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Taxation in Singapore

  • Incorporation time: 3 days
  • Shelf companies: Yes
  • Accounting: Yes
  • Secretary: Yes
  • Nominee Shareholder: Yes
  • Nominee director: Yes
Tax 17%
1 SGD = 0.59 €

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.

Links :
Inland Revenue Authority of Singapore
Ministry of Finance Singapore

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.

Links :

Certified Public Accountants of Singapore
Singapore Accounting Standards

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