage of the proceedings it may be necessary to apply to court for provisional remedies. These include interlocutory injunctions, Mareva injunctions, or Anton Piller orders, among other things. The parties may also take out other interlocutory applications such as for the discovery and inspection of documents or to ask the opposing party to give security for costs. These matters will be taken prior to the court proceedings.

To facilitate matters, the Court Registry will typically hold pre-trial conferences (“PTC”) closer to the trial. At the PTC, the Registrar will take stock of the parties’ progress and give directions for the next steps that the parties must take in the proceedings. The PTC is supplemented by the Summons for Directions, filed by the plaintiff to obtain formal directions from the court, such as trial dates. In Singapore, examination-in-chief is done by way of written affidavits. Parties must prepare, file, and exchange affidavits of evidence-in-chief of each witness. These are sworn statements that the witnesses can be cross-examined on at trial.

The burden of proof is on the plaintiff at trial, to prove his case on a balance of probabilities. The plaintiff’s lawyer therefore opens the case at trial and then the plaintiff’s witnesses will take the stand to be cross-examined by the defendant’s lawyer. The process is repeated for the defendant and the parties may make closing submissions at the end of the trial. In certain cases, the judge may choose to bifurcate the trial between liability and assessment of damages.

Once granted, a judgment may be enforced by one of the writes of execution available to the judgment creditor. Where he is unable to do so in Singapore he may choose to register his Singapore judgment in the foreign country on the basis of reciprocity of enforcement between the two countries. If third parties are involved, the judgment creditor may also decide to apply for aid from the court to enforce his judgment, such as in the form of garnishee proceedings. The judgment creditor is usually also entitled to costs of an action, which may include fees, charges, and disbursements. This is, however, subject to the court’s discretion.

Criminal matters

In Singapore, the Attorney-General also functions as the Public Prosecutor. Therefore it is the Attorney-General’s Chambers (“AGC”) which begins the prosecution process by charging the accused person. This is usually done following a police investigation where the police may arrest and interrogate the accused person. While the accused person has a right to counsel, this is only available after a reasonable period of time so as to facilitate the police’s investigations. The Public Prosecutor has prosecutorial discretion under the Singapore Constitution. This means that he can choose whether to charge an accused person or not, and this power cannot be reviewed by the courts.

Once a charge is issued by the AGC, the accused person must turn up in court at the appointed date and may choose to plead guilty to the charge or to claim trial. If he pleads guilty the court will then proceed to sentence him based on the offence he is charged with. If the accused claims trial, then the Prosecution will have to prove each element of the charge beyond reasonable doubt. The accused can choose to raise defences to exonerate himself but these will have to be proved by him on a balance of probabilities.

While the criminal process is ongoing the accused person may apply for bail. Not all offences are bailable, but if bail is available for an offence, then the accused person must present a surety who will guarantee his compliance with certain conditions, including returning before the court at an appointed date. If the accused person fails to comply with these conditions then the surety’s bail may be forfeited.

Once convicted, the court may sentence the accused to a variety of sentences depending on the offence. Apart from monetary fines and physical incarceration, the accused may also be eligible for a range of community-based sentences depending on various factors like the nature of the offence and the accused’s age. The accused may also be liable for caning. The courts will sentence the accused taking into account principles such as deterrence, rehabilitation, and protection of the public.

Judicial review

Apart from their traditional role in interpreting legislation and in developing judge-made law, courts also play a special role in overseeing the decisions of administrative and quasi-judicial tribunals.

Most often, courts are concerned with the control of governmental powers as exercised through its various administrative agencies and tribunals. The courts oversee these tribunals for compliance with the rule of law. In order to bring a judicial review action, the applicant must possess the requisite standing, and must also have exhausted all remedies local to the administrative process he is challenging. An applicant has standing where a private right of his has been infringed, or when a public right is infringed and the applicant suffers some special damage, or, exceptionally, where a public duty has been breached. The decision that the applicant seeks to review must also be one that is amenable to judicial review: either the body making the decision must be a public body, or it must exercise certain public functions.

In a judicial review proceeding, the courts are less concerned with the substantive merits of the case. They are instead more concerned with whether the body in question has complied with certain fundamental rules. These limited grounds of challenge are typically classified as grounds relating to illegality, procedural impropriety (including rules of natural justice), and Wednesbury unreasonableness (where the decision is so unreasonable that no reasonable decision-maker could have made it). There is burgeoning jurisprudence, however, which indicates that courts are more willing to engage in reviews of the substantive merits, such as to ensure that the body’s decision accords with the legitimate expectations of the applicant – not only in terms of procedure, but also the substance of the decision.

The applicant may also apply for various remedies under judicial review proceedings. Apart from declarations of the correct position at law, the applicant may also ask for prohibitory, quashing, or mandatory orders.

Apart from administrative law, the courts also oversee the decisions of tribunals in many specific areas of law. Two pertinent examples are arbitration and adjudication. Under Singapore’s arbitration regime, the courts have adopted a light-touch approach that emphasises that by choosing arbitration, parties must take on not only the benefits of arbitration like confidentiality and the ability to choose their arbitrators, but must equally take on the burden of the tribunal potentially rendering an incorrect judgment. The court will therefore only intervene in the limited grounds specified in either the International Arbitration Act or the Arbitration Act.

Another area where the court oversees a tribunal’s decisions is in the construction context under the Building and Construction Industry Security of Payments Act (“SOPA”). Here, where parties go for adjudication of their disputes under SOPA, the court only reviews the decision on limited grounds such as for breaches of mandatory provisions. The SOPA regime is built around ensuring the liquidity of cashflow as this is the lifeblood of the construction industry. Hence, a respondent who disputes the claimant’s right to go to adjudication must nevertheless in most cases go for adjudication first before coming to court. The respondent must put in a response to the claimant’s claim within a certain period of time. And when the respondent eventually comes to court to challenge the adjudication determination, he must pay the adjudicated sum into court first before he is allowed to challenge.

Right of appeal under various legislation

In general, a losing party to a suit has the right to appeal once. Special rules apply in relation to certain specific areas. For instance, under the Competition Act (Cap 50B, 2004 Rev Ed), a decision made by the Competition Commission of Singapore may first be appealed to the Competition Appeal Board. The decision of the Board may then be appealed to the High Court only on a point of law or as to the amount of a financial party. The decision of the High Court may further be appealed to the Court of Appeal as if the High Court were exercising its original civil jurisdiction. Similarly, a decision of the Strata Titles Board is only appealable to the High Court on a point of law. In both these cases, the High Court may confirm, vary, or set aside the order. It may also impose conditions as it sees fit.

 

Source:
www.singaporelaw.sg

Sources of Law

Sources of Law

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There are four main sources of law in Singapore: the Constitution, legislation, subsidiary legislation, and judge-made law.

The Constitution

The Constitution is the supreme law of the land. It mandates that any law enacted by the legislature contrary to the Constitution shall, to the extent of its inconsistency, be void. It also takes precedence over judge-made law.

The provisions of the Constitution can only be amended by Parliament. It requires the votes of at least two-thirds of the total number of elected Members of Parliament, excluding nominated Members of Parliament. However, some articles within the Constitution require a national referendum and the support of at least two-thirds of the total number of registered voters. Such articles include Art 6 of the Constitution, which prohibits surrendering Singapore’s sovereignty or relinquishing control over the Police Force or Armed Forces except by referendum.

Part IV of the Constitution contains certain fundamental liberties, such as the liberty of the person, equal protection of citizens, freedom of speech, and freedom of religion. These rights, which are held by individuals, are not absolute rights. They are qualified by public interests such as the maintenance of public order, morality, and national security. If an individual’s Constitutional rights are infringed by a law or by the actions of a public body, he or she may bring the matter before the court for judicial review of that law or action. The courts have indicated that they are willing to give such fundamental rights a “generous interpretation”, although they must be balanced against the presumption that the authorities act regularly and in compliance with the law.

The courts have also held that there are certain “basic features” within the Constitution which cannot be derogated from. Such features include the rule of law, the principle of separation of powers between the legislature, executive, and judiciary, and citizens’ right to vote.

Besides the rights of individuals, the Constitution also sets out the powers, duties, and functions of various organs of the State, including the legislature, the executive, and the judiciary. The Constitution also sets out special powers against subversion which can be used when a State of Emergency has been declared.

Legislation

These are written laws made by Parliament which have the force of law in Singapore. They take precedence over subsidiary legislation and judge-made law.

The law-making process begins with a Bill, which can be drafted by the Government’s legal officers, or can be proposed by a Member of Parliament. Most Bills are introduced through the former process. The latter is rare. These Bills pass through three readings in Parliament. During the parliamentary debates on certain Bills, the relevant Ministers often make speeches defending the Bill and answer questions put forth by other Members of Parliament. Parliament may, in some cases, decide to refer the Bill to a Select Committee to deliberate on and submit a report to Parliament. Once the proposed amendments introduced in either the Select Committee Report or during the parliamentary debates are accepted by a majority of votes in Parliament, it is then passed.

The Bills are also scrutinised by the Presidential Council for Minority Rights, established under the Constitution. The Council must draw attention to any Bill which is likely to be disadvantageous to persons of any racial or religious community and not equally disadvantageous to persons of other such communities. The Council does so for all Bills except Money Bills, Bills certified by the Prime Minister to affect the defence or security of Singapore or one that relates to Singapore’s public safety, peace, or good order, and Bills which are certified by the Prime Minister to be so urgent that it is not in the public interest to delay its enactment.

The President must also assent to the passing of the Bill. But the President generally exercises his function of assenting to Bills in accordance with Cabinet’s advice and does not act in his personal discretion. Exceptions to this are Bills seeking to amend the Constitution to affect the President’s powers, Bills that vary the powers of the Central Provident Fund Board to invest moneys belonging to the Central Provident Fund, Bills drawing on the reserves of the Government not accumulated by it during its current term of office. If the President feels that such Bills curtail his powers, he may refer the Bill to a Constitutional Tribunal. If the Tribunal is of the opinion that the Bill does not have this effect, the President is deemed to have assented; if it does and the President withholds his assent, the Prime Minister may direct the Bill to be submitted to a national referendum. Such a Bill requires at least two-third of the total number of votes cast to be passed.

Once passed, each Act of Parliament is given a specific chapter number. These Acts of Parliament may be accessed online, free of charge, at https://sso.agc.gov.sg/Index. This site is maintained by the Attorney-General’s Chambers of Singapore.

Statutes are to be interpreted purposively. In the interpretation of statutes, an interpretation that promotes the purpose or object underlying the written law shall be preferred over an interpretation that does not do so. In giving effect to the purpose of a statute, the courts may refer to certain materials which shed light on the drafting process of the legislation, including parliamentary debates and the Explanatory Statement to a Bill. The courts have held that they can give effect to a statute’s purpose in interpreting a provision within the statute even if that provision is not ambiguous or inconsistent.

Subsidiary Legislation

Subsidiary legislation are last in the hierarchy of written laws. They are enacted under a single legislation. Their function is to fill in the administrative and operational details not covered by the parent statute itself. Given that they are derived from the parent statute, it follows that subsidiary legislation cannot exceed the boundaries prescribed in the parent statute.

Subsidiary legislation can be brought into force and amended far quicker than legislation. They do not have to be brought before Parliament and can be brought into force or amended by Ministers (or the relevant authority specified in the primary legislation). But subsidiary legislation must still be submitted to the Presidential Council for Minority Rights for the same scrutiny described above.

Judge-made Law

As a common law system, courts in Singapore can develop judge-made, unwritten law.

Courts will develop judge-made law incrementally and in accordance with the doctrine of stare decisis. This doctrine provides that a higher court’s decision binds a lower court. In Singapore, the highest court is the Court of Appeal, followed by the High Court, and then the State Courts. Appeals to the Privy Council were formally abolished in 1994.

Courts are not bound by but normally follow their own previous decisions. So a decision of the High Court does not bind another High Court, nor does the decision of a Court of Appeal bind a subsequent Court of Appeal. This is unlike English law, where the decision of a Court of Appeal binds subsequent Courts of Appeal unless certain exceptions apply.

The doctrine of stare decisis only applies in respect of the ratio decidendi of a case, ie, the part of the case that is directly relevant in how the case is decided. Judges’ views in passing not directly related to the issue at hand (termed obiter dicta) are not binding.

While Singapore judicial decisions is most often cited before the Singapore courts, decisions of other courts are also referred to at times. English judicial decisions are most frequently cited, especially where they relate to issues of interpretation of English statutes which were adopted or followed by Singapore.

It is important that Singapore judicial decisions can be accessed by judges, lawyers, and the public. The Singapore Law Reports constitute the major publication of Singapore judicial decisions since 1992, which have been republished as the Singapore Law Reports (Reissue). Before the Singapore Law Reports, the Malayan Law Journal published Singapore judicial decisions beginning in 1932. Recent judgments of the Supreme Court and State Courts can be found at http://www.supremecourt.gov.sg/news/supreme-court-judgments and http://www.statecourts.gov.sg/Resources/Pages/Latest-Judgments.aspx respectively. Older decisions can be found on LawNet (https://www.lawnet.sg)

 

Sources:

www.singaporelaw.sg

www.aseanlawassociation.org

Institutes of Legal Education

Institutes of Legal Education

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Singapore Institute of Legal Education

The Singapore Institute of Legal Education (“SILE”) is also a statutory body established under the LPA. It was established in May 2011 to maintain and improve the standards of legal education in Singapore.

As part of it functions, SILE may review the implementation of initiatives, programs and curricula relating to legal education in Singapore, including diploma, undergraduate and postgraduate programs, and continuing professional development.

SILE’s other functions include:

(a) maintaining a register of qualified persons seeking admission to the Singapore Bar;

(b) conducting Part A of the Singapore Bar Examinations;

(c) conducting Part B of the Singapore Bar Examinations and the Preparatory Course leading to the Examinations;

(d) conducting the Foreign Practitioner Examination; and

(e) coordinating and supervising the Continuing Professional Development scheme.

To be admitted to the Singapore Bar, an aspirant has to first attain the status of a ‘qualified person’ by, among other requirements, obtaining a law degree from one of the three local law schools or from one of the approved overseas universities of the United Kingdom, United States, Australia and New Zealand.

Law graduates from approved overseas universities will be required to pass the Part A Bar Examinations. Law graduates from the local law schools are not required to undertake the Part A Bar Examinations. The law graduates from both the local and approved overseas universities would have to undertake a full-time Preparatory Course leading to Part B of the Singapore Bar Examinations (consisting of compulsory and elective subjects) and pass the Part B Bar Examinations. Qualified persons must also serve a practice training period with a Singapore law practice under a practice training contract, through working as a Legal Service Officer or under the supervision of a qualifying relevant legal officer.

 

Source:
www.sile.edu.sg

The Law Society of Singapore

The Law Society of Singapore

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The Law Society of Singapore (“LSS”) was established in 1967 by section 37 of the Legal Profession Act (Cap 161, 2001 Rev Ed) (“LPA”). In gist, it primarily upholds the interests of the practising lawyers and in this connection it has several purposes and powers granted by legislation: see section 38 of the LPA.

The LSS carries out various statutory functions prescribed under the Legal Profession Act, including:

(a) maintaining and improving the standards of conduct and learning of the legal profession in Singapore;

(b) facilitating the acquisition of legal knowledge by members of the legal profession;

(c) representing, protecting and assisting members of the legal profession in Singapore; promoting in any manner the Society thinks fit the interests of the legal profession in Singapore; and

(d) protecting and assisting the public in all matters ancillary or incidental to the law.

Every lawyer who has in force a practicing certificate in Singapore is automatically a member of LSS.

The mission of the Law Society is to serve its members and the public by sustaining an independent bar which upholds the rule of law and ensures access to justice. The Law Society has also established a Pro Bono Services Office as part of its mission in ensuring access to justice for the needy. The Pro Bono Services Office has been a wholly owned subsidiary of the Law Society since April 2017.

 

Source:
www.lawsohttp://www.lawsociety.org.sgciety.org.sg

Singapore Academy of Law

Singapore Academy of Law

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The Singapore Academy of Law (“SAL”) seeks to promote and develop the legal profession as a whole, harboring the vision of making Singapore the legal hub of Asia. It is a body established by legislation (see Singapore Academy of Law Act 1988 (No 18 of 1988).

As stated in its website, SAL aims to drive legal excellence through developing thought leadership, world class infrastructure and legal solutions. Its work focuses on building up the intellectual capital of the legal profession by enhancing legal knowledge, raising the international profile of Singapore law, promoting Singapore as a centre for dispute resolution and improving the standards and efficiency of legal practice through continuing professional development and the use of technology.

The work of SAL is largely driven by a twelve-member SAL Executive Board which focuses on five key areas:

(a) Legal education such as conferences and seminars, training and e-learning programs

(b) Legal publishing and knowledge through Academy Publishing, Law Reporting and Legal Heritage

(c) Legal development such as professional affairs, law reform, Singapore Law Watch

(d) Legal technology such as LawNet and E-litigation platforms

(e) Statutory services such as stakeholding services, appointment of Senior Counsel, Commissioners for Oaths and Notaries Public

 

Source:
www.sal.org.sg

Singapore Land Authority

Singapore Land Authority

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The Singapore Land Authority (“SLA”) is a statutory board under the Ministry of Law, established under the Singapore Land Authority Act (Cap 301, 2002 Rev Ed). It was formed on 1 June 2001 when the Land Office, the Singapore Land Registry, the Survey Department, and the Land Systems Support Unit were merged. SLA’s mission is to optimise land resources for the economic and social development of Singapore. SLA’s role is both developmental and regulatory. In its developmental role, SLA:

(a) Maintains the national land information database.

(b) Manages State land through land sales, leases, acquisitions, and allocations.

(c) Develops and markets State properties to optimise their use for the public benefit.

(d) Develops geospatial data infrastructure and policies, enabling knowledge and value creation for the Government, enterprises, and the community.

In its regulatory role, SLA is the national land registration authority. It looks after the registration of property transactions in Singapore, and is also responsible for the management and maintenance of the national land survey system. There are several divisions in the SLA which handle legal and regulatory matters. They include the Legal Division, the Land Survey Division, the Land Titles Registry, and the Conveyancing Planning Unit.

Amongst other things, SLA is responsible for:

(a) Property Registration. SLA manages the two co-existing land registers, ie, the Register of Deeds under the Registration of Deeds Act (Cap 269, 1989 Rev Ed), and the Land Titles Register under the Land Titles Act (Cap 157, 2004 Rev Ed).

(b) Granting permission for the foreign ownership of properties under the Residential Property Act.

(c) Regulating the process of a property boundary survey (or a cadastral survey) by a practising Registered Surveyor.

(d) Regulating the rental, sale, and purchase of State properties under the State Lands Act (Cap 314, 1996 Rev Ed).

(e) Opening up vacant State land not required for immediate development, so that the public may enjoy it for community use.

 

Source:
www.sla.gov.sg

Accounting and Corporate Regulatory Authority

Accounting and Corporate Regulatory Authority

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The Accounting and Corporate Regulatory Authority (“ACRA”) is the national regulator of business entities, public accountants, and corporate service providers in Singapore. ACRA promotes a trusted and vibrant environment for businesses to thrive and flourish, and contribute towards making Singapore the best place for business.

ACRA was formed as a statutory board on 1 April 2004 following the merger of the then Registry of Companies and Businesses, and the Public Accountants’ Board. ACRA is responsible for the following functions:

(a) To administer the Accounting and Corporate Regulatory Authority Act (Cap 2A, 2005 Rev Ed), the Accountants Act (Cap 2, 2005 Rev Ed), the Business Names Registration Act (Cap 32), the Companies Act (Cap 50, 2006 Rev Ed), the Limited Liability Partnerships Act (Cap 163A, 2006 Rev Ed), and the Limited Partnerships Act (Cap 163B, 2010 Rev Ed).

(b) To report, make recommendations to, and advise the Government on matters relating to the registration and regulation of business entities, public accountants, and corporate service providers.

(c) To establish and administer a repository of documents and information relating to business entities, public accountants, and corporate service providers; and to provide the public with access to such documents and information.

(d) To represent the Government internationally in matters relating to the registration and regulation of business entities, public accountants, and corporate service providers.

(e) To promote public awareness of the new business structures, compliance requirements, corporate government practices, and any other matter under the purview of the ACRA.

 

Source:
www.acra.gov.sg

Inland Revenue Authority of Singapore

Inland Revenue Authority of Singapore

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The Inland Revenue Authority of Singapore (“IRAS”) is the main tax administrator to the Government. IRAS collects taxes that account for about 70% of the Government’s operating revenue that supports the Government’s economic and social programmes to achieve quality growth and an inclusive society. IRAS also represents the Government in tax treaty negotiations, drafts tax legislations, and provides advice on property valuation to the Government. As part of its public engagement, IRAS works closely with tax agents as partners in administering the Singapore tax system and in facilitating tax compliance.

IRAS was established by legislation on 1 September 1992 as a statutory board under the Ministry of Finance. Prior to that, IRAS’ functions were performed by the Singapore Income Tax Department, which was created in 1947 to administer the Income Tax Ordinance, and then by the Inland Revenue Department in 1960 to administer the Income Tax Act (Cap 134, 2014 Rev Ed).

 

Source:
www.iras.gov.sg