In this section, you will learn about the tax rates for the major taxes applicable in Singapore.
A. Singapore Corporate Tax
B. Singapore Personal Income Tax
Personal Income Tax Rates for Residents
The personal income tax system for Tax Residents in Singapore is based on a progressive tax system. This means that a different tax rate is charged progressively as income increases. Simply put, your annual personal income will be divided into different income bands with a progressive tax rate attached to the next band. The highest personal income tax rate is currently fixed at 20% (which is 3% higher than the current headline corporate tax rate).
The progressive rates are as follow:
Personal Income Tax rates for non-resident individuals
Your employment income is taxed at 15% or resident rate, whichever gives rise to a higher tax amount.
Director's fees, consultation fees & all other income
The director's fees, consultation fees and all other income that you received are taxed at 20%.
C. Other Forms of Taxes