Singapore Tax Guide

Singapore

Currency: Singapore Dollar

Foreign Exchange Control: Only limited to currency speculation.

Accounting Principles: SFRS. Financial statements must be prepared annually.

Business Entities: Principally, public and private limited companies, partnerships and branches of a foreign corporation.

Corporate Taxation

Residence: If management and control is exercised in Singapore.

Basis: On a territorial basis. Tax is imposed on all income accrued or derived from Singapore and all foreign income remitted to Singapore.

Rate: Standard rate of 17% with chargeable income exemptions.

Foreign Tax: Some exemptions exist on foreign source income. Resident companies receive credit for foreign tax paid.

Other: Various incentives in place, particularly for financial services.

Tax Year: Generally the calendar year.

Personal Taxation

Residence: Residents taxed on worldwide income, non-residents taxed on Singapore-source income (resident if reside or work in Singapore >183 days per year).

Rate: Progressive up to 20%. Non-residents are taxed on employment income at 15%. All other income of non- residents is taxed at 20%.

Capital Gains: None

Other: Real property: Levied by municipality

Inheritance tax: States charge varying rates

Social security: employees 8%-11%, employers 28%-36.8%

VAT: Standard rate 7%

Member Firm: Saw Meng Tee & Company

Emails:
Meng Tee Saw: mengtee@sawmt.com
Jensey Lim: jensey@sawmt.com