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Singapore Personal Income Tax

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These are the taxes levied on the personal income of an individual or the private companies directly by the government.

Taxable income

  1. Rates of Personal income tax in Singapore are one of the lowest in the world.
  2. Salary from the employment or the income from the business is subject to tax.
  3. Sale of any product in Singapore or overseas the part of income received is subject to tax.

 

Capital Gains

The amount by which an asset's selling price is more then that of initial purchase price. Most of the investments that are sold at a profit, including mutual funds, bonds, options, collectibles, homes, and businesses, the IRS is owed money called capital.

  1. No tax is levied on the capital gains in Singapore
  2. Inheritance tax has been abolished since 2008 in Singapore.
  3. The income earned by individuals while working overseas is not subject to taxation.

Tax levied by the Singapore government is different from person to person depending on the tax residency of the individual. Financial year of Singapore is ending on April 15 each year that is the last date of the year to fulfill the taxes.

Following is the rate of Taxes as per the income of the individual:

 

 

Chargeable Income ($)

Rate (%)

Gross Tax Payable ($)

On the first
On the next

20 000
10 000

0
3.50

0.00
350.00

On the first
On the next

30 000
10 000

5.50

350.00
550.00

On the first
On the next

40 000
40 000

8.50

900.00
3 400.00

On the first
On the next

80 000
80 000

14

4 300.00
11 200.00

On the first
On the next

160 000
160 000

17

15 500.00
27 200.00

On the first
Above

320 000
320 000

20

42 700.00

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