Singapore Taxation
Type of Property Tax in Singapore
From 1st Jan 2015, Progressive tax rates apply to all residential properties. Other properties (such as residential land, commercial and industrial buildings), are taxed at the Non-Residential Tax rate of 10%.
1) Non Owner Occupied Residential Properties Tax
2) Owner Occupied Residential Properties Tax
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3) Stamp Duty / Estate Duty / Capital Gain Tax
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Citizens of the following 5 countries have free trade deals with Singapore. Citizens from these countries do not pay Buyer Stamp Duty for their 1st property in Singapore.
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NOTE: There is NO Estate Duty and Capital Gain Tax in Singapore.
4) Sellers Stamp Duty for Residential Properties & Industrial Properties
Note: currently there is no holding tax on commercial properties in Singapore.
5) Leasing Stamp Duty
Other Type of Tax in Singapore
Singapore’s tax rates are one of the lowest among developed countries – an attractive feature for foreigners working here. Tax Payable The amount of personal income tax payable depends on whether you are a tax resident or non-resident, and the income you earn.
Different tax rates apply for tax residents and non-residents. You will be treated as a tax resident for a particular Year of Assessment (YA) if you are a:
Tax residents are taxed on any income earned in Singapore. Overseas income that is tied to employment in Singapore and brought into the country is taxable. Otherwise, your global sources of income are not taxed. Singapore has a progressive tax structure. After deducting personal relief, personal income tax rates are between 0-20%.
Tax residents are entitled to personal reliefs, for matters such as children, professional course fees, insurance premiums and compulsory contributions to the Central Provident Fund (CPF).
Non-residents are exempted from paying income tax if they have been employed for 60 days or less in a calendar year, unless they are directors, public entertainers, or practising a profession in Singapore. Non-residents are taxed only on income earned in Singapore at a flat rate of 15% or the resident rates, whichever is higher, and may not claim for personal reliefs.
Avoidance of Double Taxation Singapore has signed agreements with other countries to relieve double taxation of income earned by an individual who is living in another country. If you are a tax resident of one of these countries, you may be protected from being taxed twice.
Different tax rates apply for tax residents and non-residents. You will be treated as a tax resident for a particular Year of Assessment (YA) if you are a:
- Singaporean;
- Singapore Permanent Resident (SPR) if you have established your permanent home in Singapore; or
- Foreigner who stayed/worked in Singapore for at least 183 days or more in the previous year (excludes director of a company).
Tax residents are taxed on any income earned in Singapore. Overseas income that is tied to employment in Singapore and brought into the country is taxable. Otherwise, your global sources of income are not taxed. Singapore has a progressive tax structure. After deducting personal relief, personal income tax rates are between 0-20%.
Tax residents are entitled to personal reliefs, for matters such as children, professional course fees, insurance premiums and compulsory contributions to the Central Provident Fund (CPF).
Non-residents are exempted from paying income tax if they have been employed for 60 days or less in a calendar year, unless they are directors, public entertainers, or practising a profession in Singapore. Non-residents are taxed only on income earned in Singapore at a flat rate of 15% or the resident rates, whichever is higher, and may not claim for personal reliefs.
Avoidance of Double Taxation Singapore has signed agreements with other countries to relieve double taxation of income earned by an individual who is living in another country. If you are a tax resident of one of these countries, you may be protected from being taxed twice.
- Personal Income Tax Rate in Singapore
- Corporate Tax Rate in Singapore
- Goods & Services Tax
GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore.
The only exemptions are for:
- The sale and lease of residential properties,
- The importation and local supply of investment precious metals and the provision of most financial services.
- Export of goods and international services are zero-rated.
For more information on taxation matter or updates, kindly visit the IRAS website.
