Personal Tax in Singapore
- Tax Base For Residents and Non-Residents
- You will be treated as a ‘ tax resident' for a particular Year of Assessment (YA) if you are a Singaporean or Singapore Permanent Resident (SPR) or a foreigner who stayed/worked in Singapore for 183 days or more in previous year (excludes director of a company); otherwise you will be treated as a non-resident for a particular YA for Singapore tax purposes.
All foreign-source income received in Singapore by a tax resident is exempted i.e. Singapore taxes individuals on a purely territorial basis.
Non-residents are taxed differently.
For details visit: Inland Revenue Authority of Singapore.
|Individual Tax Rate||Progressive rate from 0% to 20%. Access the tax calculator of the Tax Department.|
|Up to 20.000 SGD||0%|
|From 20.001 àto30.000 SGD||3,5%|
|From 30.001 to 40.000 SGD||5,5%|
|From 40.001 to 80.000 SGD||8,5%|
|From 80.001 to 160.000 SGD||14%|
|From 160.001 to 320.000 SGD||17%|
|Over 320 000 SGD||20%|
- Allowable Deductions and Tax Credit
- Visit : Inland Revenue Authority of Singapore.
- Special Expatriate Tax Regime
- To attract global talent to Singapore and to encourage companies to use Singapore as their base for regional activities, the Not Ordinarily Resident (NOR) Taxpayer Scheme took effect in 2003. To qualify for the NOR scheme, an individual must be tax resident in the current year of assessment and must not have been tax residents in the three years of assessment immediately before that year of assessment. Individuals meeting criterion are granted NOR status for five consecutive assessment years, starting from the assessment year in which they first meet the criterion.
- Capital Tax Rate
- The tax rate is 4% for owner-occupied residential property and 10% for others.
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