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Tax Advisory Services

Singapore Personal Tax

Personal income tax rates in Singapore can be considered relatively low, as compared to other countries. The personal tax system in Singapore is based on a progressive one, as illustrated at the end of this page.

Tax Residence

You are considered a tax resident if you are:

  1. a Singaporean; or
  2. a Singapore Permanent Resident and have established your permanent home in Singapore; or
  3. a foreigner who has stayed or worked in Singapore for 183 days or more in the tax year.

Statutory, Assessable and Chargeable Income

The statutory income of a person is the aggregate of his income from each source for the year preceding the year of assessment. This amount is arrived at after deducting expenses allowable against each source of income and applicable capital allowances.

The assessable income of a person is the remainder of the statutory income after deducting any loss incurred in trade, business, profession or vocation, and qualifying donations that have been specified in the Income Tax Act.

The chargeable income of a person is the remainder of the assessable income after reliefs and deductions allowed have been made.

In essence,

Income Not Taxable

In general, any foreign income received in Singapore is not taxable. However, it is important to remember that there are exceptions to this rule. Singapore also does not have any taxes on capital gains and has abolished estate duty.

Filing of Personal Income Tax Return

Required if:

  1. you are a Singapore/ Permanent Resident or hold any of the long term employment passes,
  2. your annual income in Singapore is above S$22,000 (2010),
  3. the Inland Revenue Authority of Singapore (IRAS) issues a notification requesting for filing to be done

It is mandatory under law to complete this filing to IRAS by 15 April.

Personal income tax rates in Singapore can be considered relatively low, as compared to other countries. The personal tax system in Singapore is based on a progressive one, as illustrated below:

From YA 2012 onwards

Chargeable Income Rate (%) Gross Tax Payable ($)
First $20,000
Next $10,000
0
2
0
200
First $30,000
Next $10,000

3.50
200
350
First $40,000
Next $40,000

7
550
2 800
First $80,000
Next $40,000

11.5
3 350
4 600
First $120,000
Next $ 40,000

15
7 950
6 000
First $160,000
Next $ 40,000

17
13 950
6 800
First $200,000
Next $120,000

18
20 750
21 600
First $320,000
Above $320,000

20
42 350

 

For YA 2007 to 2011

Chargeable Income Rate (%) Gross Tax Payable ($)
First $20,000
Next $10,000
0
3.50
0
350
First $30,000
Next $10,000

5.50
350
550
First $40,000
Next $40,000

8.50
900
3 400
First $80,000
Next $80,000

14
4 300
11 200
First $160,000
Next $160,000

17
15 500
27 200
First $320,000
Above $320,000

20
42 700