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.
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.
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