Tax on property income in Singapore

INDIVIDUAL TAXATION

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

INCOME TAX

Income tax levied on nonresident´s income is levied at flat rates, and the applicable tax rate varies depending on the source of income. Employment income of nonresidents is taxed at a flat rate of 15%. All other income earned by nonresidents is taxed at a flat rate of 22%.

CAPITAL GAINS TAX

There is no capital gains tax in Singapore.

RENTAL INCOME

Rental income earned by nonresidents is subject to the nonresident tax rate of 22%. The taxable income is computed by deducting property tax, insurance, maintenance and repairs from the gross rental income with a maximum deduction of 15%. Depreciation of the property is not deductible.Income tax will be raised to 24% by the assesment year of 2024.

PROPERTY TAX

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 2023

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%.