Taxation

A 7 per cent consumption tax, assessed on the landed duty-paid value, is levied on all imports and on most goods and services (GST). Other forms of taxes include property, entertainment, customs and estate duties.

Excise taxes are levied on a few items including alcoholic beverages, tobacco products, petroleum products and motor vehicles.

Singapore has low company and personal taxation rates.

Within the Ministry of Finance, the Inland Revenue Authority of Singapore (IRAS) acts as the agent of the government and provides service in administering, assessing, collecting and enforcing payment of taxes. IRAS also advises the government and represents Singapore international only on matters relating to taxation.