Singapore Tax Rates
In this section, you will learn about the tax rates for the major taxes applicable in Singapore.
A. Singapore Corporate Tax
The headline corporate tax rate in Singapore is 17%. This rate is considered one of the lowest in economically advanced countries in the world. Headline rate refers to the highest tax rate in a particular jurisdiction. For most startups and SMEs, the effective tax you pay is often much lower than the headline rate of 17% after accounting for rebates, exemptions, deductions and allowances.
Find out more about the Corporate Tax System in our article “Understanding the Corporate Tax System in Singapore”.
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 22% (which is 5% higher than the current headline corporate tax rate).
The progressive rates are as follow:
Personal Income Tax rates for non-resident individuals
Employment income
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 22%.
C. Other Forms of Taxes
Property Tax Rates
PROGRESSIVE TAX RATES FOR NON-OWNER-OCCUPIED RESIDENTIAL PROPERTIES
| Residential Tax Rates | ||
| ANNUAL VALUE($) | Effective 1 Jan 2014 | Effective 1 Jan 2015 |
| FIRST 30,000 | 10% | 10% |
| NEXT 15,000 | 11% | 12% |
| NEXT 15,000 | 13% | 14% |
| NEXT 15,000 | 15% | 16% |
| NEXT 15,000 | 17% | 18% |
| AV IN EXCESS OF $90,000 | 19% | 20% |
PROGRESSIVE TAX RATES FOR OWNER-OCCUPIED HOMES
| Owner-Occupier Tax Rates | ||
| ANNUAL VALUE($) | Effective 1 Jan 2014 | Effective 1 Jan 2015 |
| FIRST 8,000 | 0% | 0% |
| NEXT 47,000 | 4% | 4% |
| NEXT 5,000 | 5% | 6% |
| NEXT 10,000 | 6% | 6% |
| NEXT 15,000 | 7% | 8% |
| NEXT 15,000 | 9% | 10% |
| NEXT 15,000 | 11% | 12% |
| NEXT 15,000 | 13% | 14% |
| AV IN EXCESS OF $130,000 | 15% | 16% |
Goods and Services Tax
| TYPE OF SUPPLY | RATE |
| STANDARD RATED SUPPLIES | 7% |
| ZERO RATED SUPPLIES | 0% |
| EXEMPT SUPPLIES | 0% |