Although GM Expat Tax does not provide tax return services in Singapore we are pleased to advise the following rates of income tax apply to individuals in Singapore:
For non residents
A flat rate of 15% applies to all income with a source in Singapore.
The following rates of income tax apply to those who are residents of Singapore (amounts are in S$’s):
|Next $40,000||7%||2 800|
|First $80,000||–||3 350|
|Next $40,000||11.5%||4 600|
|First $120,000||–||7 950|
|Next $ 40,000||15%||6 000|
|First $160,000||–||13 950|
|Next $ 40,000||17%||6 800|
|First $200,000||–||20 750|
|Next $120,000||18%||21 600|
|First $320,000||–||42 350|
Thus the top rate of personal income tax in Singapore is 20%.
You are considered a tax resident of Singapore if you are:
- A Singaporean, or
- A Singapore Permanent Resident and have established your permanent home in Singapore, or
- A foreigner who has stayed or worked in Singapore for 183 days or more in the tax year
Individuals are taxed mainly on Singapore sourced income. Foreign sourced income will be taxed when it is remitted or deemed remitted into Singapore, unless the income has already been subject to tax in a jurisdiction with a headline tax rate of at least 15%.
There is no personal tax in Singapore on capital gains.
In Singapore the tax year runs on a calendar year basis, and tax returns must be lodged with the Inland Revenue Authority of Singapore by the 15th of April following the end of the tax year.