Difference between revisions of "IS428 2017 18T1 Group05"
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| + | == Problem Statement and Motivation == | ||
Have you received a pay check or paid for a product only to find out a significant amount went to paying taxes? In 2017, The Inland Revenue Authority of Singapore (IRAS) collected tax revenue amounting to S$47 billion, a 5% increase from tax revenue in the fiscal year 2016 <sup>[http://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago]</sup>. Taxes are compulsory contributions made to the government by citizens and firms residing in the nation to fund government operations on certain categories of products and services. In recent years, tax compositions has differed, with similar changes trending globally.<sup>[https://ourworldindata.org/taxation/#recent-trends-in-the-taxation-of-consumption]</sup>. | Have you received a pay check or paid for a product only to find out a significant amount went to paying taxes? In 2017, The Inland Revenue Authority of Singapore (IRAS) collected tax revenue amounting to S$47 billion, a 5% increase from tax revenue in the fiscal year 2016 <sup>[http://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago]</sup>. Taxes are compulsory contributions made to the government by citizens and firms residing in the nation to fund government operations on certain categories of products and services. In recent years, tax compositions has differed, with similar changes trending globally.<sup>[https://ourworldindata.org/taxation/#recent-trends-in-the-taxation-of-consumption]</sup>. | ||
Revision as of 01:04, 14 October 2017
Contents
Problem Statement and Motivation
Have you received a pay check or paid for a product only to find out a significant amount went to paying taxes? In 2017, The Inland Revenue Authority of Singapore (IRAS) collected tax revenue amounting to S$47 billion, a 5% increase from tax revenue in the fiscal year 2016 [1]. Taxes are compulsory contributions made to the government by citizens and firms residing in the nation to fund government operations on certain categories of products and services. In recent years, tax compositions has differed, with similar changes trending globally.[2].
According to a report by the Organization for Economic Co-operation and Development (OECD), Singapore was ranked as one of the lowest-taxed economies in South-east Asia and amongst other economically developed countries[3]. Tax revenue in Singapore serves fund government operations and promote social and economic goals. In doing so, the government aims to ensure competitive tax rates to both corporations individuals to ensure a healthy economy. In this project, we hope to allow users to explore trends and patterns in the composition of Singapore’s tax revenue over the years. Furthermore, we hope that the interactive visualization will aid the public in understanding the key components of Singapore’s tax revenue and the share of their contribution to tax revenue.
