Global Property Guide

Financial Information for the Residential Property Buyer


Living There

Last Updated: December 21, 2017

INDIVIDUAL TAXATION

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 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
Over 320,000 (US$237,037) 20% 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 occupied by owners, 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

Foreigners pay, in addition, a 10% surcharge.

For residential properties not occupied by owners, property tax is levied from 10% to 20%.

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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