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Jul 11, 2014

Living There


INDIVIDUAL TAXATION

Singapore living

Residents are liable to tax on their Singaporean-sourced income. Married couples are generally assessed separately.

INCOME TAX

Income tax is imposed on the following types of income: (1) income from trade, business, profession, or vocation, (2) employment income, (3) dividends, interests or discounts, (4) pension, charge or annuity, (5) rents, royalties, premiums or any other gains arising from property, and (6) any other income.

Residents are taxed at progressive rates on their income.


INCOME TAX 2013

TAXABLE INCOME, SGD (US$) MARGINAL TAX RATE
Up to 20,000 (US$16,000) 0%
20,000 – 30,000 (US$24,000) 2% on band over US$16,000
30,000 – 40,000 (US$32,000) 3.50% on band over US$24,000
40,000 – 80,000 (US$64,000) 7% on band over US$32,000
80,000 – 120,000 (US$96,000) 11.50% on band over US$64,000
120,000 – 160,000 (US$128,000) 17% on band over US$96,000
160,000 – 200,000 (US$160,000) 17% on band over US$128,000
200,000 – 320,000 (US$256,000) 18% on band over US$160,000
Over 320,000 (US$256,000) 20% on all income over US$256,000
Source: Global Property Guide

INCOME TAX 2011

TAXABLE INCOME, SGD (US$) MARGINAL TAX RATE
Up to 20,000 (US$16,000) 0%
20,000 – 30,000 (US$24,000) 3.50% on band over US$16,000
30,000 – 40,000 (US$32,000) 5.50% on band over US$24,000
40,000 – 80,000 (US$64,000) 8.50% on band over US$32,000
80,000 – 160,000 (US$128,000 14% on band over US$64,000
160,000 - 320,000 (US$256,000) 17% on band over US$128,000
Over 320,000 (US$256,000) 20% on all income over US$256,000
Source: Global Property Guide

Residents are entitled to various tax reliefs (tax allowances), which can be deducted from their assessable income to arrive at their taxable income.

  • Earned income relief: SGD1,000 (US$800) for taxpayer below 55 years of age, SGD3,000 (US$2,400) for taxpayer between 55 and 59 years of age, SGD4,000 (US$3,200) for taxpayer above 60 years of age.
  • Spouse allowance: SGD2,000 (US$1,600) for the spouse who earns up to SGD2,000 (US$1,600) income (this allowance is not available to taxpayers whose spouse is earning more than the threshold amount)
  • Child’s allowance: SGD4,000 (US$3,200) for each qualifying child

CAPITAL GAINS TAX

There is no capital gains tax in Singapore.

PROPERTY TAXATION

Property Tax

Property tax is levied on immovable property. Property tax is levied on a percentage of the annual value of the property.

For residential properties, property tax is levied at progressive rates.

PROPERTY TAX FOR OWNER-OCCUPIED PROPERTIES 2015

TAX BASE, SGD (US$)
TAX RATE
Up to 8,000 (US$10,000) 0%
8,000 – 55,000 (US$44,000) 4%
55,000 – 70,000 (US$48,000) 6%
70,000 – 85,000 (US$68,000) 8%
85,000 – 100,000 (US$80,000) 10%
100,000 – 115,000 (US$92,000) 12%
115,000 – 130,000 (US$104,000) 14%
Over 130,000 (US$104,000) 16%
Source: Global Property Guide

PROPERTY TAX FOR OWNER-OCCUPIED PROPERTIES 2014

TAX BASE, SGD (US$)
TAX RATE
Up to 8,000 (US$10,000) 0%
8,000 – 55,000 (US$44,000) 4%
55,000 – 70,000 (US$48,000) 6%
70,000 – 85,000 (US$68,000) 7%
85,000 – 100,000 (US$80,000) 9%
100,000 – 115,000 (US$92,000) 11%
115,000 – 130,000 (US$104,000) 13%
Over 130,000 (US$104,000) 15%
Source: Global Property Guide

PROPERTY TAX FOR OWNER-OCCUPIED PROPERTIES 2013

TAX BASE, SGD (US$)
TAX RATE
Up to 6,000 (US$4,800) 0%
6,000 – 65,000 (US$52,000) 4%
Over 65,000 (US$52,000) 6%
Source: Global Property Guide

Foreigners pay, in addition, a 10% surcharge.

A concessional rate of 4% is levied on owner-occupied residential properties.

A flat rate of 10% is levied on industrial properties, commercial properties, and rental properties.

CORPORATE TAXATION

INCOME TAX

Companies in Singapore are subject to a flat withholding tax of 17%. Income-generating expenses and operating costs are deductible from the gross income.






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