Louis Chua on Inland Revenue Authority of Singapore (Amendment) Bill
The Inland Revenue Authority of Singapore (IRAS) is already responsible for the administration of enterprise disbursement schemes and has been designated the Centre of Excellence for disbursing broad-based grants to enterprises, said MP Louis Chua. Speaking in Parliament on Friday (Feb 16), he said it is important to empower IRAS with investigative and enforcement powers to deal with the abuse of Government grant schemes. In cases where over-payments did not stem from companies, he wanted to know how IRAS would recover the money and how much leeway companies would have with the interest levied on them. He pointed out that the “tight timelines” can be particularly onerous for companies which are facing severe cashflow difficulties or small- and medium-sized enterprises which may not have established administrative and finance processes in place.
The Inland Revenue Authority of Singapore (IRAS) is already responsible for the administration of enterprise disbursement schemes and has been designated the Centre of Excellence for disbursing broad-based grants to enterprises, said MP Louis Chua. Speaking in Parliament on Friday (Feb 16), he said it is important to empower IRAS with investigative and enforcement powers to deal with the abuse of Government grant schemes. In cases where over-payments did not stem from companies, he wanted to know how IRAS would recover the money and how much leeway companies would have with the interest levied on them. He pointed out that the “tight timelines” can be particularly onerous for companies which are facing severe cashflow difficulties or small- and medium-sized enterprises which may not have established administrative and finance processes in place.
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