IRAS stands for Inland Revenue Authority of Singapore. It is the government agency that is responsible for the administration and enforcement of taxation in Singapore.
The primary function of IRAS is to ensure the compliance of individuals, businesses, and other entities with the tax laws and regulations in Singapore. This includes the collection of various types of taxes, such as income tax, goods and services tax (GST), property tax, and stamp duty.
IRAS also plays a crucial role in providing taxpayers with guidance and support in fulfilling their tax obligations. The agency provides clear and comprehensive information on tax rules, laws, and policies, as well as assistance in filing tax returns and making payments.
In addition to its administrative tasks, IRAS actively engages in tax policy development, focusing on maintaining a competitive tax system and promoting economic growth in Singapore. The agency works closely with the Ministry of Finance and other stakeholders to review tax policies and introduce necessary reforms to enhance tax administration and compliance.
Through its stringent enforcement activities, IRAS aims to deter tax evasion and ensure a fair and level playing field for all taxpayers. The agency conducts regular audits and investigations to detect non-compliance and takes appropriate actions against tax offenders.
Overall, IRAS is a vital governmental organization that plays a crucial role in the taxation system of Singapore, ensuring the collection of taxes and facilitating compliance with tax laws for the benefit of the country's economic development.
