Was looking at the actual 2005 revenue from taxes in the 2007
MOF's budget (Ministry of Finance), I cross referenced it to IRAS's
(Inland Revenue Authority of Singapore) collection in 2005. Some of
the figures from MOF when cross referenced to IRAS is accurate,
while other figures did not tally.
There were no differences between the IRAS's and MOF's figure for
Betting Taxes, Stamp Duty and Estate Duty.
The differences between the
IRAS's and MOF's figure for Corporate & Personal Income Tax,
Property Tax and GST adds up to $5,651,744.
How is it that when IRAS collects one amount for a particular tax
category, but when it is received by MOF, there is a
difference.
I wonder if anybody could provide any reasonable explanation for
the discrepancies?
Source: Inland Revenue Authority of Singapore
Source: Ministry of Finance
Corporate and Personal Income
Tax:
IRAS = $4,326,564,000 + $7,340,767,000 = $11,667,331,000
MOF = $11,663,203,937
IRAS - MOF = $11,667,331,000 - $11,663,203,937 = $4,127,063
(difference)
Property Tax:
IRAS - MOF = $1,829,177,000 - $1,828,934,461 = $242,539
(difference)
GST:
IRAS - MOF = $3,816,618,000 - $3,815,335,858 = $1,282,142
(difference)
Total Differences = $4,127,063 + $242,539 + $1,282,142 =
$5,651,744
Betting Taxes:
IRAS = $1,222,246,000 + $278,340,000 = $1,500,586,000
MOF = $1,500,386,176
IRAS - MOF = $1,500,586,000 - $1,500,386,176 = $176 (difference due
to accuracy adjustments)
Stamp Duty:
IRAS - MOF = $966,677,000 - $966,677,030 = $30 (difference due to
accuracy adjustments)
Estate Duty:
IRAS - MOF = $80,687,000 - $80,687,333 = $333 (difference due to
accuracy adjustments)
