Inland Revenue Authority of Singapore
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).