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Jun 23, 2015

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 2015 and 2016

TAXABLE INCOME, SGD (US$) MARGINAL TAX RATE
Up to 20,000 (US$14,815) 0%
20,000 30,000 (US$22,222) 2% on band over US$14,815
30,000 40,000 (US$29,630) 3.50% on band over US$22,222
40,000 80,000 (US$59,259) 7% on band over US$32,000
80,000 120,000 (US$88,888) 7% on band over US$29,630
120,000 160,000 (US$118,519) 11.50% on band over US$59,259
160,000 200,000 (US$148,148) 15% on band over US$88,888
200,000 320,000 (US$237,037) 18% on band over US$148,148
Over 320,000 (US$237,037) 20% on all income over US$237,037
Source: Global Property Guide

INCOME TAX 2017

TAXABLE INCOME, SGD (US$) MARGINAL TAX RATE
Up to 20,000 (US$14,815) 0%
20,000 30,000 (US$22,222) 2% on band over US$14,815
30,000 40,000 (US$29,630) 3.50% on band over US$22,222
40,000 80,000 (US$59,259) 7% on band over US$32,000
80,000 120,000 (US$88,888) 7% on band over US$29,630
120,000 160,000 (US$118,519) 11.50% on band over US$59,259
160,000 200,000 (US$148,148) 15% on band over US$88,888
200,000 320,000 (US$237,037) 18% on band over US$148,148
280,000 320,000 (US$237,037) 20% on all income over US$237,037
Over 320,000 (US$237,037) 22% on all income over US$237,037
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.


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$5,926) 0%
8,000 55,000 (US$40,741) 4%
55,000 70,000 (US$44,444) 6%
70,000 85,000 (US$51,852) 8%
85,000 100,000 (US$74,074) 10%
100,000 115,000 (US$85,185) 12%
115,000 130,000 (US$96,296) 14%
Over 130,000 (US$96,296) 16%
Source: Global Property Guide

PROPERTY TAX FOR OWNER-OCCUPIED PROPERTIES 2014

TAX BASE, SGD (US$)
TAX RATE
Up to 8,000 (US$5,926) 0%
8,000 55,000 (US$40,741) 4%
55,000 60,000 (US$44,444) 5%
60,000 70,000 (US$51,852) 6%
70,000 85,000 (US$62,963) 7%
85,000 100,000 (US$74,074) 9%
100,000 115,000 (US$85,185) 11%
115,000 130,000 (US$96,296) 13%
Over 130,000 (US$96,296) 15%
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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