Singapore Tax Rates
Singapore has a unique corporate tax system: corporate tax is levied at 17% for residents and non-residents, regardless of whether or not income is generated in Singapore. Capital gains, however, are not taxed in Singapore. GST (Goods and Services Tax) is the country’s value added tax, which is charged at 7%. GST does not apply to international services and goods exports.
Personal income tax is calculated using a progressive tax system, with rates ranging from 0 to 20%:
|Personal income (SGD)||Tax rate|
|0 to 20,000||0%|
|20,001 to 30,000||3.5%|
|30,001 to 40,000||5.5%|
|40,001 to 80,000||8.5%|
|80,001 to 160,000||14%|
|160,001 to 320,000||17%|
|320,000 and above||20%|
It is possible to obtain NOR status, making companies eligible for the Not Ordinarily Resident taxpayer scheme which was introduced in 2003 to encourage the influx of foreign companies.
Accounting Requirements In Singapore
Accounting in Singapore is governed by the (Accounting Standards Council) which applies international accounting standards. Singapore’s fiscal year begins on 1 January and ends on 31 December. The main professional accounting body in Singapore is the Institute of Certified Public Accountants of Singapore.
Singapore companies must file a tax return and must also prepare annual audit accounts.