Property Taxes in Singapore
Tax Rate on Rental Income |
|||
| Monthly Income | US$1,500 | US$6,000 | US$12,000 |
| Tax Rate | 22% | 22% | 22% |
Nonresidents are liable to tax on their Singaporean-sourced income. Married couples are generally assessed separately.
Income Tax
Income tax on nonresidents' income is levied at flat rates, 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%. Starting from the assessment year 2024, this rate will increase to 24%.
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%, which will rise to 24% by the assessment year of 2024. 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.
Corporate Taxation
Income Tax
Income and capital gains earned by companies are subject to corporate income tax at a flat rate of 17%. Income-generating expenses are deductible when calculating taxable income. Rental income received by corporations is considered business income and is subject to the corporate tax rate.
Property Buying Costs and Taxes in Singapore
|
Transaction Costs |
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| Who Pays? | ||
| Buyer Stamp Duty (BSD) | 1% - 3% | buyer |
| Additional Buyer Stamp Duty (ABSD) | 5% - 35% | buyer |
| Seller Stamp Duty | 4% - 12% | seller |
| Registration Fee | SGD70 (US$52) | buyer |
| Legal Fee | 0.30% 0.15% |
buyer seller |
| Real Estate Agent Fee | 1% 2% |
buyer seller |
| Costs paid by buyer | 7.30% - 39.30% | |
| Costs paid by seller | 6.15% - 14.15% | |
| ROUNDTRIP TRANSACTION COSTS | 13.45% - 50.45% | |
Property Holding Tax
Property tax is levied on immovable property based on a percentage of the annual value of the property.
Property Tax for Owner-Occupied Properties 2024
| Tax Base, SGD (US$) | Tax Rate |
| Up to 8,000 (US$5,926) | 0% |
| 8,000 - 55,000 (US$40,741) | 4% |
| 55,000 - 70,000 (US$51,852) | 6% |
| 70,000 - 85,000 (US$62,963) | 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, PWC | |
Foreigners pay an additional 10% surcharge.
For residential properties not occupied by owners, property tax is levied from 10% to 20%.