Singapore Tax Rates
INCOME TAX
Income accruing in or derived from Singapore or received in Singapore from overseas is subject to tax. For corporate tax, remittance of foreign-sourced dividends, foreign-sourced branch profits and foreign-sourced service income into Singapore are exempt from tax if prescribed conditions are met. For individual tax, remittance of all foreign-source income are exempt from tax.
GOODS AND SERVICES TAX (GST)
GST is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sales and leases of residential properties and the provision of most financial services. Export of goods and international services are zero-rated.
TAX RATES IN A PICTURE
| CORPORATE INCOME | TAX RATE |
| Tax rate on corporate profits for up to 300,000 SGD | 8.5% |
| Tax rate on corporate profits above 300,000 SGD | 17% |
| Tax rate on capital gains | Exempt |
| Tax rate on foreign-sourced income brought into Singapore | 0 – 17% subject to conditions |
| PERSONAL INCOME | TAX RATE |
| Tax rate on first 20,000 | 0% |
| Tax rate on next 10,000 | 2% |
| Tax rate on next 10,000 | 3.5% |
| Tax rate on next 40,000 | 7% |
| Tax rate on next 40,000 | 11.5% |
| Tax rate on next 40,000 | 15% |
| Tax rate on next 40,000 | 18% |
| Tax rate on next 40,000 | 19% |
| Tax rate on next 40,000 | 19.5% |
| Tax rate on next 40,000 | 20% |
| Tax rate on above 320,000 | 22% |
| Tax rate on capital gains | 0% |
| Tax rate on dividends received from Singapore company | 0% |
Withholding tax
- Dividends – Exempt
- Interest – 15%
- Royalties from Patents, Know-How, etc – 10%
- Branch remittance – Exempt
For more details, please visit www.iras.gov.sg
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