Personal Income Tax Singapore

Singapore’s Personal Income Tax structure is one of the friendliest and most competitive in the world. The tax year is from 1st January to 31 December in each calendar year and income is assessed on a preceding year basis.

Key points of the Singapore income tax for individuals include:

The amount of income tax that you have to pay depends on your tax residency in Singapore. The taxes for residents are different from non-residents.

  • Top marginal resident tax rate of 20% kicks in at S$ 320,000 of taxable income.
  • Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher tax amount.
  • In general, all remuneration arising from an employment under which duties are performed in Singapore would be fully taxable irrespective of where the funds are made available to you.
  • Besides salaries and bonuses, perquisites such as housing and stock options will form part of your taxable employment income.

The Singapore tax adopts a progressive personal tax rate, relative to an individual’s amount of income.

Fee for personal taxation starts from SGD$150, for filing of Form B/B1 (Sole proprietorship) or Form P (Partnership).

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